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PRICING
Thirdly, check the pricing. Although many commentators think that it´s now a great time to pick up a bargain Spanish property, you will need to tread carefully when dealing with an off-plan project. If a developer acquired the land during the recent boom years, chances are that he will need to recoup this cost by charging a premium to his buyers. Ask your lawyer to find out when the land was purchased – this will at least give you an idea of the yields that the developer is working with.
PROJECT PARTNERS
If you are considering buying into a resort-style development in Spain, check the status of the contracts that have been drawn up between the developers and any 3rd parties that are critical to the project´s success, i.e. golf course management and design companies, hotel management companies etc. For instance, if the resort´s main selling point is the on-site premium hotel and spa, try and make sure that the hotel will be built, and is not just on the wish-list of the developer. Continue reading »
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Despite the current recessionary times and the insecurity of several leading Spanish developers, there is still a small percentage of prospective buyers that is keen to invest in off-plan Spanish property.
So is buying off-plan in Spain such a bad idea?
There are several things that you should consider. We will deal with the first 2 here:
FINANCIAL SECURITY
Well, first of all, you need to be very careful. If you are thinking of investing off-plan, you need to be certain in the knowledge that your funds will be secure.
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I was recently approached to take part in a documentary for a UK television company. When the researcher first approached me, she advised that she was looking to create a ´human interest´ series based around Spanish property, featuring people who had emigrated from the UK to Spain. Over the following few weeks, the requests clearly indicated EXACTLY what the TV company was after.
I was asked by the researchers if I knew of any developments in Spain on which there was a high proportion of Brits, living life as they would normally do in the UK, albeit under the Spanish sunshine. It transpired that they wanted to create a sort of soap opera based around stereotypical Brits abroad, swigging lager, bellowing across the balconies, and meeting up for bingo!
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Most clients who want to buy a Spanish property tend to take a viewing trip to Spain during their free time, either during their holidays or by taking advantage of a weekend break – what better than combining the serious business of property viewing with a couple of days in the sun?
During the recent Spanish property boom years, I was often flabbergasted that the majority of Spanish developers refused to open the doors to their sales offices on a Sunday – some were even reluctant to do so on a Saturday, often begrudgingly opening to the public from 11am – 2pm – not ideal if your client is due to fly to Spain on a Saturday morning!
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I had a chat this morning with a well-known Spanish property developer based on the Costa Blanca.
Despite the slowing market, this developer reported that following a recent round of price adjustments (i.e. reductions), his team were mad busy - to the point where they were likely to be recruiting extra staff to cope.
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Target developers who will accept payment in sterling.
There are not too many developments in Spain that will entertain this type of deal, as most promoters want to protect themselves from sterling falling even further against the euro. Developers are far more likely to offer a fixed percentage discount off the purchase price to buyers.
However, one or two developers in Spain are bucking the trend.
Continue reading »
