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Imagine that you invested in an off-plan Spanish property in 2006, paying the advertised price of 200,000 euros, with an initial payment of 30% (60,000 euros). The time has now come to complete on the property and to pay the remaining 70% of the purchase price, but you´ve just discovered that the developers have sold a similarly sized neighbouring property on the same Spanish development for 140,000 euros.
Not a nice feeling is it? But can you blame the developers?
There are a number of reasons why a developer may reduce the price of their properties in Spain. Amongst them are falling demand, where simple economic pressures mount upon a developer, forcing the company to dump stock at ´sale´ prices.
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Target Spanish properties that are owned by Brits
Firstly, buyers should look out for properties in Spain that are owned by Brits. Ask your agent if the vendors plan to repatriate the funds from the sale of their property to the UK. If they are indeed returning the money to the UK, they will be benefiting from the weak pound and effectively they will be getting 20% more for their money than a year ago.
