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We came across a superb Spanish property opportunity last week – a top quality development in a great location, and with genuine discounts of up to 40% off.
With so many Spanish property bargains being touted as the next great thing, it´s sometimes hard to fathom what actually makes a deal a genuine opportunity. We reckon a property needs three key things to qualify as a genuine bargain in Spain – LOCATION, QUALITY and PRICE.
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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.
