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Could the clouds finally be lifting on Lanzarote? After a year of successive double digit decreases in visitor numbers the rate of decline in tourist arrivals halved last month on this popular holiday island. According to the latest figures just released by the Spanish airport operators AENA, with the German market – Lanzarote´s second largest – even recording positive growth for the first time this year.
The latest passenger figures from AENA reveal that the number of foreign tourists arriving on flights to Lanzarote fell last month by ‘just 8.17%’ - a figure almost half that of previous months this year, suggesting that there may at last be signs of optimism for the many overseas owners of apartments and villas in Lanzarote.
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In the late 90s, the majority of Spanish property buyers were those seeking to retire abroad, or those affluent types seeking a 2nd home to take advantage of the burgeoning jet-set lifestyle, brought about by the advent of no-frills airlines.
Then during the boom years of the early 00s, the profile changed. There was an influx of aspiring Spanish property investors and speculators, with the age range of the typical buyer getting lower and lower as the credit glut grew out of control. In addition, we saw an increase in those seeking a home abroad as a place from which to conduct their business back in their home country, as mobile and internet technology became more sophisticated.
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With all of these Spanish property bargains being advertised at the moment, it´s tempting to think that it´s easy to make money in this type of climate – i.e. pick up a cheap Spanish property, wait for the market to recover, and then sell at a profit.
But just remember one thing. With Spanish property purchase costs amounting to around 10%, and costs of sale (such as capital gains tax, legal fees and agents commission) to also consider, you realistically need to clear 15% before making any kind of profit whatsoever.
Food for thought before you get carried away.
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The most common type of enquiry we receive at the moment goes something like this:
“I want to buy a villa in Marbella, but I want it to be priced around 40% - 50% under the valuation”
Let´s look at this request a little more closely.
Firstly, most vendors of Spanish property have reduced their asking prices considerably from the advertised prices of recent months. So it´s fairly typical to come across villas for sale in Marbella, reduced from previous asking prices by around 30% - 40%, with a discount of 50% sometimes available if the vendor is really desperate to sell. But certainly, discounts of 30% - 40% on previous asking prices are realistic to expect. Continue reading »
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The combination of terrible economic times, coupled with terrific Spanish property bargains, leaves many of us in a situation where we are sorely tempted to invest, but fearful of acting so boldly.
So what should we do?
I always remember my Group MD from the UK sitting me down one day when I was a young lad (well, 29 actually!), and letting me in on a few secrets of how he had amassed his incredible wealth. As a self-made multi-millionaire, he had made a habit of buying and selling companies at EXACTLY the right times.
His advice? It went something like this…
Continue reading »
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As a prospective purchaser of Spanish property, it´s very easy to sit back and watch as the property market tumbles into freefall, waiting in the wings for the right time to pick over the debris for the very best Spanish property bargains.
Or so you would think.
We have been saying for many months that latent demand for Spanish property is still very much in evidence. In fact, our statistics show that enquiries for property in Spain have remained fairly constant over the last 18 months. Whilst this demand has always been there, a smaller proportion of these enquiries has been converted into a sale. During the onset of a recession and with exchange rates deterring Spain´s primary buying market (the Brits) from investing, this is hardly surprising. Continue reading »
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It seems that the entire Spanish property market is for sale right now. Imagine it as a giant Spanish property superstore, with varying levels of discount available on thousands of different products.
I´ve already mentioned in previous articles how some buyers can become distracted by those properties with the lowest prices. These don´t necessarily represent the best examples of Spanish property bargains.
The 3 key elements to identifying a true bargain are LOCATION, QUALITY and PRICE. If a property scores high marks on all three of these criteria, then it starts to represent value for money, and therefore could be truly considered a Spanish property bargain. Continue reading »
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Yes, more Spanish property bargains to tell you about – this time it´s a discounted development on the Southern Costa Blanca, located in the area of Quesada – 2 bed townhouses, reduced by over €100,000 to a new price of €118,000
These properties were built by Taylor Woodrow to a top specification, within walking distance to shops, bars and restaurants, and within a 5 minute drive of fabulous sandy beaches and golf courses.
Continue reading »
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There are lots of Spanish property bargains out there. Prices are falling and some vendors are desperate to sell. However, the biggest mistake that is currently being made by Spanish property buyers is the fatal attraction to the lowest prices.
If you see 2 properties on the Costa del Sol, with one priced at €100,000 and the other at €400,000 euros, the natural tendency is to the think that the cheaper property represents the better example of a Spanish property bargain. That isn´t necessarily the case.
What if the original price of the cheaper property had been €150,000 while the price of the more expensive property had been reduced from €700,000? Continue reading »
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I have recently been working with a client from Holland – a terrific lady who has been keeping a very close eye on the Costa del Sol property market. Her requirements were fairly typical – a 2 bed apartment within a walk of Puerto Banus, nice specification, sea views, and a bargain.
Should be easy to find? You would think so. But the last bit is causing the problem – there may be plenty of nice 2 bed apartments with sea views near Puerto Banus, but there are no bargain properties in Puerto Banus with this description.
And the reason is that this sort of property tops the wish list of most of our clients. In other words, this type of property is in high demand. And as we all know, high demand means high prices. Continue reading »
