The Spanish property (real estate) market has plainly suffered over the last few years as the United Kingdom is just starting to now. The boom years of the early part of this century when cheap prices fuelled an enormous demand with the help of easy mortgages has now given way to falling prices and tough criteria on mortgage lending. A few years ago if you wanted to buy a villa, you popped into the local Spanish bank, filled out a form (few if any checks were made) and it was yours. Now they want proof of income, valuations and at least twenty five per cent deposit. The re-adjustment in Spanish property prices is obvious for all to see, ten years ago a nice apartment could be bought for about perhaps 10 per cent of a similar one in the UK, if the price went up the good old peseta was devalued. Then along came the Euro ending this, probably for ever, prices rose until they were unaffordable or unattractive, the boom turned to bust. Prices at first stagnated then fell and today the fact is if you want to sell your Spanish property (whether it is a villa or apartment) the price has to be realistic, the queues of punters have gone! Recently this has been exasperated by the continuing sub prime crisis and the continual downturn in the UK market (the British buyers have always out numbered all the other nations together). Every time the headlines in the UK press feature another piece about the UK house prices falling, it understandably leads to fewer buyers considering buying Spanish property. Buyers are still out there though and there are bargains to be found, not in the middle of nowhere either, in prime holiday and tourist centres. So if you have the money or are capable of servicing a reasonable mortgage, my advice would be to "go for it" now. Do your research first, check out the area of your choice and nearby towns to make sure they are not overpriced. Remember that some of the best priced of the Spanish properties that each agent has never get into brochures, price lists or onto websites because they get sold to quickly. Remember too, that it is very much a buyers market, so even after you find what you consider to be a sensibly priced Spanish property, haggle! Make them an offer and not just a few euros less, make it a great deal less, in fact if you cannot get another ten per cent off I would be amazed.
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