Recent developments have slowed the steady stream of British buyers for overseas property in Spain, but there is still a demand from UK residents. The slowdown in Spain is a result of several events, including over-speculation and overbuilding in the Spanish market and the lower value of the Pound versus the Euro.
The problems in the Spanish property market have led to a number of UK real estate firms cutting back their personnel and offices in Spain. Taylor Wimpey is the largest UK property company in Spain, and saw sales fall by 20% in the first quarter of 2008 compared to the same time in 2007. According to news reports, the company is closing 13 of its 39 offices in Spain.
With prices so low, there are plenty of bargains to be had and a number of companies and investors are looking to scoop up some of the better properties for reasonable prices.
“We are seeing a growing number of astute investors coming back to Spain because they are able to find real bargains here: in some cases, prices are down by 40 percent,” says John Howell, a partner at International Law Partnership, a company with long experience in the property sector. He is quoted in Spain’s El Pais newspaper, and continues: “Spain is no longer the market for speculators looking for a quick return on their investment, but it continues to be a good place to buy if you are looking to live here full time or part of the year.”
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