Property For Sale in Spain Will the Sun Shine Soon?
By: Dale Campbell
Submitted: 2008-11-10 18:03:29 | Word Count: 614
Most people believe that property for sale in Spain is a difficult marketing campaign for Spanish real estate agents. If statistics are to be believed, research companies are saying that at least 50 of building companies are out of business because of a sluggish housing market performance. The house prices in Spain have fallen and even sharper declines are predicted. Investors, who until a few months ago were still thinking that the Spanish housing market would not burst, have been proven wrong. Spain, the land which was once the most undoubtedly preferred choice for second homes, especially among British buyers, is now suffering from downfall and desolation. No one at this stage would dare to be tempted by any available property for sale in Spain...or would they?
Amid the clouds of despair with the Spanish housing market, there is somebody who manages to disagree. Beatriz Corredor, Spain’s housing minister is of the opinion that the property market should recover by the second half of 2009. Therefore, this time should be treated as an opportunity in disguise, especially for those looking for bargains in the Spanish property market. But is that being said to try and boost the property market and the Spanish economy? After all, it was Spain’s booming property market that considerably contributed to the overall wealth of Spain.
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Property veterans tend to disagree with the Spanish housing minister. A period of about three years has been estimated by the market gurus, for the Spanish property market to recover from the slump, and the recovery process is anticipated not to be an easy one. As the forecast for the Spanish property market is not bright, is there any point in still looking for property for sale in Spain? Yes. The Spanish housing market is currently facing a slump and that fact is not a secret. The credit crunch has hit the country, which includes an increase in fuel costs and an increase in inflation, but buying a property for sale in Spain is still a possibility. If you’re not looking to make a short term gain on the property and willing to research carefully for a property, then there are bargains to be found, for example; properties in Costa del Sol, Mallorca and even Barcelona are now becoming available with an affordable price tag.
Property for sale in Spain is also great if you are a cash buyer, and although the exchange rate against the pound is low, it is still worthwhile investing in a Spanish property. When you do find your property for sale in Spain, do take legal advice, ensure your lawyer is registered and is fluent in the language. Be aware that like in the UK there are extra costs involved in buying a property, for example; the buyer will be liable for a transfer tax (IVA) and stamp duty. To change the deeds of the property into your name will incur costs, and in total expect to pay an extra 10 of the purchase price.
When it comes to buying a property for sale in Spain, a seller of a second hand home should provide various documents that includes; the title deed of the property, proof that community taxes are up to date, and real estate taxes have been paid. For a new property you will need some different documents that include; a deed of declaration of a new construction, an occupancy permit, and a certificate of rateable value of the property.
In conclusion, an initial glance of the Spanish property market doesn’t look rosy. However, good property for sale in Spain can be still be found if you take the time to research different Spanish regions.
