Pick up a Spanish bargain
February 10th, 2009 by Rachel Newcombe
If you’ve got money to spend and are looking to invest in property, then Spain could be the ideal destination – especially if you love a bargain.
It’s still one of the most popular locations for property investors from the UK, not least because it’s very easily reachable and has a temptingly warm climate. Spain has previously experienced a boom in property purchases and prices rose considerably over the years in some areas. But like the UK, it’s now experiencing a fall in property sales.
Figures from the National Institute of Statistics in Spain show that in November 2008, 32,792 residential properties were sold, compared to 51,753 the previous year. Although it might not be cheeriest of news for property sellers, for buyers it’s got definite benefits.
Many properties for sale across Spain are being reduced in price, meaning that if you’ve got cash ready to spend, it could well stretch much further. Figures in the region of €50,000 are reportedly being slashed off properties in the lower to mid end of the market, with up to €1m being taken off top of the range, high end and luxury properties.
So, what can you get for your money?
- If your budget is up to £300,000, you could buy your very own two-bedroom, three storey house in the city of Barcelona, two minutes walk away from the marina and beach (£299,811).
- With a budget of up to £500,000, you could purchase a three bedroom house next to the golf course at Santa Ponsa, about 18km from Palma (£499,685).
- If you’re spending up to £800,000, you could buy a three-storey villa near the heart of Javea in Alicante, with six bedrooms, four bathrooms, a large garden and pool (£799,995)
- If you’ve got £1m to spend, you could buy a brand new finca in the countryside at Portol, on the island of Mallorca, with four bedrooms, two reception rooms, three bathrooms, air conditioning and a large pool (£999,369).
