For me, this is a very good question. We are all aware of the economic struggle the European Union is going through right now, and the property market is possibly one of the first that’s affected. Take Spain for example, the Government currently has a surplus of about 200,000 to 300,000 properties it needs to sell. Although Spain is a huge country, this is still quite a lot of “bricks and mortar” to have on your books.
If you’re considering moving to Spain permanently, you may think this statistic alone is enough to tempt you into the property market. Another statistic that may have you drooling is that it’s been reported that many properties are selling for up 80% less than it cost to build them in the first place.
However, the average is about 50%. This number is still big enough to tempt people into investing their hard earned cash into property in Spain, BUT, you have to think about where this information came from. Many experts who put these figures forward have a vested interest in the property market, so it’s no wonder they’re boasting about these figures.
On the other side of the coin, you have the experts that say you should wait before you think about undertaking a removal to Spain. They believe there is still more room for prices to fall (as if up to 80% wasn’t enough already). They have also said the time-frame for this could be as much as 2 years.
There really isn’t a clear-cut answer to this question because the information is so conflicting. My advice is to go with your gut. Property isn’t just about making money it’s about making a home you can be happy in for the rest of your life.
Author: Julie Coburn