New evidence suggests that British buyers can get more for their money by purchasing a property overseas.
Research from OECD has shown southern areas of Europe, such as Spain, value property lower than average when compared to other countries in the surrounding area. Despite house prices in Spain now expecting to rise, property prices are still around 26% lower than the rest of Europe which has resulted in transaction levels rising by more than 30% over the last 12 months.
The upcoming stamp duty changes in the UK also gives Spain ‘the edge’ when negotiating a deal on a second home. While an increase in land tax prices is due to increase on second home purchases in the UK, Spain’s rules remain the same. Anyone purchasing a second home in Spain will avoid the UK’s ‘second home’ charges.
Graham Davidson, managing director at Sequre International, comments:
“It is common knowledge that Spain has experienced rock-bottom house prices in recent years, but we can safely say that the market is back and now is the perfect time for buyers to be taking advantage of the low property prices. We’re starting to see prices rise gradually as more UK buyers look to take advantage of market conditions and we anticipate this is a trend which will continue as Spain progresses with its recovery.”
“While buyers may have initially been put off by the financial crisis, faith is now back in the market and many property agents are aware of the need for buyers to satisfy their concern. Viewing trips are a perfect solution for those wishing to visit areas of interest, view properties and see Spain continuing to thrive in its recovery. Viewing trips are also a great opportunity to speak to professionals about the buying process and meet contacts such as English speaking Spanish lawyers and mortgage brokers. The landscape of Spain has truly changed over the years with developers and housebuilders returning to the market with new, modern developments designed to meet today’s discerning buyers. It really must be seen to be appreciated.”
“Whilst Spain offers some fantastic property deals, it’s important to choose a reputable agent. This really can make all the difference.”
If you’ve been considering purchasing a second home overseas, talk to our team today. We can offer the very best properties available in Spain and we have a number of brand new developments available across the Costa del Sol, Costa Blanca and Costa Calida. We even offer subsidised viewing trips, so our clients can view a range of properties in locations that best fit with their personal needs – plus there’s free legal and financial advice on hand to guide you through the overseas purchase process to make the whole thing a smooth and stress-free experience. To find out more, call us on 0800 011 2639.