To buy in Spain or not to buy .......... That is the question

[Lee Filkins]

So I am thinking about buying in Spain. I have family over there, so initially would be using as a holiday home with the intention of moving permanently if the quality of living proves as good as I have been told.

 

[Andrew Quirk]

Hi Lee, What area are you looking at, I myself am based in the Costa Blanca north and the quality of life is amazing

 

[Lee Filkins]

Hi Lee, What area are you looking at, I myself am based in the Costa Blanca north and the quality of life is amazing

I was looking around Quesada, and the Alenda golf resort.

 

[kris1985]

So I am thinking about buying in Spain. I have family over there, so initially would be using as a holiday home with the intention of moving permanently if the quality of living proves as good as I have been told.

Hello, great place to move to! If I can give you some advice when buying property abroad, do not go through your high street bank because they charge excessive fees. I really recommend First Rate FX, you can transfer your money abroad for free and their exchange rates are really good.

 

[Lee Filkins]

Hi Kris,

Ok thanks, I will take that on board.

Just deciding now whether it best to buy land and build or buy something already developed.

Hello, great place to move to! If I can give you some advice when buying property abroad, do not go through your high street bank because they charge excessive fees. I really recommend First Rate FX, you can transfer your money abroad for free and their exchange rates are really good.

 

[Nicholas Wallwork]

I need some sun after a long cold Uk winter! I think there are some great deals to be had at the moment with near 100% mortgages from the banks wanting to off load remaining repossessed stock from the 2008 crash... with the market slow recovering I think now is a great time to buy Spanish property....


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[nmb]

I agree with Nicholas, Spanish banks are still looking to offload housing stock which they “acquired” when their customers defaulted on mortgages. While there have been some big repossessed stock deals over the last couple of years there are still some left to drip feed into the market.

 

[Lee Filkins]

I agree with Nicholas, Spanish banks are still looking to offload housing stock which they “acquired” when their customers defaulted on mortgages. While there have been some big repossessed stock deals over the last couple of years there are still some left to drip feed into the market.

I didn't think of that angle, totally makes sense, Like buying a car which has been repossessed taken due to non paid finance, always cheep as the lender just wants the costs back.

Where would I go about sourcing such properties? would it be an auction type scenario?

 

[Longterminvestor]

As a consequence, there are bargains to be had in the Spanish property market without taking undue risk on undeveloped land.

 

[diyhelp]

Do Spanish banks sell off repossessed properties direct to the public or through auction houses? In the UK it tends to be through auction houses and they arent too picky about the price, just want to get rid.

 

[Acreixell]

Hello @diyhelp ,

Auctions from banks are dominated by few very senior brokers. It's very difficult to get in. Specially for the best deals. The best deals are closed in private between big players.

All the banks, they have their own Real Estate Bussiness website: you could find some interesting opportunities there. But the websites are large and you need to do a deep research.

Look for these ones: Solvia (Sabadell Bank),Aliseda (Popular Bank),Servihabitat (CaixaBank),Altamira (Santander),BBVA (BBVA BANK).

 

[lookinginvest]

Is there still a lot of distressed Spanish property waiting to be sold? I was under the impression that the majority had already been sold off.