buging property in spain

gatita · 25 July 2005 at 8:55PM

After watching a T.V. programme tonight on ITV 1 (Trover McDonald) about crime on the Costa Blanca................ maybe NOW the people on the forum that denied very strongly that there was any kind of problem, will perhaps admit there is a VERY big problem in that part of the Costa Blanca (Torrevieja) and surrounding areas............ or maybe they prefer to continue burying their heads in the sand! Probably the latter :rolleyes:

DrStep · 25 July 2005 at 10:11PM

Natelle wrote:

Hi Cancum,

Let me first of all clarify my position in relation to this matter. We have a villa approximately 4 kilometers outside of Torrevieja, and have owned this since 2001. We live part of the year in the UK and part of the year in Spain. We are not two week or once a year holiday makers. We have also recently began an agency for Spanish property. I mention this not for your business but to save any one checking our personal details and saying that we are trying to mislead you.

I cannot agree in any way what so ever with the following comments made by gatita "The area of Torrevieja is becoming a bit of a 'no go area' mainly due to the Russian mafia mob that seem to have taken over there! It is now quite a dangerous area, and a lot of people are trying to sell up and move to other parts. Ask yourself WHY is property so much cheaper there than in other parts of the costa?".

I would agree with the comments of hairy_cornflake, "In relation to gaticas comments, I dont believe its becoming a no go area.
I think most towns the size of torrevieja whether they are in Spain, UK or in fact anywhere in the world is going to have an unsavory element - thats human nature.The last time I compared torreviejas prices to other locations I would hardly call it cheap

There have been arrests in the past few months of some people reported as Russian mafia, in Alicante, if I remember correctly, which were related to drug smuggling through the port there. I certainly don't remember Torrevieja being mentioned in the papers as a no go area, and our none of our neighbours or friends in Torrevieja are rushing to sell up to evacuate from the area.

Property prices are continuing to rise and selling. A lot of the re-sale properties on the market are due to owners trying to cash in the rising prices and upgrade their property or release capital gains. As you will know from your investigations there can be a long wait for offplan purchases.

If you want an up to date picture of the Costa Blanca area and Torrevieja have a look at the following site, if you haven't already, http://www.costablanca-news.com

The matters which I would suggest you might like to re-appraise is the choice of location of your proposed property "i'm buying in centre of Torrevierja" and the main reason for the purchase.

There certainly is a market for rental properties in the Torrevieja area, however it is my believe that there is a situation of the supply being greater than the demand. There have been so many properties sold on the back of the potential for rental. You must consider the location, location and location of the property, the closeness of the beaches, whether there is access to a communal swimming pool, the type of clients you will be aiming at,the facilities they want and need, and questions like that.

If you are looking for a property for your own use with the added bonus of a few weeks rental, to assist with the running costs, then the rules of the game are different.

The company with whom you are going on the inspection trip will be able to assist you with banks, mortgages and solicitors if they are a reputable agent.

As a final recommendation I would say if the financial aspects work out then go for it. We are intending to spend even more of our time in Spain and less in England. If it was purely my choice I would be living in Torrevieja full time.

I hope I haven't gone on too long.

You have a vested interest (you have a property agency out there) in talking up the market - please be cautious

The spanish property market is has grown into bubble like proportions. If the locals cant afford the homes and you can "just afford it" - whos going to buy it off you in future for you to make a profit? Only another property investor from overseas. These cannot be guarranteed as sentiment can quickly change.

Dont believe the hype about "predicted forcasted 70% growth blah blah"...

Dont be the last fool who ends up carrying the baby.

Ian_W · 25 July 2005 at 11:00PM

Owned [but recently sold] in another area of Spain for 8 yrs during which time we tourist let very successfully. Dont know Torrevieja at all, so will leave it to others to slug it out about the area.

What I would say to anyone buying in Spain [and it probably applies to Turkey & elsewhere] is DON'T RELY ON LETTING TO PAY YOUR MORTGAGE & RUNNING COSTS.
If, like us, you're lucky it will pay those costs and make a small profit as well, but you're on dangerous ground if you rely on it.
We were helped by the fact:
1. We'd visited the area quite a few times and believed the property was very attractive to stay in [we were proved right].
2. I worked for a large organisation [12,000+] with a monthly staff newspaper I could advertise in for free.
3. It was a popular resort with independent self-catering UK tourists.
4. Unlike mailand Spain it has a full 12 month season, being as popular in Winter as Summer.
5. We were able to invest the profit to improve standards and built up many repeat visitors.

Someone earlier said they thought there was an over-supply of holiday rentals in Costa Blanca and to look on Owners Direct - a website I've also used. I've just done that - they're right ... and some!! Most 1 & 2 bedroom apartments that showed availability calendars had very few weeks booked and the prices were rock bottom - even in Peak season.

So if you think you can just buy your "Place in the Sun" put a few ads in Dalton's and you'll be fighting the punters off with a stick - Think again! As more Brits buy places abroad the harder it will be to fill them with tourists. You have to treat it as a business - research it first, work hard to attract visitors AND be lucky.

Other than those words of warning buying overseas was excellent for us and may well be for you.
:beer:

rozeepozee · 26 July 2005 at 2:40PM

Ian_W wrote:

Owned [but recently sold] in another area of Spain for 8 yrs during which time we tourist let very successfully.

Where did you buy please? I'm another who's been thinking about buying in Spain for some time and am likely to take the plunge next year. I'm plannng to go over there on an extended visit(s) next year and check out some places but am a bit bewildered about where to start. I'd llike to buy a number of lettable units rather than just one. I realise that it is unlikely to make me a mint and I am hoping to buy with a very small mortgage or perhaps outright. I would be delighted if the costs would cover our time out there (I'd like to be there for about half the year) and the running costs of the place. Any suggestions?

I have been looking further afield, Turkey and India, as well, mainly because it's so much cheaper than Spain but don't want to get too off topic.

Thanks in advance

stressedoutmum · 28 June 2006 at 6:36PM

For a couple of years we've been thinking about moving to Lanzarote but not given it a lot of serious thought. We love the place - been there lots of hols but I know living somewhere is different from holiday. We're both in our early 40s, 2 kids (9,6) and would still need to work out there and learning spanish. We're not sure where to start so can anyone give us any pointers to websites about jobs, house prices, good areas/bad areas to buy, english speaking schools etc. Bascially everything we need here over there. Have seen lots of websites but would rather have recommendations.

gallygirl · 28 June 2006 at 9:20PM

Stressedoutmum, I know you're very young (anyone younger than me automatically qualifies as young!) but you need to consider the future. Although 'part of' Spain the canaries are not party to the recriprocal arrangement whereby pensions are uplifted each year if you retire abroad. Not sure what happens if you are actually living there when you retire, but I'd recommend looking into it if I was you.

Having said that, good on you!

stressedoutmum · 6 July 2006 at 9:11PM

Would like to buy in Spain but not sure if we can afford our ideal home now. Also, bit worried about selling here (which we would have to do) and moving overseas and using our capital incase we hated it and had to return to UK.

We are now looking at buying a small holiday in Spain which would only be for use by ourselves and family - not looking to rent it throughout the year.. We have a £35,000 endownment mortgage here which is paid off in 2013. The price range we are looking at in Spain is £40-£45,00 (a small townhouse). What would be the best way for use to raise the cash. WOuld it be to remortgage here or get a Spanish Mortgage - the reviews on the site seem to be mixed but wonder if anyone can suggest better from our figures above. thanks.

abbieV · 15 July 2006 at 11:24AM

Reading this thread prompted me to register so I could make comment I have also commented in the mortgage question with smae reply...there is nothing sinister about this for those that will no doubt comment on vested interests, I have none...

We purchased a property in the costa calida region of Spain near the Mar Menor at a place called Torre De La Horadada not long ago. This was as a replacement for a private pension that we could make use of...

It is a decision we never regretted although you will hear plenty of horror stories about the purchase of property in spain... I think the main thing to remember is it is spain not uk and because of this things are different..don't expect it to be like the uk housing market just as scotland here is different

As far as new property is concerned, and I am sure someone will shout me down for this but people often express the view that commissions are high for the estate agents etc but this is paid by the builder... I agree this may inflate prices. but going straight to the builder direct if you can, the price remains the same and and it is very hard to get good discounts...

Resale is different, but remember spanish law is that if the property carries the debts of the owner so if it is sold to someone else you 'buy' those debts as well...so you need a good lawyer, which you can get but they are all so busy with the growth in the area, ours for example missed the fact there were some local taxes built up on the property we bought.... it was in fact our estate agency that noticed this and held up the sale until an agreement was reached...

Yes you pay in the long run for estate agency involvement but you on whole pay same price for property. Buying in Spain is as stressful as here add in the fact that you are doing so in a foreign country and you don't have any idea of the rules and it makes it even more stressful, this is where our agent filled the gap...small is better for me because they depend on you more unlike some of the bigger companies i have heard horror stories about...but again these stories again may not be from the horses mouth.

As i said earlier this comes direct from our experience, pm me and I'll send photos of our property to show what you can have over there which by the way is a lot cheaper price wise than here for mortgage and size..

The people we used were on a link i will post, they also arranged a european mortgage, it's under their finance section.

http://lexusestates.com

I leave it to you to make up your own mind about this but this was just our experience

Abb

insuranceman_3 · 3 October 2006 at 3:05PM

Check out https://www.before-you-buy-abroad.co.uk. Very good site.:money:

lynzpower · 3 October 2006 at 3:07PM

:spam: PLease insurance man, peddle your wares elsewhere

buging property in spain

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