Buying apartment in spain

kjmtoday

I have 70 k to invest and kind of thinking of buying property in Spain, say 2/3 bedroom apartment to let holiday home, any one think this would be a good investment?

Stavros_3

My first words of advice are be VERY careful. There has been a lot of publicity recently where a lot Spanish properties on the Del sol have been built illegally and are being pulled down, make sure you appoint a good reputable Spanish conveyancing lawyer who does proper searches for you.

The Spanish propert market is to put it mildly on its !!!!, there are literally tens of thousands of properties for sale so you could pick up a bargain, there are also property auction websites you could look at and bag an even better bargain as there are tons of re-po's on the market going well less than market value.
I suppose what I'm saying is take your time, do your research well and remember buy to let is very very competative out there, good luck. We thought about it and gave it a thumbs down, but thats just us

kjmtoday

Thanks Stavros

I have beed researching and realise that their are alot of repo,s on the market. I would like to get one to stay in my self every few weeks at long weekends, enough cheap flights...but like yourself something in my head says no....

Everynamestaken

All depends really on your motives

Can only really speak about the area we have property in, and nothing is really selling at the moment.

The Brightside of this is that value of brand new apartments are going at an extrmely low price, i.e from 220 thousand Euros to 110 thousand Euros just so they can sell them. As mentioned above, Bargains are out there. The place in question is popular with Spanish tourists but only retired English really know about it, and the apartment does have a sea view. We will be waiting many years to sell it.

If you're looking in the long term, I think it could be a good time to buy property abroad (not excellent, due to the exchange rate obviously), but still a good time. That is just my opinion of course.

nico26

This would be a good time to buy as there are many bargains to be had. Just do your research into the area. Only commit if you are going to use it yourself and class it as a long term investment. The rental market I dont think would give you much of an income. Unless you rent to family and friends.

I would be very careful about buying on a new apartment on an unfinished urbanisation as you might end up with problems if loads are lying unsold and would be like a ghost town. If the builder hits problems, so do you.

I would look for somewhere in a finished urbanisation and then you can see exactly what you are getting.

Keep away from golf courses.

If you decide to go ahead get a good lawyer. Weve had our villa for 10 years now and dont regret it one bit.We dont let it out though,we use it a lot..Then again the prices then were very low.

lagoslife

Get a good independent lawyer, not one recommended by the developer

There are bargains are out there, but with a holiday let you need to stand out from the competition. A sea or golf view will cost more, but may pay dividends. People who book rentals often decide on the photos alone. Location, location, location.

Decide which market you are going for: beach holidays, families with toddlers, golfers (year round market).

If you are doing it just as a financial investment then there are other options with better returns. But if it is also a lifestyle decision for family holidays etc. then it can be a great investment.

Its also woth visiting an area out of season as it can be totally different and unappealing.

missile

Just like in the UK, if the price is right property does sell, or it does where we are.

Just like in the UK, many people see BTL as an easy money earner.

At present there is an oversupply of property available to rent on the costas. There are many many pitfalls to catch the virgin BTL invester.

If you want a holiday home to use and let out on a casual basis to family and friends, go for it.

If you think rental income will generate an income, forget it. You will be lucky to cover your costs.