Expat Furore Over Spanish Property Roadshow

Expats caught up in Spain’s recent illegal property fiasco are furious as Spanish Ministers are organising a Property Roadshow in the U.K. to lure across British Buyers.

London, UK (Pryce Warner International) May 5th, 2011 – At present there are an estimated 1m “illegal” properties in Spain, predominantly owned by Expats who were misled by planning regulators and developers.

Despite this Spanish Ministers will be holding a Property Roadshow in the UK that aims to show the strength of the Spanish property market.

Though the Spanish property market has shown signs of slight recovery recently, prices have fallen up to 40% over the past few years.

Spain has always been a popular destination for Expats to buy second homes or retire in, but many have been put off recently by stories of planning permission being retroactively revoked and the collapsing pound devaluing mortgages.

Though popular among Expats, the Spanish property market is notoriously difficult to navigate and this has led to similar scenarios in the past.

Several Expat groups have come out in opposition to the upcoming Roadshow saying that it is an insult to those who have lost their homes and money to try and encourage more people to invest in Spanish Property.

Many Expats are understandably upset by the roadshow but it would be unfair to tarnish all Spanish property developers with the same brush. The most commonly affected areas are the south and east coasts where off-plan developments are regularly built. Buying a property before it has been built is always a risk and developers in Spain do not always properly seek the full approval before beginning construction or agreeing sales.

For this reason it is vital to consult international property specialists before considering buying any property overseas, especially off-plan developments. Though the recent controversy is not new to Spain, there are still ample legitimate regions and developers to purchase property through.

David Harra, a Senior Market & Investment Analyst with Pryce Warner International Group, a Respected Financial Services Group who are specialists in the Provision of Pension Plan & Asset Management for Expatriates Worldwide commented: “Purchasing property overseas can be a complex operation and it requires detailed knowledge of the local planning laws and restrictions. Many buyers understandably rush into buying something in order to obtain their “dream home”. The recent controversy highlights the need for greater transparency and clarity in the law to ensure that Expats are not left in the lurch in future. Despite the controversy, Spain will undoubtedly remain a popular destination for Expats, especially with the market showing signs of recovery. However, due to the present ambiguity in the law, it is vital that anyone considering buying a second home or retiring overseas consult professional international property specialists before doing so."

Pryce Warner International Group provide International Asset & Investment Management, Independent Financial Advice & QROPS Overseas Pensions.

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By: Aneil Fatania
Financial Editor
Pryce Warner International Group
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