Expats Should "Rent Before Buying" In Spain
Warnings have begun to arise for expats choosing to buy Spanish property amidst fears that they could be left poor and stranded abroad if the value of their property collapses.
London, UK (Pryce Warner International) - February 7th, 2012 - The Spanish real estate market has already claimed a number of victims who planned to retire abroad but now have had to return to the UK.
Despite recent reports that suggest Expats should be looking toward Spain due to the market “bottoming out” there remains the risk that house prices may drop lower and currency fluctuations may leave those with finances in several countries high and dry. This has led several Expat groups in Spain to lobby the Spanish government to reform the housing system for foreign buyers.
Expats in Spain have started to recommend renting before buying as a compromise. Chris Marshall, founder of almerialife.com commented: “Expats in Spain often live on pensions or do small, odd jobs. While this is fine in theory, when the employment market dries up and the housing market crashes people are left vulnerable. As a stop-gap solution individuals should consider renting so as to avoid the worst aspects of the housing market.”
Despite it’s problems, the housing market remains relatively popular with foreign buyers. Overseas buyers increased by 24.9% and Spanish property sales flourished from July through to September of last year.
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By Aneil Fatania
Financial Editor
Pryce Warner International Group
For any corrections of factual information contained within our news items please contact our editor.
Email: af@prycewarner.com
Skype: newsdesk-pwi
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