Expats In Spain Urge Caution Against Buying Property

With Spain’s economy and housing market in trouble British Expats in Spain are warning others against purchasing property in Spain.

London, UK (Pryce Warner International) November 23rd, 2011 – At the moment there are 900 000 properties for sale across Spain, a quarter of a million of which are owned by banks in the wake of repossessions.

Property purchases in Spain were at an all time low this year with only 200 000 sales to date. This is roughly 55% lower than at the height of the Spanish property boom in 2007.

Earlier in the year a Spanish property road show was sent around Europe aiming to convince prospective buyers that the housing market in Spain was recuperating and that it was a good time to buy.

However, the effect of the road show was severely dampened by the legions of British Expats who came forward about the thousands of homes in Spain that had been demolished or left vacant by developers that had not got the correct permissions.

There have now been recent attempts to rectify the situation by introducing new methods for foreigners to purchase homes that give them much greater information.

However, Expats in Spain have found that these checks do not always work and that any illegal properties found to be built will still be demolished regardless of the intentions of the buyer.

The AUAN, a group campaigning to legalise the currently illegal homes, are now warning others considering purchasing property in Spain against doing so until the system has been fully overhauled.

With recent elections in Spain it is hoped that the new government will take immediate action to reform the housing market, not only help those that have had their homes repossessed and demolished, but also as a means of strengthening the economy.

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By Aneil Fatania
Financial Editor
Pryce Warner International Group
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