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Monday, 16 February 2009 00:00 |
The Spanish property market still possesses the 'excellent fundamentals' required to offer prosperity to investors despite the credit crunch, an expert has claimed.
According to overseas property expert Amberlamb, British tourists are still flocking to Spain, drawn in by the idyllic weather and established tourism industry.
Rhiannon Williamson, a representative of the company, suggested that the ease and cheapness with which people can holiday in Spain means that the property sector will remain buoyed by demand for rental accommodation throughout the recession.
She added: "Because it is well known and well loved by Brits and because it has excellent fundamentals, from a stable economy to a fantastic climate, it does represent a good, solid, evergreen market."
Ms Williamson explained that investing in a country such as Spain, where the mechanisms for overseas property purchases are more advanced, can be as "simple, as safe, as well regulated and as good - if not better - an investment decision as buying a property in the UK".
Be prepared
That should not imply that people planning to buy in Spain need enter into financial dealings with anything less than a thorough understanding of laws and customs.
In fact Bruce Wilson, a tax partner at chartered accountant Campbell Dallas urged those buying in Spain to get "very good local advice" and to do their research.
"It's a different culture, different rules, different laws; you've just got to be so careful," he elaborated.
Bargain prices
Those who go in fully prepared could find discounts of up to 40 per cent in areas such as Costa de la Luz, according to the first Distressed Sales List from local company Titan Properties.
Andrew Benitz, director of Titan, urged people interested in purchasing a Spanish property to act quickly.
"How long this climate will last is anyone’s guess, but the green shoots of growth are surely around the corner," he suggested. "No one’s managed to knock Spain off the number one spot yet for a holiday home, so the advice is to act now."
Plans for the future
Meanwhile, the country finally confirmed its much-anticipated joint bid with Portugal for the 2018 Fifa World Cup at the end of January.
If successful, Spain could see large amounts of inward investment into its property sector over the coming years, as the country and its investors prepare to be thrust into the global spotlight.
Major sports events have often served as effective catalysts for urban regeneration and new property developments - the 2006 Commonwealth Games is largely credited for the redevelopment of central Manchester - and they don't come much bigger than the World Cup.
The Iberian nations will be in competition with England, Australia, Qatar, the United States and Russia, as well as a joint bid from the Netherlands and Belgium to host the much-coveted sporting event.
Confirming the bid, Portuguese football federation president Gilberto Madail said: "This is an important day, the day we decide to go ahead and present a bid to Fifa. We will create a joint commission to assess all Fifa conditions."
Fifa, the world governing body for international football, will announce the winning bid in December, 2010. |
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