Now’s the time buy a bargain holiday home on the Mediterranean
Spanish property prices are at their lowest since 2007 according to recent figures from the Instituto Nacional de Estadistica. Combine this with even further discounts available on repossessed or bank-owned properties and it’s never been a better time to snap up a bargain holiday home on the Mediterranean.
Leading estate agency Connells and Mediterranean CAM, the property arm of CAM Bank in Spain, have a portfolio of these repossessed Spanish properties available to UK buyers.
Many Brits dream of owning a home in the sun, whether they are looking to retire abroad, buy a holiday home or simply invest in overseas property. With its year round sunny climates, beautiful beaches, luxurious golf courses and fantastic choice of properties, Spain is an obvious target for these home hunters, especially considering the current low cost of buying your very own vivienda Espanola.
The Spanish Costas, Balearics and Canary Islands all offer the weather and lifestyle that UK buyers are typically looking for when they decide to purchase a home in Spain. Because of the global recession, it is now possible to snap up a range of properties for a fraction of their former price. These bank-owned properties present a fantastic opportunity for UK buyers. Not only can they bag themselves a discounted place in the sun, banks like CAM are so keen to sell they are offering some fantastic incentives alongside these properties.
What’s on offer?
CAM Mediterranean has a wide range of properties available to UK buyers through Connells estate agency branches in the UK, from cosmopolitan city apartments to coastal villas and holiday complexes.
Since the partnership between Connells and CAM began in October 2010, there has been a significant surge in demand for both new and second hand homes in Spain. As you would expect, repossessed second homes during the downturn were located in popular destinations along the Costas and the Canary Islands. Previously out of reach for many buyers, these beautiful homes in fantastic locations can now be purchased for a fraction of the original price.
The properties available range in price, starting at 25,000€ up to around 1,000,000€ at the top end of the market. The main reason repossessed properties present such good value to UK buyers at the current time is that banks like CAM have a lot of stock which they are committed to selling quickly. For example, the discount on CAM’s properties represents the difference in the current asking price and an independent valuation carried out at the time the property was acquired or repossessed by the bank. This is why they are such a great bargain.
Buying a golf property
Spain has long been a popular destination for avid golfers, especially from the UK, and has a huge selection of golf courses to choose from, many of which have developed into golfing ‘communities’ with additional amenities such as luxury hotels, spas, swimming pools and restaurants.
Clearly the overwhelming majority of buyers who opt for a property in or near a course are keen golfers but these properties also represent a sound financial investment. Not only will they hold their value well because of their location, but the holiday rental market for golf properties is strong with homeowners being able to charge more in rent the closer the property is to the golf course. Indeed, for those who can get them there are even properties available on or within dedicated golf course resorts.
Murcia is a popular destination with UK golfers seeking holiday homes. It has a great climate with around 300 days of sunshine each year, a myriad of excellent golf courses and beauty spots. If you are thinking of renting out the property when you are not there, the climate is a very important consideration. British golfers come to Spain for the sunny weather, so focusing on an area like Murcia on the south coast which has consistently good weather is key. As well as considering the local climate of your golf property, it is important to think about the surrounding area, especially local attractions like beaches, restaurants, shopping and nightlife.
Try before you buy and financing your purchase
If low prices are not enough to tempt you to buy in Spain at the moment, some of the incentives offered on bank-owned and repossessed properties might well change your mind. CAM Mediterranean is giving UK buyers the unique opportunity to try the Spanish life before making a commitment to investing in a property. Its ‘rent to buy’ scheme gives those looking for a taste of the Spanish life the opportunity to rent one of the homes on their portfolio for as little as 200€ a month. Not only this but if participants decide they wish to buy the property within two years of taking on the tenancy, CAM will deduct all the rent payments made off the purchase price.
Another key selling point of the Spanish homes CAM is offering is access to a 90 per cent loan to value mortgage. This is available to buyers on properties up to 180,000€, of which 92 per cent of the properties being marketed by Connells in the UK are, and a repayment term of up to 40 years. This is a fantastic mortgage deal in the current market with the added peace of mind that you are dealing with a large and reputable financial institution.
Please visit our listings on Rightmove Overseas for more information on the Spanish properties available to UK buyers through Connells estate agencies, as well as the exclusive ‘rent to buy’ scheme and mortgage options.