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Buying a Property in Spain

Buying a Property in Spain

The Spanish economy

Until 2008, the Spanish economy was the fifth largest in Europe, and attracted plenty of foreign investment. Since then times have changed and, in 2010, the economy actually contracted by 0.1 per cent as a result of the government reigning in spending in a bid to reduce the national budget deficit.

In regards to property, according to figures recently released by the National Statistics Institute, the number of property transfers decreased by 0.4 per cent in 2010 as compared with 2009.

As a result, and with the current oversupply of new-build property, buying in Spain at the moment would really be a matter of lifestyle as opposed to investment.

And finally...

Buying a home in Spain is a major, and life-changing, experience. Here are some tips:

• Think carefully before making any decision and ensure that your family is behind you.
• Research is vital. Choose the area you’re most interested in, and then take several holidays there.
• Once you know which area and property you’re interested in buying, be certain you have enough funds for the purchase. Don’t forget to consider such aspects as the cost of moving your possessions from the UK to Spain.
• Don’t be rushed into making a decision, and don’t let yourself be pressured. Certainly don’t sign anything until you’re ready.
• Pensioners should make certain that they can have their pensions paid into a Spanish bank. It’s most important that your have health insurance in place and that you make a Will.
• Sometimes circumstances change, and you might find you want to return to the UK. Before committing yourself to purchasing a home in Spain, make sure you would have sufficient funds to make the move back to Britain.

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Buying a Property in Spain

More pages

Page 1: Why Spain?
Page 2: Costa del Sol
Page 3: The Spanish economy

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