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Spain 'changing for the better'

Friday, 27 June, 2008

Despite the negative press, Spain's property market could be changing for the better....

That the property market in Spain faces changes is well known; the last few years saw a major boom which had to slow in the end and finally did in the last year. The country, like most, has had to face up to the credit crunch.

In addition to this, there has been the bad publicity over cases of homes which - unbeknown to their new owners - had been built illegally either due to lack of licenses or problems of location and design.

Yet at the same time, there will always be new opportunities, new developments and new possibilities, Paul Collins, overseas editor of property magazine Buy Association, has said.

Mr Collins stated: "Spain will always be popular with British overseas buyers - we love going there for various reasons; the lifestyle, the weather, its just one of the favourite tourist destinations. Consequently, it is always going to be popular."

The market had changed, he acknowledged, with many investors now looking to other locations where they might get higher returns. But, he suggested, this also carried higher risk levels.

On the other hand, he believed the fact that more of the properties being bought in Spain by Britons are now for emigration or holiday home purposes will have a stabilising effect on the market. He commented: "In future, this leads to a more stable market and people might not be getting the kind of capital growth that was happening in the last five years or so."

So, he stated, some investors might choose to look elsewhere, but the quid pro quo was an increased chance they could end up with their fingers burned. He concluded: "Spain still offers some really good investment opportunities."

So while Spain may indeed be changing, some of that change may just be opening up the exciting investment opportunities of the future.

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