Readjusted property prices make Spain an investor’s paradise

Is your high street bank overcharging you?

The recent Spanish house price index from property website Kyero has revealed that house prices in the country have fallen in the first quarter of 2012.

Despite the seemingly grim news, the dip in prices provides the perfect opportunity for overseas investors to snap up bargain property ahead of the predicted upsurge in the market from 2013 to 2018.

The national average for properties in the country is €253,000.The cheapest average price for a property is €69,000 in Jaen, with the most expensive being €589,200 for a property in Barcelona.

In its report, Kyero said: “We expect prices to bottom-out completely this year, and foreign buyers from stronger Eurozone economies to continue to buy property in Spain while prices are low.

“Starting in 2013, we expect a slight upturn in prices will signal a more widespread return of buyer confidence, and the start of the next upswing in Spanish house prices.

“Hopefully, the drastic market peaks and troughs of former years will be tempered by more sustainable lending practices.”

Buyers can also snap up properties that fall below the national average in the following areas: Valencia (€168,600) Seville (€128,000) and Granada (€187,200).

Speaking to the Reuters, Carlos Ferrer-Bonsoms, from Jones Lang LaSalle, argued that low monthly mortgage payments in the country could also attract buyers.

According to Kyero, low property prices in Spain have attracted investors from Sweden, Holland, Belgium, Norway and Denmark. This is particularly in relation to properties on the Costa Blanca.

Transfer money to Spain

If you are looking to invest in Spain, think carefully about how you will be transferring money to Spain. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money from the UK to Spain, to invest in property or for any other reason, be sure to compare the market before you buy your overseas currency.

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Readjusted property prices make Spain an investor’s paradise

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