This is another blow for those owners and developers who have Spanish property on their hands and need to sell. Over the last 12 months, the average asking price of Spanish property has again plummeted, this time from €267K to €244k.
(PRWEB UK) 16 October 2012
Loxley McKenzie, Managing Director of Colordarcy.com commented, “This is another blow for those owners and developers who have Spanish property on their hands and need to sell. Over the last 12 months, the average asking price of Spanish property has again plummeted, this time from €267K to €244k." (Source: Kyero.com, October 2012)
This, according to Colordarcy, is yet another 8.5% reduction that rubs salt in the wounds of those hoping for some sign of an upturn in Spain, yet there is a brighter side.
The upturn certainly hasn’t arrived yet, however this has not stopped a large number of investors and buyers from the colder climbs of Europe rushing in to snap up properties on the Spanish Costas while they still can.
Colordarcy reveals that properties in Marbella for example are now available at a 70% discount on original prices.
Spain – unlike some of the other struggling countries in Europe who are still feeling the effects of economic instability – will always have its year round climate and the tourists arriving every year for their holidays.
This is in contrast to country’s like Ireland which need to work that much harder to attract holiday makers and those wanting to invest in holiday homes by the sea. In Spain meanwhile there has rarely been so much interest according to Colordarcy. Of course Ireland is a very different kind of market to that of Spain and it doesn’t have the bonus of year round sunshine and warm weather.
Loxley McKenzie, Managing Director of Colordarcy commented, “The real draw for investors when it comes to Spanish property is not only the discounted prices, but also the lower risks involved. It is also evident that most investors know that buying property on the Spanish coast is as much a lifestyle choice as it is a long term investment so the fact that prices are falling so much just makes it more attractive for them.
At such low prices and big discounts, the outside risk that economic volatility will take its toll in Spain is mitigated. Yes Spain is still in a recession and yes its house prices continue to fall, however they can only fall so far.”
Analysts at Colordarcy say that in the long term, London aside, Spanish property at a 70% discount is still the number one choice in the struggling EU.
Notes to the editor:
Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide. Colordarcy investment property portfolio includes some of the best properties for sale in Brazil, Florida, Turkey and the United Kingdom.
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