Real estate expert Garry Mitchell claims the recent record number of people attending the London “A Place In the Sun” exhibition, and inquiring about purchasing a home in Spain, is very welcome news for Javea property sellers and real estate agents across the country.
“In our industry, many local smaller estate agencies had to close up shop during the last five years,” explained Mr Mitchell. “Properties simply haven’t been selling, and because over lending by banks was one of the reasons the property market in Spain virtually collapsed in 2009, lenders are now very dubious to loan money to buyers – particularly first-time buyers who may not have been in their present employment for long.”
Mr Mitchell continued, “With many Brits having to sell up and go back to the UK because they too have experienced job losses, or had to close down their businesses in Spain, UK buyers looking to invest in properties abroad have been very cautious for several years now. Many have heard the horror stories of middle-aged people returning to Britain without a penny after working extremely hard all for a main part of their adult lives. Indeed, the only good news we had during the last five years is the quite significant increase in the number of non-EU residents purchasing properties on the Costas due to the Spanish government scheme which allows them to automatically obtain a residency permit if they purchase a property over the value of €160,000.”
It is estimated in 2014 Spanish property sales to British buyers will increase around 24% over 2012. Mr Mitchell has employed two extra members of staff to deal with the higher number of enquiries his agency is receiving, and is confident that by the end of 2014 the Spanish property market will return to the healthy state it enjoyed during 2006/7 prior to 2008, when the property bubble burst.
Garry went on to state that he considers Bill Getes investment of 113,5 million euros to buy a 6% investment in Fomento de Construccions, a Spanish real estate company to be of considerable importance to the increase in buyer confidence of would-be investors in Spain.
ValuVillas is a real estate agency that has dealt in Spanish property sales for almost 30 years. Located in the beautiful town of Javea on the Costa Blanca, ValuVillas has a large number of properties on its books ranging from high end, top of the range detached villas, to small studio flats and empty plots which are ideal for building a customised dream home. With supply still larger than demand, buyers are able to snap up many bargains.
If you are interested in viewing Spanish properties, or would like to know more about investment opportunities on Costa Blanca contact Garry Mitchell via the website link below.
Company Name: Valuvillas SA
Contact Person: Garry Mitchell
Email: Send Email
Phone: 0034 965771312
Address:Edificio Barclays Bank, Ctr Cabo La Nao 160a