Owning your Dream Home, does not have to be a dream.
There are no restrictions on buying property in Spain, whether it’s commercial, residential or land. Real estate market has various types of resale property, new developments and bank repossessed properties.
According to the EU statistics, one of the most affordable prices for new housing are offered in Spain. Therefore, Western Europe residents are happy to invest money in new properties.
According to Prime Invest Consultancy, Málaga coast has 200 new construction projects, totalling 11,000 homes for sale, with Estepona coast to Sotogrande being most popular.
In a rapidly rising housing market, buying off-plan enables investors and home buyers to buy property at a lower price than if they wait for construction to commence. Buying off-plan may be the only way to get a property with a specific location or set of features, as choice may be limited once construction starts.
Unlike properties built 15 years ago, developers now focus on quality rather than quantity. They offer eco-friendly, energy-efficient open-plan living spaces and individually designed floor plans to suit the needs of international buyers, and hassle-free to rent out given the new laws requiring properties to fulfil strict health and safety regulations.
Off-plan developments are financially secured, guaranteed and risk-free, backed by bank guarantees (aval bancarios) protecting buyers from builders’ bankruptcy.
Reputable developers work only with established reliable agencies, including them in a special list of companies entitled to conduct sales on behalf of developers. Drumelia works with Costa del Sol developers and offers its clients future homes with bank guarantees, insurance and all necessary licenses.
Resale property is in demand by both Spaniards and foreign buyers. No wonder, because buyers have an opportunity to:
– find their desired location,
– bargain and receive discounts from sellers,
– occupy a property immediately and save time (waiting for completion of construction, then connecting to electricity and water supplies, Internet, etc.),
– save money. The properties are sold already connected to all communications, equipped, often with furniture and décor.
Resale property also means developed infrastructure around.
Bank-owned and repossessed properties
Due to the crisis, many houses at the Costa del Sol that had fallen into default were repossessed by banks. It typically means that the bank who financed a property, has taken it back, either by forced sale or through an agreement with owners. Bank repossession properties are mostly the resale ones. For the new projects, a bank responsible for the completion is the responsible seller.
This gives you an opportunity to buy your home, maybe not perfect but for a profitable and affordable price. Though it is usually below market prices, bank properties have their own peculiarities to be considered.
All problems that foreigners run into when buying any type of property in Spain are avoidable. There is no substitute for seeking help from professionals, as much of the work can only be done successfully by qualified local specialists.
Being in this business full-time for 20 years, Drumelia Real Estate (with its own licensed appraisers, Project Management, Drumelia Interior Design and Repair Departments) is all at your disposal, as it has been for many satisfied clients.