We live in Spain - 4
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WE LIVE IN
SPAIN – and invite you to do the same
Brian and Debs Martin own and run their own estate agency located just
outside Malaga, Andalucia. Having come through the trauma of buying and
settling in Spain - and advising clients - they offer their experience
to visitors to laterlife.com |
BUYING PROPERTY IN SPAIN, Current Prices
In article four of our continuing series, I want to talk about
house prices in our local area. Since the start of 2006, mortgage rates
here have risen from average values of around 3.2% to 3.5%. This factor
alone will assist the slow down of rapidly rising prices which, at their
peak, were rushing upwards around 18% per annum. A more sustainable rate
of 10% is now generally regarded as the expected rate for the next year
or two.
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Of course properties are bought for many different reasons. For
those coming to live here permanently, the price at which they can sell
on properties may not be the principal consideration. For my wife and I,
in common with most residents here, our main concern is that we have
made an investment that will gradually increase steadily over the coming
years and will give us something to sell if and when the circumstances
demand. We are more than happy with the increases in value so far.
For example, we have for sale, in a very rentable location near
Mijas, several brand new two bed, two bath apartments, selling
at 179,000 euros (around ?122,000). But with bank valuations of
215,000 euros ( almost ?147,000), it doesn’t take long for the value
of a new property to rise fairly dramatically, even with a 70%
mortgage.
Other fast-rising price potentials
include a property
25 minutes from Malaga airport, in a quiet location with sensational
views across the valley.
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This has two bedrooms, 3000 sq metre
plot, and is air conditioned throughout. The price is 335,000 euros
and is great value.
During 2005, the average price rise was 12.8%, with the current
rate per square metre at around 1500 euros.
So whatever your reason for buying in Andalucia,
there is a healthy demand which looks like it will continue.
 Many
thousands of British and other nationalities have decided to come
and make Andalucia their home.
Isn’t it time you had a look at the possibilities?
Brian Martin is a director of
www.lacasanova.com a family run estate agency offering
help on how to find the perfect home in Andalucia. If you have any
questions, please email
brian@lacasanova.com
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laterlife interest
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