Spanish property buyers 'can afford to be picky'

Investors have been warned to do their research before making a currency transfer and purchasing a home in Spain.

Head of Spanish Property Insight Mark Stucklin explained there are plenty of bargains to be found in the country, but these need to be carefully sought out.

He claimed now is a good time to join the nation's property market, with several areas offering abodes at low prices.

"Consolidated areas that are well established with a good range of amenities and services will be the most interesting and will be where people are looking," Mr Stucklin stated.

It was suggested these will be the regions where people are keen to make purchases, as it is currently "a buyer's market".

According to the expert, individuals can afford to be "picky and fussy" about what they want as supply is greater than demand.

Mr Stucklin said: "Alicante, Costa Blanca and the Costa del Sol are the most popular markets – they are mass markets."

However, it was noted properties built "in the boom" period of housing will struggle as their locations will be secondary and third-rate in comparison.

Brits looking to invest in Spain were encouraged to investigate the best areas and what exactly they can get with their capital in each location, to ensure they are getting the best value for their money.

"You can now get really interesting prices, but there is a lot of overpriced property on the market so you have to do your research," Mr Stucklin commented.

The expert's remarks follow a recent survey by Spain's National Statistics Institute, which reported the average value of a residential mortgage in the country dipped annually by 4.5 per cent in November 2011 to €109,662 (£91,800).

However, this was found to be 3.3 per cent higher than registered in the previous month.

Posted by Sarah Pitton

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