'Bargains to be had' in Spanish property market

Investors seeking a bargain should turn to the Spanish property market, one sector commentator has noted, due to a range of incentives available through banks and the government.

Adrian Warriner, managing director at Spanish-Living.com, explained that there are many reasons for people to consider purchasing real estate in Spain at the present time.

Firstly, he cited the government's decision to halve value added tax on new property purchases, bringing it down to just four per cent.

Mr Warriner went on to point out that banks are keen to offload their assets and as a result, some are offering up to 100 per cent finance on certain homes.

Finally, he highlighted the fact that the Euribor is currently at its lowest rate since 1999, which means there are favourable conditions for borrowers.

"For investors, the obvious advantage right now is the opportunity to buy in a market that's not far off rock bottom," he stated.

Last month, Lucas Fox International Properties revealed that the luxury end of the property sector in Spain is on the up, with the firm noting a rise in the number of international buyers seeking out high-end homes in locations such as Ibiza, the Costa Brava and Barcelona.
 

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