An expatriate can 'buy homes in Spain'
07/01/09 17:53
Anyone looking to move abroad to become an expatriate in Spain may be interested to know that there are plenty of properties available, according to the Spanish Property Owners Guild (SPOG).
Paul Bradley, a spokesperson for the SPOG, said that currently there are a significant number of unsold houses on the Costas but he has advised any potential expatriate not to buy before the property market stabilises.
"There are over 600,000 unsold properties at the moment, I personally wouldn't buy any of them until values stop going down," he said.
Mr Bradley went on to say that a typical two bed apartment near the beach is worth around £130,000 today and it will take decades for property prices to return to the levels of 2004/5.
"If you bought in 2004/5, the same apartment would have cost £195,000," he added.
The Association of International Property Professionals reported that 25.4 per cent of all foreign properties purchased by UK buyers in 2007 were in Spain.
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