I was involved in a bizarre situation last week. A client of mine, let´s call her Mrs. Smith, responded to a property advertisement on the internet for a 3 bed property for sale in Marbella , priced at €195,000. Another Costa del Sol property agent had advised me that he was dealing directly (and exclusively) with a local bank that had repossessed the property and that he had been asked by the bank to find a buyer within an agreed timescale of 3 weeks, of which there were 7 days remaining when my client took a look at the property.Of course, my client feel in love with this distressed property in Marbella , and a deal was agreed at the asking price. We faxed through all the necessary paperwork to the bank and advised them that we had taken a reservation deposit……..and heard precisely nothing back from them. We followed up with several phone calls over the next 48 hours, but nobody within the bank with any power to sign off the paperwork was ever available to talk to us or ever returned our calls. After the weekend we then made further efforts to make contact with the bank, and all the while Mrs. Smith was becoming increasingly frustrated and concerned that she may be in danger of losing her bargain property in Spain . But how could she lose it? The agent was operating under an exclusive agreement with the bank, so nobody else could surely arrange viewings or reservations to beat our client to the sale. But the silence continued past the expiry of the period of exclusivity, and we then received a call from one of the administrators within the bank to ensure us that the property had actually been sold. There was no explanation, no apology, no nothing. My client was distraught and very, very angry. We have since discovered exactly what happened. It seems that the details of the distressed property in Marbella were circulated to the staff of the bank as part of a regular newsletter, and at fairly late notice, a bank employee decided that he wanted to take a look at the property for himself. So during the same weekend when my client was panicking about losing the property that she had reserved in good faith, the guy from the bank was inspecting the property and securing the deal. And the reason for the delay? The buyer from the bank had to arrange his flights to Spain and was struggling to get the time off to make the trip. You see, this wasn´t a bank in Spain messing everyone around. No, no – this was a highly reputable British banking institution with an offshore division here on the Iberian peninsula. It seems that bad manners can be found everywhere. Related Posts Repossessions in Spain – worth the fuss?? Repossessions in the Spanish property market Telefonica – What´s the Problem?

Read more here:
Spanish Property Buyers Lose Out to Bank Staff!

During the Spanish property boom that took place during the earlier years of this decade, buyers became so caught up in the purchasing frenzy that the type of stock that they actually acquired really didn´t make too much of a difference to them. The most important thing in the (then) rising Spanish property market was to get a foot on the ladder, and with the glut of new-build 2 bedroom Spanish apartments that were built, most speculative investors ended up with this type of stock. If you analyse the proportion of 3 bed units that were actually built within any given development of apartments in places such as the Costa del Sol or the Costa Blanca , you will son realise that in most cases, only a small proportion of the development was allocated to 3 bed stock – normally the corner units and maybe some of the penthouses. So if we estimate that 3 bed apartments make up approximately 20% of the total number of apartments and penthouses within most developments in Spain , it is safe to assume that this ratio still applies in today´s rather more depressed and distressed Spanish property market. When we couple this with the fact that most buyers in today´s market are making the purchase with a longer-term vision and with the intention of using the properties themselves for family and friends, then a 3 bed property suddenly holds extra appeal. This is something that we have noticed in the last 6 months here at Your Key to Spain. Most enquiries via our website are from prospective purchasers looking for a 3 bed property in Spain . This presents the market with something of a problem. The glut of available stock is made up of 2 bed properties, while the majority of demand is focused on the harder-to-find, less frequently available 3 bed properties. Therefore while there are savage price wars developing between vendors of 2 bed Spanish properties in some developments, the well-located 3 bed units within the well-regarded projects are holding their own, and are actually sometimes in high demand. This doesn´t prevent eager buyers from expecting big discounts across all sectors of the Spanish property market, but prospective purchasers need to be realistic and take into account that smaller, micro-markets exist within the market as a whole, and these micro-markets are governed and manipulated in line with the same rules of supply and demand. Related Posts Everyone is after a Bargain Don´t Forget Spanish Property Purchase Costs! Don´t Buy Cheap – Buy Value!

Read more: 
3 Bed Spanish Properties – Not as Cheap as You Think

I believe that the best way to go about searching for Spanish properties in the current market is as follows: 1.    research the areas so that you have a specific location in mind, eg Marbella 2.    browse the internet and speak to agents with properties advertised in your chosen area. 3.    ask the agents how they work – do they have their own stock of properties and do they have access to any more? 4.    ask them if they collaborate with other agents, and ask them if they work purely as ´property finders´ . With the sheer volume of properties in Spain for sale, many prospective buyers are turning to Property Finders for guidance. Here is why: Good property finders will have access to several thousand properties via their network of agents and the various multi-listing databases at their disposal. They will also have an intimate knowledge of your chosen location, and will be able to suggest plenty of options to help you. Property finders work by talking to you at length to ascertain your buying criteria, and they will then approach other agents via their network to get hold of the most suitable stock – imagine Phil and Kirsty on Location Location Location! This means that instead of only having a few hundred of the agent´s own properties to choose from, buyers can literally access the entire portfolio of available property in their chosen location. The other huge benefit is that buyers only need one point of contact to co-ordinate viewings, so rather than having to liasie with several different agents, you can work ´with´ the property finder very closely to fine-tune the search and secure the best property. Also, property finders have no allegiance to the vendors, so they are sure to try and secure the best possible deals for the buyer. Also, they are not tied by the handcuffs of representing both parties and so can give you their honest opinion of the Spanish properties that you are inspecting. And if you think this property finding service attracts an up-front cost, you are wrong. Property finders simply take a cut of the commission that the listing agent earns from the vendor. Related Posts Advice to Buyers – Who Can You Trust in the Spanish Property Market? - PART 1 The Weak Pound – Tips for UK Buyers of Spanish Property – Part 2 Mortgages in Spain

The rest is here:
Advice to Buyers – Who Can You Trust in the Spanish Property Market? - PART 2

The general feeling is that most British buyers are waiting for sterling to recover to particular ´trigger´ rates such as 1.15 and in particular 1.20 In fact, the last 2 weeks has seen a surge of UK enquiries for property in Spain after sterling rallied over 5% to hit the first of these magical triggers. But let´s look at this situation from the other side. As we previously mentioned, most of the Spanish properties for sale in the key hotspots of the Costa del Sol and Costa Blanca are owned by British vendors, and during the demise of sterling in the last 12 months, they have been able to lower their asking prices considerably, and in some cases accept incredibly low offers, precisely because of sterling´s dire straits.If someone had bought a property for 300,000 euros in 2005 at a rate of 1.40, they would have paid the equivalent of £214,286 If they sell the same property at a whopping loss of 30% (90,000 euros), and then change their proceeds from euros into sterling, they will net the equivalent of £190,909. Despite making a 30% loss on the price of the property, the real loss to them is actually only 10.9% (£23,377), not ´that´ bad considering all the doom and gloom around the Spanish property market. But this win-win situation is all set to change, and we are already seeing the effects of the recent recovery of sterling on the attitudes of buyers and sellers alike. Buyers from the UK are now becoming more confident in their ability to buy into the Spanish property market – after all, their pounds are now worth more over here in Spain…..aren´t they?? British sellers of Spanish properties are now toughening their stance when it comes to accepting low offers, and some are even raising their asking prices, all due to the fact that, as sterling rises against the euro, so their position worsens. For instance, if sterling pushes on to hit heights of 1.25, that same property that had previously cost 300,000 euros (£214,286) in 2005 would fetch just £168,000 if sold at a 30% loss at 210,000 euros. That represents a £22,909 loss on the figure that they could achieve by selling their property now (and a whopping net loss form the original price of £46,286, or 22%) even at the same price of 300,000 euros. Don´t be at all surprised to see the following occur in the next 12 months: -    an increase in the confidence of UK buyers of Spanish properties as economic conditions ease -    a perceived increase in UK buyers´ spending power as the value of sterling increases -    a hardening of attitudes by British sellers of properties in Spain -    low offers being rejected by British owners, with only offers close to the asking price being accepted -    potential for price increases in certain very popular areas This may come as a bit of a shock to many British buyers considering investing in Spanish property , but agents in the popular areas are seeing this happening on a day-to-day basis at the moment. It may sound far-fetched, but I fear it is true – the Brits are in danger of missing the boat and buying into the market too late to take advantage of what are clearly excellent conditions for anyone looking to snap up a Spanish property bargain . Related Posts Why Waiting For Sterling May be a Dangerous Game - PART 1 The Sterling Euro Exchange Rate – Does Anyone Really Understand? The Weak Pound – Tips for UK Buyers of Spanish Property – Part 2

See the original post: 
Why Waiting for Sterling May be a Dangerous Game - PART 2

A variety of well-regarded Spanish property portals and websites are reporting unprecedented levels of enquiries for properties for sale in Spain . Although these are still hard times for most people in Europe, it seems that the dream of owning a property in Spain is still as strong as ever. This desire has also been fuelled by a raft of discounted and distressed Spanish properties becoming available, offering prospective buyers some of the cheapest prices and best value Spanish properties since the bygone days before the last Spanish property boom. As we have reported here several times, there is an increasing interest and demand for Spanish properties . This is probably due to a combination of several factors: -    the beginning of a new year tends to give people fresh impetus to achieve their goals -    many prospective buyers seem to have been keen to rid themselves of the spectre of 2009 and all its recessionary doom and gloom. The new year has given many people a little boost in the confidence stakes. -    The recession seems to now be behind us. Although we are still living in tough financial times, the future looks a little brighter, and so those plans and dreams that were on hold for the last 18 months are now back on the agenda for a lot of people. -    Sterling is rising against the euro, giving British buyers greater confidence to invest in the Spanish property market. -    The mortgage market seems to be easing slightly. -    Historically low property prices in Spain have convinced many that now is the time to invest, rather than waiting for the inevitable return to normality and subsequent price rises in the better areas. Related Posts Surge of Spanish Property Enquiries Follows Recent Economic News Record Day for Spanish Property Enquiries Are the Brits really leaving Spain?

Read the original here: 
Huge Surge in Spanish Property Enquiries

The recent rise in the value of sterling against the euro has led to as much as a 40% increase in the number of Brits buying the European single currency. With the sterling euro exchange rate hovering at around 1.15 in recent days, many Brits who regarded this figure as a psychological trigger to exchange currencies have taken advantage of the 12% increase in sterling´s value within the last 12 months. One expert at Moneycorp , one of the leading foreign exchange specialists, whilst also reporting brisk activity, reckons that a large proportion of Brits are holding out for sterling to hit a level of 1.20 before committing to the single currency. It is thought that a change of government in the UK, added to an end to the current recession , could see that figure reached before the end of 2010, prompting thousands of potential British buyers to enter the Spanish property market. Related Posts Sterling on the Rise - Great News for British Buyers in Spain Sterling Exchange Rate Forces Spanish Property Buyers to Wait The Sterling Euro Exchange Rate – Does Anyone Really Understand?

See original here:
Sterling Rise Sees Brits Buying in Spain

The recent torrential rain that we have seen here on the Costa del Sol at least provided some small shred of comfort for local residents. The region´s reservoirs have doubled in capacity in the last few weeks, with December´s rainfall alone guaranteeing water for the next 2 years here in Andalucia – yes, it rained THAT much! The volume of rainfall wasn´t uniform across the region however. For instance 362 litres of rain per square metre fell in Cadiz, guaranteeing the water supply there for the next 4 years, whilst Almeria only received 148 litres per square metre. The level of the well-known La Concepcion reservoir in Marbella rose from 40% capacity to 97.5% in just a 2 week period, to the extent that the reservoir´s sluice gates had to be opened in order to release the excess water into the sea, amounting to the Costa del Sol´s normal supply for a 6 week period. No shortage of water here for a while then! Related Posts The Rain in Spain New British Consul Appointed for Andalucia Spanish Culture - overheard conversation

Read the rest here: 
Andalucia´s Reservoirs are Full

Leading travel search website Skyscanner has revealed its top 50 most searched for destinations from UK airports for travel in 2010. Moving up one place from last year, Malaga is in top position, with Tenerife and Alicante in 2nd and 3rd positions respectively, meaning of course that Spanish airports occupy the top 3 places.In fact 11 Spanish destinations occupy places within the Top 50, with Palma, Lanzarote, Barcelona, Gran Canaria, Murcia, Ibiza, Fuerteventura and Madrid being the others to feature. Interestingly, the 2 Spanish airports suffering the biggest drop in positions within the Top 50 were Murcia (down 13 places) and Fuerteventura (down 10 places). Data is based on searches from UK airports for travel in 2010, using search data collected in the final quarter of 2009. Related Posts Easyjet Winter Schedule – not so easy anymore? Brits Behaving Badly in Spain? Are the Brits really leaving Spain? – PART 2

See original here: 
Malaga is Top Flight Destination for Brits

Sorry if this news hits you as you sit at your desks with the rain lashing against the window, or as you sit at home with the curtains tightly closed and the central heating turned up full blast, but here in Southern Spain we are still waiting for winter to arrive. Apart from a few indifferent days in November, we have seen clear blue skies most days, with daytime temperatures averaging around 18 degrees – extremely pleasant for this time of year, and a real contrast with last winter, when it seemed the whole of Europe took a real battering from the weather. Here we are in December on the Costa del Sol , and although the nights can get a little chilly (you need to wear a jacket or a sweater), most people are walking around in shirt-sleeves, still enjoying the beaches and other outdoor pursuits. This weather on the Costa del Sol has got to be the perfect climate……and it´s only 2 ½ hours from the UK. What are you waiting for??!! Related Posts Spanish Properties Cannot Cope in the Cold Falling in Love with Spain…again! Winter Arrives on the Costa del Sol

The rest is here: 
Still Waiting for Winter on the Costa del Sol

If we assume that the legal matters are sorted in the next few months and the Marbella property owners can move on with their lives, this doesn´t compensate them for the months of misery and uncertainty that they have endured, particularly those who are desperate to sell their properties in Marbella as a result of the recent financial hardships. You see, if there is a hint of a problem as to the legality or status of a property in Marbella , the banks and mortgage lenders will avoid it like the plague – a handy excuse in the current credit crunch. So this means that the only option for sellers of properties caught in this legal minefield is to appeal to cash buyers who are prepared to take a risk……….however calculated that may be. This severely restricts the pool of available buyers, and drives the asking price lower still. One such area of Marbella that has been particulary affected is Elviria, 12 kilometres to the east of the town. Property in Elviria is in high demand – it offers some of Marbella´s most desirable permanent and holiday housing, boasts the coastline´s finest sandy beaches, and is home to a variety of sports and leisure amenities. Elviria was built upon the recent property boom, but that only means that most of its ´highly desirable´ projects are now subject to ratification in the new Town Hall plan, and so buyers are still unsure of which way to proceed. This is a crazy situation for everyone concerned. Forced sellers cannot sell, buyers who are desperate to invest in the area are reluctant to do so, lawyers have no real idea of what is going on, and estate agents with some of the best inventory in Marbella are sitting at their desks twiddling their thumbs. As the news filters through of an imminent announcement of the approval of all these ´dodgy´ developments, many buyers are now prepared to take a risk and take advantage of the misery of many sellers, hoping to bag a genuine bargain in a great location, hoping to see a quick return when the properties are finally ratified and the values rise accordingly. And you thought that buying property in Marbella was easy! Related Posts Marbella Property – Do Illegal Homes Represent the Best Buys? An Agent Buys a Property in Spain - Part 7 - Another House! An Agent Buys a Property in Spain – Part 1 – How Hard Can it Be?!

Read more here:
Marbella Property – Do Illegal Homes Represent the Best Buys? - PART 2