Spanish-property-secrets.co.uk, a website specialising on the Spanish property market is urging those thinking of moving to Spain or acquiring a second home there to be aware that not all locations are experiencing similar rates of house price growth.
While some areas have seen prices rocket by between 16% to 30% in the past year, others have experienced much lower inflation of between 4% to 5%.
The website, part of the propertysecrets.net service of publisher JoJaffa, adds buyers need to understand the opportunities and challenges in the property market caused by the rapidly growing population of legally resident foreigners in Spain.
The number of such residents is likely to go from about 1 million in 2001 to some 3 million by the end of the decade, and 6 million by 2015, the website says, based on Spanish immigration data.
This demographic shift is a positive factor in terms of the property market in general, but, as noted, not in every instance.
The warnings on capital returns are all the more important given UK residents can now get buy-to-let loans for Spanish properties with a loan-to-value of up to 80%.
Intermediary Chesterton Grant Europa, to which Spanish-property-secrets.co.uk has a link, quotes just such a product, which additionally is stated as a self-certified product with "no penalties".
CGE does suggest on its that clients should be in a financial position of strength and already enjoying a "solid financial base" before committing to property in Spain.IFAonline
‘Important to have an anchor’
Lack of innovation for solutions
Some 2,000 consumers affected
Achievements, charity work and other happy snippets