Marbella, Costa del Sol and Illegal builds
Many thousands of British tuned into BBC1 on Monday to see how people are having problems with the lack of healthcare once they move to Spain. This raised certain issues and whilst the standard or care in Spain is excellent, payment of it is a clouded issue. People having paid into the UK system all their lives should under the European Union be entitled for those benefits to be made available for them wherever in the EU they decide to retire to. This is clearly a point to be taken up with the British Government.
Wednesday on ITV a programme highlighting just one development in Albox, Costa Blanca showed again how foreigners have been conned into buying illegal properties.
Marbella has been well documented over the last year as the town hall has been dismantled and many of its members jailed.
It is no wonder that an official report states foreigners purchasing in the Malaga region has plummeted by 57% from the same time last year.
Walking along the promenades of Marbella, Calahonda, Fuengirola and Benalmadena, it is very noticeable how quiet it is. There are not many people around.
Estate agencies are closing daily, there just are not the buyers around. Contrast this with other countries such as Morocco where the buyers are flooding in their thousands to snap up cheap off-plan properties.
Buyers have been put off buying in Spain by a combination of conditions. Firstly the massive oversupply of properties at over inflated prices, then interest rate rises both in the UK and in Spain and now the illegal build situation. The only buyers around are either after total bargains, or are genuinely looking to either move here or have a holiday home. For them the choice is huge and so they can take their time and look around
The rental market is now extremely poor, again mainly due to oversupply. The local paper has pages and pages of property for rental both holiday and longer term, but the tenants just are not around any more. Many were employed by the same estate agencies that are now closing down. Rental agencies are also hit by the lack of work and as there is no actual industry to rely on, the knock on effect means many ex-pats are packing up for their home country or moving on with the investors to other markets.
Noticeably one large estate agency has cut its commission rate and any agent is happy to negotiate the commission. The business has become very cut throat and buyers are often fought over!
However, there is a glint of light in this otherwise depressing scenario. www.direct-auctions.com was founded 4 years ago on the basis of the oversupply problem and offered sellers a way to quickly shift property. By concentrating solely on this market, the company has built up a following of buyers eager to find the bargains. There are not thousands of properties for sale but the one thing in common is the price.
www.direct-auctions.com correctly value the property in accordance with bank valuations. A reserve price is set by taking a percentage between 70 and 80% of that valuation. Their sales fee of 2.5% is included in this and the company are very transparent in their dealings.
Paperwork is checked prior to the property entering the website and they even now ensure all the relevant licenses are in place.
Even with the uncertainty in the market the company are selling units. People always like a bargain and the wise investor can buy at prices of 4 or 5 years ago, ensuring that on the day of completion there is significant equity left in the property. Buying at a cheaper prices means being able to keep rental prices down and therefore be more competitive in a highly saturated market.
www.direct-auctions says they have several properties coming on the books at very low prices, often they are bought before even getting onto the website due to the waiting clients they have.
Now is the time to look for these bargains and if you ensure you thoroughly check the paperwork then there is nothing to worry about.
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- Inez Rix
- Direct Auctions
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