Location is Everything in the Spanish Property Market

Spain is no different to any other major property market in the world and the Spanish property market is no different in that however depressed the world recession and Spanish property market has become prime location holds it value much more so than the rest of the property market, obviously you can get some discount on property in Spain at this current moment in time but nowhere near the discount you can get on non prime location properties. There are some obvious exceptions to this but there are some obvious reasons why this is the case according to Nick Stuart, Managing Director of Spanish Hot Properties. “The reality of the situation is there is a vast oversupply of 2 bedroom apartments up to 500,000 Euros in non prime location areas of Spain but even a shortage of good 3 bedroom apartments on the coast and a good location next to the beach built to high standards is still holding its value well. For me I would describe prime location in Costa del Sol being between Rio Real through to the New Golden Mile beach side.  A good example of this was a recent customer Finbar O’Shay from Galway who had a budget of €250,000 (which he has now changed upwards) and we showed him his perfect property a luxurious 2 Bedroom apartment that the developer originally had at €350,000 and we managed to get him a fantastic price of €199,000 this apartment was a 6 KM from Puerto Banus and 3 KM from San Pedro.  Besides his wife Eileen absolutely loving the apartment he wanted to be beach side of the A7 in what would be described as prime location with the same qualities.  First things first all the best land and location was built on some time ago and finding something of the same standard could be difficult and in reality to get the same type of apartment beachside he is looking at €360,000 plus but Eileen still wants the original luxurious apartment but alas for her it has now been reserved by someone else. The bottom line here is that the prime location property has come down in price but not at the same percentage rate as the unit he really liked” explained Nick

Spanish Hot Properties also see that some international property buyers have totally unrealistic expectations about prime location property but that is not totally surprising with companies highlighting their great deal and there distressed Sales and bank repossession properties. “Another recent  client of Spanish Hot Properties Claude Stefferson from Paris came over to view Bank Property repossessions and ended up putting an offer in on a city centre apartment in Marbella overlooking the beach at €500,000 Euros only 10% below the asking price and his offer would have been snapped up immediately in non prime location areas but was dismissed out of hand by the owners and hopefully that gives everyone  a good indication that as the saying goes location is everything” Nick explained further.

Anyone wishing to find more about Prime location property in Spain from Spanish Hot Properties should either call us or email Spanish Hot Properties.

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