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Spain still attractive for savvy buyers

Friday, 1 February 2008 12:00 AM

The Spanish property market remains attractive to buyers who are willing to spend a little more time choosing a project and take the correct advice.

That is the view of the BuyAssociation - a property website offering impartial overseas property advice - which argues, while the market is saturated in some regions, opportunities still exist.

"Spain can still be an attractive - investors have to select their project a little bit more carefully," said Paul Collins, property editor at BuyAssociation.

"Rather than buying anything that's on the Costa del Sol, or anything with a sea view, you have to be a little but more intelligent.

"Have a look at up-and-coming cities - places like Murcia, which is becoming much more important because of the new international airport that has just opened."

According to figures obtained by Property Showrooms, there are approximately 2.8 million foreign residents in Spain - with Brits being among the biggest group of investors.

"People are also looking at things like university towns and are buying properties that they can rent out to university students. These are just examples of things that are slightly different that are still good investment opportunities," continued Mr Collins.

Despite the credit crunch the Spanish property market still appears to be prospering.

Mortgage volumes increased by 15 per cent during 2007, although this was down from the 23 per cent increase recorded the year before.

However, careful investors will still be rewarded, according to the BuyAssociation.

"Take your time. There are a lot of properties for sale in Spain at the moment so there is no need to feel rushed in trying to get the best deals," explained Mr Collins.

"Back in the days when it was a speculator's market and prices were going up every week, then you may have had to be a bit quicker but now you can take your time a little bit more. Make sure that the property you find is exactly the right one for you," he concluded.

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