Why the Costa Del Sol? Why House Repossessions?
The Costa Del Sol has for at least the last thirty years has enjoyed a development rate that has been unprecedented in Europe. The proximity of the Costa to European markets and it's attractiveness make the location extremely sought after in recent years with increasing numbers of people either retiring, starting businesses or enjoying the boom in telecommuting working on the internet.
Lifestyle
The lifestyle that attracts property owners to the Costa Del Sol includes the following:
- Year round warm weather even during the winter.
- Excellent sporting facilities including the favourite middle-class pastimes of golf and water sports.
- A stable and caring Spanish society that welcomes and respects others especially the elderly and the very young.
- Superb infrastructure of roads, railways, modern free health facilities for E. U. citizens.
- Superb local food with the Mediterranean diet becoming so popular as a healthy diet the ingredients are on you doorstep fresh and plentiful.
- Very few problems for non-spanish speakers.
The above factors are unchangeable and not subject to market fluctuations the restriction new supply due to tightened planning means capacity will soon be exhausted and prices will rise again dramatically.
Why buy now?
A genuine combination of circumstances has arisen in the Spanish property market.
- Over supply in the market of new apartments due to massive demand until the recent slowdown.
- The credit crunch meaning that money owed by developers is demanded back very quickly leading to developers being forced to sell simply to cover the money owed and this often bears no relationship to the banks valuation.
- The fall in the value of the UK pound against the euro forcing increasing numbers to default on mortgages
- Confidence in the property market rocked by corruption in Spanish Town halls.
These factors are all temporary the excess building capacity caused by developers being overextended with the banks and economic conditions generally are going to end within a few years.
Baby Boomers, New Markets and teleworkers
It is estimated that a large number maybe millions are intending to move to the Costa Del Sol in the next few years these include a demographic known as the "baby boomers" children born in the mid-to-late 1940's who are financially independent and are looking for a healthy, safe environment with proximity to relatives and superb health care to retire to.
There can be no doubt that starting a business is very easy in Spain leading to many people making a lifestyle choice to move themselves and their young families to Spain. Add to that the rise in the internet means that many will work in their jobs from their homes in Spain rather than face the drudgery of commuting the their London office.
There can be no doubt that the Eastern European economies are becoming successful. Demand from the Russian market for investment is leading the way currently, however few of these new buyers are aware of the repossession market and a re sales to these investors will yield high returns.
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