Wednesday, April 2, 2008

Profit from the Pain in Spain

There's a nice piece in today's Independent (English version) about the level of pain being suffered by property owners in Spain. Of course, as we pointed out in a previous post, one person's pain is another's gain, so if you want a holiday home in Spain then the hour most definitely cometh.

The piece quotes Derek Blaney who says; "All the reasons people love to own in Spain are still there. It's two hours from the UK (also 2.5 hours from Ireland but this is a UK paper), the weather is great and it offers good beaches and all the amenities people like. But the market has changed and the people who will benefit most are those who want a holiday home, rather than a pure investment."

This last point is one well made. Spanish coastal property has never been a particularly reliable investment vehicle. Yes, in the early days, some people made lots of money from capital appreciation, but they were lucky. Relying on resort property for rentals is not a way to make money, in fact it is normally a way to lose it. If, however, you want a property for your hols and you particularly like coastal Spain, as many Irish do, then you should probably be keeping an eye on the market. There are bargains to be had.

You'll find the full Independent article here.

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