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Property investors in Spain told not to be put off by legal issues

8th March 2007 | back to article listings BACK    print this article PRINT

British property investors in Spain, which includes those operating in the buy-to-let market, have been advised to be aware of legal issues but not put off by them.

Pierre Williams, a spokesman for property investment education firm Inside Track, said that what buyers needed to do was be aware of the issues and check things out thoroughly.

He said: "The issue of developments going up without planning permission has been well aired and anybody buying in Spain should be aware of that. Any development which they consider must have this checked to see whether or not they are likely to have any difficulties in the future and to avoid buying in those areas."

Once a property has been established as meeting all the legal criteria over planning permission, the buyer is in a favourable position, with the numerous advantages of buying in Spain coming to the fore.

Included in these, he said, were the climate, infrastructure, good health service and well-established expat community, all favourable to British buyers.

"Above all," Mr Williams added, "it offers the sort of sunshine that many Brits aspire to when they can afford to live abroad, Spain’s naturally an attractive market, and has been because it’s been a holiday destination for the British for so long."

There are other advantages too, he adds. The average return on property investment is 48.74 per cent, ten times the UK figure and the best in Europe. The market is "mature", with new areas likely to open up, particularly inland.

Mr Williams is not alone in being positive. Even the least upbeat assessments see the future of property investment in Spain being bright.

Mark Stucklin, an independent analyst for Expatica, said that the level of Spanish property investment had not matched some of the more optimistic forecasts.

"Nevertheless," he continued, "I still think there are good grounds for optimism about the future of the Spanish property market, at least in those areas popular with foreign buyers.
"It's still early days for Spain as the California of Europe, and looking ten years ahead, I can only see it becoming more popular."

"Those areas popular with foreign buyers" is the key in this case, with prospective property investors needing to be aware where those places will be over the next few years, such as the inland locations to which Pierre Williams refers. But what this also implies is that, provided they are aware of the legal issues, those seeking to invest in property in the right areas will be able to continue to benefit from the growth of the market.

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