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Now is the time to buy!

19/11/2015

If you have ever dreamed of buying a property on the Costa Blanca now is the best time since the economic crisis hit in 2008.

The Javea property market has not suffered as much as many parts of Spain thanks to its idyllic location and climate. The property market has gradually started to recover and it is currently at its most buoyant for a number of years, with a large selection of good properties on the market at very competitive prices. 2015 has been a good year to invest in property in the area thanks to the favorable financial situation and property prices just starting to rise steadily. This trend looks set to continue into the foreseeable future.

One of the key factors is the current strength of the pound against the euro. Currently at 1.4, at this exchange rate £100,000 would buy you 140,000€. Compare this to December 2008 when a rate of 1.1 barely got you got 110,000€! The introduction of numerous currency exchange companies have further facilitated the exchange promising even lower charges than traditional banks.

With mortgage interest rates (Euribor) at an all time low - and continuing to drop - the cost of financing your dream home is more affordable than ever. At the end of October it was just 0.134% - a reduction of 67% since the start of the year!

Banks are also lending much more freely than in the past -  obtaining finance for your property is easier now than it has been for the last 7 years. As a non resident you can expect to realistically obtain up to 80% in finance.

Tourism levels in Spain rose again this year, following year on year increases for the last three years, and this is a trend that looks set to continue with many visitors already booking their accommodation in advance for next year - this is great news for investment buyers as during the summer months of June to September a generous rental income can be generated.

Whether you are looking for a holiday home, a rental investment or a permanent residence, all the signs point to this being an excellent time to buy with property in good supply and bargains still to be had in all price ranges.

If you are considering buying in the Javea area and would like some advice we would be delighted to help. Alternatively you can browse through the selection of properties on our website. If you would like further information on any of them, please do not hesitate to contact us.

 

Written by Emma Higginson, Owner, Villas-Plots