- May 24, 2010 at 10:49 am #55634
Just been reading UK magazine called Exchanged re property for Summer 2010 so up to date. It has an article about Pros and Cons of buying a 2nd home abroad.
Pros for Spain are : Sunshine, food, and lifestyle along with cheap flights.
Cons for Spain are : Globalpropertyguide.com warns that Spanish property prices may have further to fall in the next few years, and that recovery is ‘nowhere in sight’!
Poor exchange rates.
May be difficult to sell your home if necessary, particularly in the short term.
Taxes are high, Long-term letting is unprofitable generally.
The Costas are popular, but the excess of new build for sale makes these areas nothing like the sure bet they once were.
The only areas tipped to buy in Spain: Barcelona (although expensive), and South West Mallorca.
I believe many of us have said similar on here for ages. Of course now we also have the Spanish Banking and Economic woes coming out of the woodwork. Property whether in the UK, Spain or elsewhere is a sitting duck for Gov’ts to raise taxes (so watch out) along with motoring/fuel taxes.
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