Reply To: Spanish Property Market in 2007

#68389
Anonymous
Participant

Goodstich44

Interesting to hear your view. I note a continuous thread on SPI and the misleading relocation programmes on TV which suggests prospective buyers are told of excellent rental income which will pay the mortgage. Look at the number of apartments and houses on the CDS and the number of people with friends who own property there and it only needs half a brain to know rental income will be hard to find. You’ve found that to your cost, obviously, but it can’t be repeated often enough for the benefit of newcomers to this site who are thinking of buying abroad. We factored in zero rental income, but – as predicted by our agents here – our four-bedroom house is always booked at £1,000 per week throughout July and August, mainly by Spanish and French families. The rest of the year – nothing. And that suits us just fine. If I could give Brits one piece of financial advice about buying in Spain, it would be to do your sums and see if you can afford the property WITHOUT any rental income. If it comes, it’s a nice bonus.