Ms Nessling of Conti - Overseas Mortgages, however, said: ‘If you are looking for the long term market, then it is [a good time to buy], for holiday and retirement homes.’
She added: ‘You should always go through the same process that you would follow if you were buying a property in the UK.
Take independent advice from an English-speaking lawyer who is not connected to your seller, estate agent or property developer. And ensure an independent valuation of the property is carried out, even if you’re buying in cash.’
Director of Conti - Overseas Mortgages, Clare Nessling makes this warning due to the increase in the number of British bargain hunters being taken advantage of by people selling property in Spain.
A week ago Money mail reported about how potential investors were being scammed out of their life savings by forceful spanish property sellers offloading cheap houses, apartments, villas and timeshares etc.
The property meltdown has provided a huge quantity of bargain Spanish properties, where in some instances, prices have been sliced in half.
These bargain basement prices have appeared as developers, or Spanish banks that repossessed them, are desperately trying to get rid of them from their systems.
A scarily large chunk of these Spanish properties (estimated at 300,000) are often missing gas, electricity, mains water or even planning permission.
Overseas mortgage broker Simon Conn says: ‘In many cases, people are seduced by the sea, sangria and relaxed Spanish lifestyle. They do not think straight about why a property is so cheap.
‘Before you buy, always ask yourself: Is the price low because the owner has fallen on hard times or just needs to sell? Or is it a property that should never have been built in the first place?’