Overdevelopment sparks price drop for Spanish Apartments
February 7th, 2007
The overdevelopment of apartment properties in Spain has led to many investors being able to buy them at a reduced price, an expert has claimed.
Marketing director of property site Spanish-living.com, Ailse MacFarlane, said that property developers had been “greedy” with the amount of apartments they had built and that a lot were lying empty.
This had led to a lot of people reducing the asking price or coming up with innovative ways to buy property, Ms MacFarlane explained.
Villas and semi-detached villas were the most sought-after property among investors, although they were the more expensive option, she said.
While Alicante and Malaga remain traditional favourites with British investors, there has been an increasing trend to look towards inland locations when choosing an investment property.
Ms MacFarlane said: “Because the prices on the Costas are more expensive a lot of people are looking to buy further inland.”
She added: “On our property portal we get a lot of people looking for properties for around EUR 30,000 to EUR 50,000, which is a lot cheaper than the average cost of a property in Spain.
“A lot of them need doing up, but that seems to be the budget that a lot of Brits are interested in.”
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