Tips for First Time Overseas Property Buyers

The overseas property market is one in which many UK nationals are eager to be a part of as the domestic housing market has come crashing down around them. Furthermore, the chance of moving abroad or owning property in a touristy corner of the world offers considerable benefits to those with the means to invest outside of the UK. However, it is important to note that the recession that has crippled markets at home is also affecting overseas property. In particular, Spain has been badly affected by the global economic downturn and, according to leading market analysts in the country, property prices have fallen by 8.8 per cent between 2007 and 2008. Moreover, major property developers such as Taylor Wimpey have slashed their prices by up to 35 per cent during this period.

Nevertheless, the falling prices of property in Spain does not necessarily reflect a market in which overseas investors are reluctant to invest. On the contrary, with prices at their lowest for years, there is perhaps no better time to buy property in countries like Spain. Indeed, tourism will always be popular in Spain, especially on the Mediterranean coastline, and it is fairly inevitable that property prices and rental costs will soar once the worldwide economies begin to recover. More to the point, certain parts of Spain have proved the exceptions to the general negative trend in the country - one region in particular to have escaped the downturn is that of Marbella.

Marbella`s property market has actually seen an average increase of 2.15 per cent during the same period that has seen prices across the country fall by up to 35 per cent. One reason for this could be that, quite simply, Marbella remains one of the key tourist destinations in Spain. In fact, Marbella is generally considered to be something of a playground for the world`s rich and famous, with well-known stars such as Antonio Banderas and Sean Connery among its regular visitors and former inhabitants.

First time property buyers in Marbella should first frequent themselves with the region in order to get a feel for which areas will likely provide the best return on investment - unless the aim is simply to buy property abroad for personal reasons. Furthermore, the first time buyer should be very wary about houses in Marbella that are priced cheaply and have lots of unused land surrounding them. As a general rule, given the high development in Marbella, it must be accepted that this land will one day be built upon. Thus, it is important to buy property that has sufficient land included to ensure that relative space and privacy is enjoyed.

Finally, it is essential that the first time buyer obtains professional legal advice on the land law affecting their potential purchase to avoid nasty surprises such as those affecting planning permission. Furthermore, whilst looking for that perfect property, it may be advisable to save money on rental by camping out in 2 man tents

If you do not find what you are looking for, contact Villa Marketing and they shall find the right property for you.

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