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The Time To Buy
By James Parkes, 16th January 2009
EXPERTS say the time to buy property on the Costa at the best price is
drawing near after figures released this week show that an average
home in the area now costs 30,000 euros less than a year ago.
Official figures say properties along the coastline have seen their
prices drop by up to 14%, the first fall after six year of
considerable rises - in 2003 prices increased by 21.6%.
Average prices per square metre of new and resale homes in Alicante
province have dropped to 2,083 and 1,938 euros respectively. The price
in Valencia province now stands at 2,106 and 2,015 respectively and in
Murcia at 1,900 and 1,765 euros.
This means a new 100-square-metre home costs just over 208,300 euros,
on average.
Figures contrast with the 5.3% rise reported in 2007, when the end of
the property boom began.
The society of property surveyors says that 2008 saw a general fall in
property prices throughout the province and predicts further falls
this year, although not as severe.
Another factor that could encourage buyers is the fall in bank
interest rates.
Yesterday the European Central Bank's (ECB) dropped interest rates to
2%, the lowest in the ECB's short history.
The reference rate is expected to fall even more if the general
economy shows no improvement.
The Euribor rate (used by most banks to set mortgage repayments) has
this week dropped below 2.7%, its lowest since December 2005.
Last week, in another move to fight recession in the UK, the Bank of
England dropped the rate to 1.5%, the lowest set by the Bank since it
was established in 1694.
EAGER BRITS
Recent figures revealed that around 40% of Britons intend to buy a
home abroad as soon as their circumstances allow it, and Spain is
still ranked as one of the preferred destinations.
The current exchange rate is seen as the only major barrier stopping
potential buyers, although this week has seen a glimpse of recovery
with the rate increasing from almost parity at the end of 2008 to
around 1.10 euros to the pound sterling this week.
Experts warn the recovery will be slow, but agree the strength of the
euro reached its peak over Christmas and its exchange rates against
other currencies are expected to fall gradually.
jparkes@cbnews.es
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