Many buyers who bought property in Javea and other parts of Spain in 2008-2009 were hit hard when the bottom dropped out of the market and house prices all over the country plummeted. Thousands found themselves with negative equity and also without work and therefore eventually lost their homes. This affected both locals and expats alike.
Needless to say this is a heartbreaking situation to find yourself in, and one that has made many foreigners wary about looking at penthouses for sale in Javea.
However, on the plus side for buyers, because the market was suddenly flooded with repossessed and distressed properties, prices went into free fall, and are still very low, which means home hunters are able to pick up some great bargains at just a fraction of the 2008 pre-recession prices. Experts say the housing market in Spain is slowly regaining traction, so all in all, providing you are not expecting to make a fast return on a property investment, 2014 is a good time to buy low and you can expect the property price to slowly rise over the next few years.
Buying Property In Javea – What You Should Know
Moving to Spain has been a dream for thousands of Brits for many decades since the country became popular as a tourist destination in the late 60s. This is hardly surprising when you consider the idyllic climate, cheaper than UK prices, and more relaxed lifestyle. However, during the last five or six years the dream has become a nightmare for many homeowners who found themselves with a property that lost significant value almost overnight when the bottom dropped out of the housing market in 2008.
Combined with an economic crisis and severe shortage of jobs for locals and expats alike, many found themselves returning to the UK, practically penniless.
If you’re thinking of buying in Javea or other towns in Spain in 2014, you are likely to pick up a bargain property because prices continue to be extremely low, with the added bonus that there is a huge range of houses and apartments to choose from. However, if you are buying from an investment point of view, you should be prepared to hold onto the property for at least five years – the market although improving is still very shaky.