Over the past three years, there has been an almost 'blood lust' for buying property abroad, especially in Spain, by British and Irish investors. With a wealth of property clubs, inspection flights, property exhibitions and seminars, forward thinking real estate agents and investment advice, we have all been touched by the craze in some way.
However, now the dust has settled and the reality in realty has hit home, what has actually been achieved?
Apart from a lot of people, thousands in fact, having travelled to a foreign country for two to three days at most, been paraded round off plan developments and romanced with stories of glasses of wine on the terrace overlooking the 18th fairway, the chance of missing the best positioned properties at the best price with rentals easily covering that 80% mortgage by the bank that will overvalue the property anyway, meeting a lawyer recommended by the developer or agent, signing paperwork in Spanish with the promise of a bank guarantee in the post, oh, and the weather of course - not a lot really.
A return visit to the same developments may not quite inspire the same feeling of excitement as it did before. With large developments such as Trampoline Hills, El Castillo, Santa Ana and La Tercia Real looking exactly as they did three years ago; Fortuna Hill and Finca Parcs resembling ghost towns and those finished, or nearly finished such as United Golf La Tercia, Parajela Golf, Las Terrezas de la Torre and Club de Golf Hacienda Del Alamo leaving you somewhat disappointed.
This all the begs the question: what were we all thinking? This particular part of Spain, Murcia and the surrounding valleys is what it is. A land dedicated to arable farming or light industry. Lorry parks, small manufacturing plants and local industry has always been there.
Maybe we just didn't see it.
Were we too busy imagining life in the small townhouse or two bedroom apartment surrounded by 2,000 identical properties. It is almost as if a mass hallucination had taken place and suddenly the trance has been broken.
Add to this the fact that many contracts have not been fulfilled and now legal action is the new craze in Spain.
For more information on how you can reclaim your deposit or execute a bank guarantee, visit www.spanishpropertyactiongroup.com
Trevor Norman is involved with Spanish Property Action Group which assists British and Irish property buyers with the the refund of their deposits and bank guarantees where a Spanish property developer has breached the purchase contract.
Author RSS Views:
Print this article
Ask about this article