International mortgage customers avoiding incomplete Spanish property

Thu, 14 Jul 2011
International mortgage customers are increasingly turning their backs on off-plan Spanish property, it has been claimed.

According to BuyAssociation, the lack of buyers means those who do have the finance to purchase a home in the European nation have their pick of already completed properties .

Editor Paul Collins explained that this has meant few have a real reason to risk investing in homes that have yet to be built.

"The market for off-plan property in Spain is very slow as the buyers who are out there have such a choice of properties which are completed and established that they don't need to wait for an off-plan property to complete," he said.

"There have been so many tales of delays and abandoned projects that most buyers are only putting their trust in completed bricks and mortar."

Spain's economy has been hit heavily by the recession, with house prices falling and activity slowing in the market.
 
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