All because of a dreary tale you heard about Spanish property developers from a friend, about a friend of a friend who bought a flat off plan in Madrid and then suffered years of empty promises from the property developer, who constantly blamed the delays on construction issues. Of course there are folk everywhere who can’t be trusted but a couple of bad apples shouldn’t represent the whole bag. When it comes to Spanish property developers, reliable partners are abundantly available; the trick is knowing where and how to find them.
We consider the most common issues property investors are confronted with when buying foreign real estate and how with the right partners, foreign investment can be a walk in the park, or more pertinently, a walk along the promenade of the azure Costa Blanca.
Common problems and how to avoid them
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Construction issues
The simplest way to avoid construction issues is naturally to buy an already constructed unit from a reputable group, however if your heart is set on building a place of your own, consult one of the well-established Spanish property developers or agencies to source a reliable developer and construction firm who they know and trust. It’s worth paying the management fee for someone to manage the process timeously and meticulously.
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Contracts incorrectly translated
If you are sent a translated copy of the contact it’s vital to ensure the translated version matches the original. The best option would be to consult a professional translator or independent lawyer.
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Inflated prices
If you’re concerned about developers inflating the prices in their portfolio, one solution would be to consult an independent surveyor to check the valuation and prices in the region. However with well-known Spanish property developers in the region, the investment profitability of their clients’ estates is likely to have more to do with the high quality of their properties and professional service, than any sense of over-inflation.
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Location problems
For those looking to buy property from afar, you obviously want to avoid being led astray by a suspicious property developer claiming an area to be more popular and appealing than it is in reality. When deciding on the best location, it’s worth considering the proximity of your property to an international airport. Say for instance you searched for ‘Villas Calpe’, you’d be pleased to find the Alicante international airport is just 62 km away. Calpe is a popular choice for investors seeking a beautiful spot of their own on this in-demand Spanish coastline. Alongside the laid-back beach lifestyle and near-constant sunshine, the town offers a striking balance of new established amenities and quaint old Spanish flavour.
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Your property developer fails to provide adequate licences, doesn’t have planning permission or the property is illegally built
Some properties are built illegally close to the coast or in protected green belts. To avoid investing in a crisis of this sort, it might be worth consulting a lawyer, surveyor or architect in your country of origin for professional insight into the area.
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It’s more of a struggle to rent out the property than the developer implied
If your investment in foreign real estate is part and parcel of earning a regular rental income from that property, its location is paramount. Top property groups partner with rental companies that have huge client portfolios at their disposal to ensure your property is in a prime position for continuous rental.
With a reputable property group such as Grupo Esmeralda, you can be sure your investment is in good hands. They not only bring 30 years of experience to the equation but also boast the largest property portfolio in the region. They recommend a site visit to Calpe to see the wonders of this part of the world in order to make an informed decision about what is sure to be a profitable investment. They go so far as to offer exclusive hotel benefits through their Green Card programme. For more information about the advantages of working with them and for more information on the selection of property at your fingertips, contact Grupo Esmeralda, leaders in the Calpe property market.