DEALS, DEALS, EVERYWHERE P
erhaps the biggest generalisation one can make about overseas property markets in 2012 is that they are deluged with deals. In the drawn-out wake of the
global downturn most major markets – with some notable exceptions such as Switzerland and Scandinavia – have a hefty proportion of homes worth at least 10-20 per cent less than they were fi ve years ago. It is clearly a buyer’s market right now and if
an overseas property purchase is on your agenda and you can afford it, the current climate puts you in a strong negotiating position. But when faced with such volumes of “bargains”
buyers can easily be fazed. How do you tell a genuine good deal from something that is not? How can you be sure you are buying something that will recover its value in fi ve or ten years? There is a certain amount of truth in the mantra
of the downturn: “if it sounds too good to be true, it probably is.” Even if you are buying for lifestyle reasons,
you should still think of your exit strategy (will it be sellable in a few years and who is likely to buy it?) as you never know what might happen that might mean you need to sell it sooner than originally planned. So, you need to sort the wheat from the
chaff and make sure you make a sound – and safe – investment.
20 AIPP CONSUMER GUIDE First of all, at the risk of repeating ourselves,
you must always use independent legal advice. Secondly, when dazzled by drastic price-
reductions, you mustn’t forget the most basic of rules of buying a property – location, location, location! A cheap price doesn’t always mean a good
deal, and, just as if when contemplating buying a half-price coat in a high street sale, ask yourself whether you’d still want to own it if it was at its original price? Let’s take Spain for example, where there are
around 330,000 repossessed properties in the hands of banks alone, never mind the ones being sold by agents or individuals desperate to sell. Bear in mind that banks have got properties
because owners can’t sell them, so they are unlikely to be in prime locations, and any great buys have probably been cherry-picked by their employees. Don’t try approaching banks yourself – unless
you are fl uent in Spanish – as they are not very well geared to dealing with foreign buyers. If you are offered bank-owned properties
There is a certain amount of truth inthe mantra of the downturn: “if it sounds too good to be true, it probably is.”
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