November’s Affiliate in the Spotlight - Vincent Real Estate
Since the global recession bought about a collapse in the overseas property market two years ago, there has been a fair amount of speculation over whether the market has been picking up this year – and how. I caught up with one of our property partners, Vincent Real Estate, to find out what measures they are taking to stay ahead of the game, and how we are minimising the currency risk for their clients.
Q. What do Vincent Real Estate specialise in? A. Due to the current climate we took a conscious decision to specialise in the resale market. We have seen many 'bank repossession' properties in very poor condition, where we can offer similar resale properties at the same price fully furnished and looked after.
Q. How have you seen the economic situation in the UK affect property purchases in Spain?A. Two years ago UK buyers were very cautious, which left the market open to other nationalities from Northern Europe including Scandanavia and Netherlands. Over the last six months we have seen more UK buyers as they have realised that house prices cannot go any lower.
Q. What effect have you seen currency fluctuations have on property buyers?A. It has been more important than ever for us to ensure that our clients are well advised on currency movements and getting the best exchange rates. With so much volatility in the markets, Currency Solutions have been an invaluable source of help for our clients often helping them fix a rate in advance of completion so the client knows their costs and secure the bets rates. The Currency Solutions regular payments service has also been great for clients with a Spanish mortgage.
Q. Do you have any forecasts for how you see the Spanish property market developing over the next few years?A. The market has hit the bottom. We know this as we can offer quality resale property at the same price as bank repossessions, so the only way is up. Historically property prices peak and trough, though the next few years will only see a very gradual, cautious increase in pricing. We are starting to see signs of this with some current owners who are not relocating to the UK now starting to refuse hard offers on their property.
Q. What makes the Costa Blanca different to the rest of Spain? A. A key difference is that property prices have not gone crazy. Along with a friendly, helpful and multi-cultural environment. Probably a biased opinion - but we love it here!!