When is the right time to buy a property in Duquesa?

As one of the leading Estate Agents in Duquesa, Barrington Homes are frequently asked by our clients ‘When is the best time to invest in property in Duquesa?’ The answer of course is that no one really knows. What we do have indepth knowledge of are market trends, mortgage rates, property affordability, market forecasts and perhaps most importantly indepth local knowledge of the Duquesa area. With this knowledge we can advise clients on which developments in Duquesa are great buys, what property locations in Duquesa are great for rental income and the most important element in our opinion is matching our clients requirements to find them their perfect property. By considering this very important lifestyle choice our clients will always be happy with their property purchase whether they have bought for investment purposes, a holiday home or as a permanent residence.

Navigating the Duquesa Property Market

Are you thinking of ‘snapping up’ one of the many property bargains that can be found in Duquesa at the moment ? Are you unsure if now is the right time ? or what property you can get for your budget ? Here is the latest market news to help you;

Getting a Mortgage for Duquesa Property

It is currently well publicized that obtaining a mortgage in Spain in difficult. Gone are the days of easy finance. Banks are currently only willing to lend between 70 – 80% of the property purchase price and they also require numerous financial and employment documentation (including an Experian Credit report) in order for applicants to be successful. However, banks are seemingly recovering from the credit crunch and the number of new mortgages approved in July 2009 rose by 7.2% on the previous month. Their willingness to start lending again means that they are regaining confidence in the property market and applicants in a strong financial position are now more likely to secure the finance they require.

Euribor – Calculating the cost of your mortgage for buying a property in Duquesa

All mortgages offered by Spanish banks are based on the Euribor rate. This interest rate is applicable to all Spanish mortgages and the good news is that Euribor is hitting record lows every month this year ! Euribor is now a staggering 75% lower than it was this time last year leading to significantly more affordable mortgages being offered. Euribor is currently 1.334% and mortgage experts do not expect the rate to fall below 1%.


When to invest in Property in Duquesa ?

Property prices in Duquesa are on average at 7 year lows. Following the property boom in 2005-6 prices have fallen to the same levels of 2002. It is of course unclear when the property prices will rise again but industry experts predict prices will be well on the way to recovery by 2012. Barrington Homes have witnessed a steady increase in the return of property buyers in the Duquesa area all hoping to take advantage of the current pricing levels. Many clients have always wanted a property in the area but were previously unable to afford it. So, on the basis of a low Euribor, low property prices and the banks returning confidence in the property market now is one of the best times to invest in the area. As with any property purchase made for investment purposes Barrington Homes advise our clients to make a 7 to 10 year commitment to see the capital growth they would require. If you are interested in property in Duquesa contact Barrington Homes with your buying criteria and we can certainly find you a great value property that you will undoubtedly be very happy with. Taking the long term view property prices will significantly increase and in the mean time all you have to do is enjoy the property and the wonderful Duquesa area with its blue flag beaches, stunning Marina, international restaurants and championship golf courses……sounds great ?? It is !!

Duquesa Estate Agents Closing !

Many Duquesa Estate Agents have closed !

Of the 80,000 real estate agents in Spain in the summer of 2006 just 25,000 are still in business. That means that 70% of estate agents have closed in the property crash. Industry experts also forecast that another 5,000, or 20%, will close in 2009, leaving just 20,000 Estate agents in business in Spain. Many of the Duquesa estate agents that have closed were perhaps less professional or less serious agents, of course this does not apply to all agencies that have closed but the end result is a more reputable and professional Real Estate industry in the Duquesa Area. To many reputable Duquesa Estate agents these closures have resulted in the remaining agents are pleased to see those less reputable agents closing which in turn will provide a better quality of service and professionalism to those now looking to buy in the area.

What does this mean for prospective buyers ?

Many people are now returning to the area looking to invest in property in Duquesa. The economic recession has resulted in a dramatic decrease in property prices in Duquesa making now a very attractive time to invest in property in the area. Barrington Homes first opened their doors in 2003. By growing the business slowly and with good ethics we are surviving this downturn where many other agents have failed. Our high street location allows us to offer our clients a professional environment, great high street presence for advertising and we are available to attend to clients. Buyers and vendors alike can expect a great service, efficiency and clarity with all aspects of the sales process.

Those interested in buying property in Duquesa can select Barrington Homes as their Estate agents in confidence as they will have access to not only our portfolio of properties but also those of many other agents in this area. This means we can match their buying criteria with as much precision as possible at the best possible prices.

As a buyer this is vital as you are investing in what may be an area you are unfamiliar with and even if buyers carry out extensive research it is often a good agent that will lead you to the best properties at the best prices. In essence by choosing a reputable and established Duquesa Estate Agent such as Barrington Homes you will ensure you are making the best possible purchase in the current market.

Anyone interested in property in Duquesa can contact Barrington Homes on (0034) 952 936 216 or email info@barringtonhomes.eu

Light at the End of the Tunnel for the Duquesa Property Market !

Recently the international media seems determined to dampen the property market and some could say with good reason. The 'property bubble' has burst and many people are now faced with higher mortgage payments due to interest rate rises and property that they can no longer afford. However questions remain unanswered about the longevity and strength of the Spanish property market and how that will effect property owners in Duquesa.
So, forget about negative media hype. Lets review the facts:

• The Spanish ministry of housing has reported that on average house prices in Spain have risen by 5.7% in 2007 (report compiled in Oct 07).
• There is a 37% reduction in new build construction in 2007.
• New property and planning laws are more controlled than ever with all plans and projects being approved by Central Government agencies.

What does this mean ??

For current home owners here in Duquesa and the province of Malaga property prices are enjoying a very steady increase in price (all be it a very small one !). So even though the demand for buying property is not as strong as before your property is holding its value and is still a good long term investment.

The laws of supply and demand are of course applicable and as new build construction is down by over 33% this means that over time demand will again outweigh supply and the property market will naturally return to being buoyant and prices will increase.

New planning laws will ensure that the natural beauty of the Duquesa area is maintained to the highest possible standards regarding environmental issues and the aesthetic beauty of the area. As consumer confidence increases in the worldwide property market buyers will naturally be attracted back to Duquesa and we will enjoy a return to the property boom.

What will happen to the property market in Duquesa in the future ?

My personal opinion, which is one that is shared by many Real Estate professionals in the area, is that in the long term the future is very bright for Duquesa and its property market. The current situation is simply a necessary adjustment to the market and not the crisis that the media love to portray. As with any market there are booms and slower periods. We are currently experiencing a natural slow down which in the long term will result in a much more professional Real Estate market, more realistic property prices and higher quality build specifications and regulating in the area. It is now an excellent time to buy property in Duquesa as the prices are more realistic and the long term potential growth in the Duquesa area looks superb !

What shall i do now ?

If you are struggling to pay your mortgage or cannot sell your property many home owners are looking to re-mortgage their property to arrange a more favourable interest rate or to switch to an interest only mortgage. For mortgage advice on interest only mortgages contact me on info@barringtonhomes.eu Other owners may wish to rent their property for either holiday rentals or long term rentals in Duquesa by doing this owners can generate a good income from their property which can then sell at a later stage as the market improves.

By marketing your property for sale at a 'realistic price' there is still a good demand for property in the Duquesa area. If you would like to sell your property by placing it with a reputable and proactive estate agent in Duquesa many people can still generate a good return on their investment.

The real point to emphasis in this blog is that yes, the property market isn't as buoyant as in previous years, but it isn't all bad, and in fact, given time we will look back on this period as being a 'cleansing process' for property in Spain by choosing to invest in such a beautiful and sought after area as Duquesa you have made a good decision.

For advice on property sales in Duquesa or if your are looking to buy a property in Duquesa log on to http://www.barringtonhomes.eu/