Spain catches up with Russian capitals
“Bulgaria, what is Bulgaria? Developing country. And Spain is a developed country; demand for it is different. Is 2,000 Euros per square meter really that much? ”Says Anastasia Voloboy, Costa Real Lead Manager. When the exhibition, which was positioned as a collection of offers all over the world for Petersburgers (up to 70 countries!), Turns into malls selling Bulgarian apartments with rare interspersed stands about Greece and Finland, you will inevitably get nervous. “Spain is a reliable, proven investment. Although the American mortgage crisis responded to this market, it still did not lose its attractiveness. How are crisis phenomena expressed here? Mortgage loan used to be opened from 80% of the price of the object, now open from 50-60%. Previously, the rate was 4.75, and now 5.75 – 7% per annum. As you know, in comparison with Russian mortgage rates, this is acceptable. Spanish real estate is growing steadily in price by 10-15% per year. Due to the crisis, growth has stopped, but such things have already happened, and in 1-2 years we should expect further improvement for investors. ”
Of course, the conditions seem attractive: any non-resident can buy real estate in Spain, owning only 50 thousand euros. But, seducing yourself with Spanish palm trees and three hundred and twenty sunny days a year, you still need to remember that in Moscow and St. Petersburg the American mortgage crisis had practically no effect on price increases, although mortgage conditions worsened more. Anastasia Voloboy explained that in Spain, the market reacted so nervously to the deterioration of the “comfort” of mortgages, since the main buyers of real estate were English. They were little interested in recreation opportunities, and much more – favorable investment conditions. For this category of buyers, fluctuations in rates even by one and a half percent may matter, while Russian investors, according to sellers, are not so capricious. Who knows, how to know: as long as the domestic market remains so hot, it is hardly possible to distract enough potential investors from it. Moreover, the monthly income from the rental of Spanish real estate for a monthly mortgage payment does not cover.