Fast Drop - Gran Canaria Real Estate Prices

Owning a second or what is often known as the vacation home overseas for most British people has been an aspiration achieved by many people since the early 1980's, when the UK allowed the free flow of capital, and property price gains allowed many to trade up in Britain and move to Spain and her islands - Gran Canaria for example.

A slow down of Brits buying abroad happened in the early 90's when recession hit the country, but overall one thing of number of people buying a home and sometimes buying a business too has been relentless.

And with a growing number of British moving abroad, the UK's financial infrastructure followed them, with British banks setting up branches in Spain (ironically some of the British banks have now been taken over by Spanish ones), mortgage companies tailoring products for overseas home purchase, and insurance companies offering building and contents cover.

For many in the British buying in Spain, it was like Britain with sunshine.

But times have changed, Spain is flooded with unsold brand new and re-sale properties, and property prices have crashed. In Britian property prices have dropped and are anticipated to fall further for the next season or more.

Confidence is low - unemployment involving UK is likely to hit 3 million before it peaks, and people several money who might ordinarily have considered buying a property abroad are often keeping it in assets where the bucks is easily accessible - something it is not when tied up in a property during a recession and they opt instead to keep in one of the hotels in Gran Canaria while visiting for a holiday.

And of course the financial infrastructure that supported the British buying homes and businesses vacation and her islands is in full retreat. The banks who were lending money readily to Brits moving abroad aren't lending much, and many from them have been bailed out with taxpayers' money - overall a dismal picture of an once flourishing overseas property market.

So, is now a good time for buy in The country? If you've always fancied a flat or villa on glorious Gran Canaria - is this the time to consider plunge?

Part of that answer depends upon your individual financial circumstances, but if you need to borrow to buy an additional home, and if you need income from holiday rentals to sustain your new Gran Canaria apartment.halve the figure you think might be achieve and re-calculate to get closer what you might realistically get from renting out to those taking Gran Canaria holidays in the market today.

But you actually have the surplus of cash and are ready to buy a property in Gran Canaria - happens to be a good time to buy?

There's home glut in spain. If property was water, Spain and her islands prospective renamed Atlantis. Developers and owners alike are above what keen to sell, and anyone that a cash buyer won't have to attend long before they see a bargain. Attempt not to necessarily buy the first property you that way seems value for money.

Draw up a connected with say three or four apartments or villas an individual viewed and liked and in an arrangement of around sixty per-cent of the already discounted price, beginning with your favourite one, telling the owners that the sale remains beneficial for two weeks, and at that time therefore look in other places. Within a couple of months you, perhaps even weeks, could possibly have the house or property you want at an excellent price, although the owners come back with a counter grant.

One bit of advice from UK based Tribune Properties is avert buying a brand name new residence.

'Only pay for a new property on Gran Canaria for anybody who is absolutely sure the developer has the funds to do off an improvement and the promised infrastructure that accompanies the new development.and even so only spend what you can afford reduce. Guarantees are useless if a developer goes bust. And just don't get a brand new property being built - advancement could be mothballed in numerous drinks . to come - along with any deposits and staged payments already paid with a buyer.'

Their final bit of recommendation is not good news for Gran Canaria property developers either, or for private re-sales.

'If hand calculators hold on the few months, you might find even better bargains than there tend to be actually in October and November when changing owners that selling now take over failed come across a buyer and to be able to move during early 2010 holiday rental season starts again.'

--

Information about Gran Canaria including flight times and also the prices of Gran Canaria flights are on hand at yourgrancanaria.net

Holiday companies and tour operators who offer cheap holidays in Gran Canaria are included and another resource is the Spanish island's climate and Gran Canaria weather forecast