Gecko Towers
“Carpe Diem” Latin for “Seize the Day” – although an inebriated angler once tried to persuade me that it meant “Catch of the Day!” Younger people will know the expression as “YOLO” (as in “You Only Live Once”) but the meaning is the same. Put simply “You have one life to live, so make it extraordinary.”
Few people will have emerged unscathed from the long months of inconsolable grief, uncertainty and worry visited upon our World by the pandemic. For many, they are simply delighted to be alive.
After the recent years it is clear that many are readdressing their lives, their priorities and considering what is most important to them and their families.
I am not fond of blog posts creating an unrealistic sense or urgency where none is required but the findings of the reliable international property website, www.Kyero.com, need to be heeded if this an area of debate for you.
They suggest that 2022 will be a record year for the purchase of overseas property by Brits. They have identified that property searches on their site grew 45% year on year 2020/2021 and, astonishingly, already in 2022 such searches are reported at a whopping 40% up on last year’s total.
To extrapolate these statistics, in an era where markets rely on such undeniable trends to plan and scale their development, this will mean that more, particularly Brits, are now looking to buy a property in areas such as the Marbella region. This brings with it an inevitable squeeze on currently available inventory and mitigates in favour of developers, large and small, seeking to bring new prospects to market, including “off-plan”. When combined with the influx of buyers from particularly Belgium, Holland and Scandinavia the pressure on the local market stock of properties grows, supply diminishes and, as night follows day, as any economist will tell you, any additional increase in demand will result in price rises.
For those interested in owning a property in the Marbella region, you may well have had such ideas over the last twenty four months or so but have been frustrated by your inability to travel. The net effect of the lockdowns has been to clip the wings of many millions of tourists and potential property buyers who, as a result, have had to shelve plans to explore overseas.
Most likely, you will have been concerned for your family’s health and by the hiatus in your children’s schooling. If you have a business, you would probably have been concerned about its survival. Equally, if you had a job, albeit one from which you may have been furloughed, you may well have been worried as to whether it would still be there in the short term. These were and, for some, continue to be real worries.
My contention is whether now is a moment to take stock. Consider your lot and rationalize, as best we can, how you want your futures to unfold. We need to take a long, hard look at our lives and consider what we have lost, what we may have gained and how we feel about both. To the extent that we are able to exercise any meaningful control over the coming months and years, what do we want them to look like? And, how will we best achieve it?
We are emerging from a phase when plans had to be abandoned, but as we dust ourselves off we need to carefully consider whether “Carpe Diem” sums up our thinking.
I am a pessimist with an optimistic streak! I am convinced there is strength is the positivity that comes with a breaking realization that though the worst is behind us, we are clear in our understanding of our own reaction to it and have grown as a result. So why not start to dream a little….
British cities have experienced what sociologists are calling “Urban Depopulation” where a long term city resident sells up partly to downsize – realizing the equity that has grown in their property – allowing them the opportunity to consider their next steps. The aim being to realise a more satisfying existence and to make the very most of the resources at their disposal. As a result, they have been able to finance a smaller property at home and an overseas property in their location of choice.
Buying a property – or two – with little or no mortgage is a very attractive prospect and a handsome reward for years of hard work. It establishes a lifestyle that may previously have only been dreamed of. Delivering flexibility for the hotter months and a bolt hole when the winter bites.
Never have the lessons learned by legions of previous overseas property purchasers been so keenly sought. The lynch-pin of this is acquired knowledge from market specialists, intelligence as to the best locations to invest in and the engagement of local professionals, particularly experienced qualified and local Abogados, to confront the potential for unpleasant culture shock destined to greet the unwary.
Identify your preferred area, spend some time getting to know it; once you feel very confident that it is the perfect location only then consider the type and configuration of property that would best suit your needs. Speak to estate agents who specialize in your preferred location as they will have the kind of day to day granular knowledge about prices and property prospects some of which may currently be off-market, meaning they are not being currently marketed for sale but the sellers have indicated they may be open to an approach.
Is it likely you’ll seek to rent your property out to contribute to your annual running costs or is this a purchases where only friends and family will enjoy with you.
The message I am very keen to evangelize, and we see this a lot in Marbella from our current batch of property buying clients, is that there is no substitute for vital pre-purchase research. Clients are now well read and well informed.
We hope that this blog, in tandem with other essential resources, is contributing towards the growing sense of confidence of those keen to engage with the local property market. Confronting and addressing a paralyzing fear of the unknown is why we are here. To carefully explain, help and clarify each stage of your property buying journey. Yes, its our professional life, but we really do care that our clients are comprehensively and properly represented.
May be this is destined to be your “Carpe Diem” moment?
Should you be interested in discussing the legal process involved in buying a property in the Marbella region, we would be delighted to assist you. Our multi-disciplinary team of bi-lingual, highly experienced and wholly independent Abogados and Asesores Fiscales are ready to help you.
Please call me, Mark FR Wilkins, during usual business hours on +34 600 343 917 or, if you prefer, or e-mail me at mark@roslegal.es
Please note that our posts are for general interest. There is no substitute for proper legal advice tailored to your specific circumstances as provided by a qualified Abogado who is experienced in the application of the Spanish Law.
Nothing contained in this article should be seen or taken as the writer or the publisher providing legal or financial advice.
© Mark FR Wilkins 2022. All rights reserved.