And after reading this article on the Halifax Website, im beginning to see his point of view!
This may seem crazy, and you might be thinking that investing in Spain wouldnt be a good idea, but let me explain why you'd be wrong.
Firstly, we all know the big Spanish property boom is over. A few years ago people were buying plots off plan in the hopes of flipping them for profit once complete. A few people made a lot of money doing this, but unfortunalty for many, they didnt manage to achive the price they were hoping for and had to sell for a loss.
What that means to potential investors like you and me is that we can now buy property in spain at very low prices. In many cases its possible to buy a brand new apartment for a little over half their original price. Thats a 50% saving! And best of all, there is no waiting about for it to be finished - you could move in right away and stay there this summer!
Spain like the rest of the world is in recession, but prices really have never been cheaper.
If you have a few thousand pounds sat in your bank, then chances are its not making much interest and with bank base rates expected to stay low for a while your money in the bank is doing nothing.
However, if you were to buy a spanish property while the prices are as cheap as they are now, and you were able to hold onto it for a few years, by the time we start to see an end to the Global economic downturn, your spanish holiday home will have rocketed in price!
Investment in property will always far outperform cash in the bank, so now really is a great time to invest.
Its something im considering. You can pick up nice two bed villas in spain, a few mins walk from the sea, from as little as €40,000! and that same villa will be worth double that in a few years time... seems a no brainer to me...
Watch this space....