CORONAVIRUS – SPANISH PROPERTY OPPORTUNITY OR THREAT?
We are in unprecedented times with Coronavirus creating havoc across the world and especially in Europe.
It is a Health and Economic Emergency with thousands tragically losing their lives and millions losing their livelihoods.
Undoubtedly property markets suffer in periods of coronavirus uncertainty.
Spain is at the center of the European battle and property owners in the country face the following problems:
- There will be no sales of property in the next say 6 months – minimum.
- Even after that, we will see people’s inability to sell their property with the overhanging economic threat. The market was trying to recover before Coronavirus
- No or reduced holiday rental income due this year will be received.
- Long-term tenancies are at risk with the huge redundancies that will follow in Spain and across Europe.
- There is no Spanish Government assistance for overseas borrowers who own second homes.
- Property value will undoubtedly decline again. Negative equity will increase.
EU Property Solutions and our legal associates continue to operate in Spain under Government guidelines to progress cases with lenders and sign Settlements with Notaries. We have achieved two settlements this week.
If your property was a burden before Coronavirus, or is now, it is time to RESPOND.
EU Property Solutions have options and plans for every eventuality, ensuring we protect you, your income, your home, pensions and other assets – from any potential or ensuing legal threat.
Check out our latest settlement video to see a true reflection of our work in how we alleviate foreign property debt as well as allowing families to move on with their lives: CLICK HERE TO WATCH VIDEO
As Mark Stucklin said last week:
If you find yourself in financial distress as a non-resident or second-home owner due to this crisis you may see yourself miss your Spanish mortgage repayments.
You need to get hold of the situation quickly and start talking to your lender about the options.
If you feel you need professional help from experts who know how to negotiate with banks and get you the best outcome, get in touch with financial distress and negative equity experts EU Property Solutions to discuss your case.