Posts Tagged ‘Ex-pat’
This blog focuses on our recent trip to Paphos, Cyprus.
The year is 2021, well over 10 years since many of you reading this would have bought a holiday home in Cyprus.
Who would have thought that we would still be picking up the pieces from the 2008 recession? Who would have thought that we would be about to head into yet another global financial crisis in 2021?
(Thanks a bunch COVID-19!) So who in their right mind would have thought that such poor-quality loans designed to mislead the consumer could have had such long-lasting implications?
As part of our efforts to hold the banks accountable for their role in the 2008 foreign property crisis, we recently went on a trip to Paphos, Cyprus to take a look at some of the developments there.
During our visit, we paid a visit to:
- Aphrodite Hills
- Thalassa View Gardens
- Coral Bay
You can check out the photos from our trip below.
If you are having a hard time trying to sell your property or pay off your foreign mortgage at Aphrodite Hills or Thalassa View Gardens please get in touch.
Many ex-pats in your position have tried to hold the banks accountable for this disaster. However, they haven’t had much luck. Unfortunately, Cypriot courts don’t seem to have too much sympathy.
Luckily for you, EU Property Solutions has regular contact with banks across Europe and has built strong relationships over the years.
This means that we are in a strong position to assist you in resolving these issues. Believe it or not, those working at the banks are people too. In many cases, they are happy to listen to reason.
We have helped hundreds of people in your position, you can take a look at our YouTube channel to hear testimonials from many of our satisfied clients.
For more information on our background and how we operate, you can download our free e-book here. You can also check out our blog, which we frequently update with the latest news related to the EU property market.
Together we can hold the big banks accountable.
Welcome to our 4-part blog series! This blog focuses on our recent trip to Alicante.
For many of our clients, owning a holiday home in Alicante prior to 2008 was too good an opportunity to miss.
A beautiful Spanish port city just down the road from Benidorm and Murcia, what’s not to love? To make the idea more enticing, property prices were eye-wateringly affordable for your average British national making decent money.
It all seemed too good to be true. Unfortunately for many, it was, as we sit 13 years later still licking our wounds from the 2008 crisis.
Many ex-pat property owners now find themselves in the uncomfortable position of being in negative equity and under threat of repossession as they are unable to pay back the money they owe. The situation seems pretty bleak for many: they are in a hole unable to dig themselves out. Due to the sheer recklessness of the foreign banks pre-2008, it is also more difficult than ever to borrow money. How ironic…
It’s a classic David vs Goliath scenario. How can you stand a chance of defeating this beast? This is where we at EU Property Solutions come in.
As part of our fight against the big banks, we recently travelled to Alicante to check out some of the developments in the area.
During our time in Alicante, we visited developments such as:
- Corvera Golf Resort
- Hacienda Riquelme
- Hacienda del Alamo
- Polaris World Developments
- Roda Golf
You can see some pictures from our trip below.
If you have unwanted property at any of these developments get in contact with us today!
EU Property solutions have helped hundreds of people in your situation. You can hear from many of our satisfied customers on our YouTube channel.
Don’t allow the banks to leave you holding the bag while they get off scot-free.
Remember you are not in this alone in this, help is available to you.
At the time of writing this blog on Spanish Property Values & Net Sale Proceeds, we find the Spanish property market in a state of flux. There are different sectors, but we only deal with essentially holiday homeowners struggling with:
- Their mortgage and lender,
- Negative Equity,
- Repossessions, and
- Keys that were ‘returned’ to the Bank.
Putting a valuation on a property for sale is difficult at the moment, but we have developed a quick ‘ready reckoner’ to give us here at EU Property Solutions a basis to work on. This will give our clients the best chance with unwanted holiday homes.
Our approach is:
- Find a property on the development/urbanisation. It must be comparable in terms of size/type and number of bedrooms,
- Apply a ‘Covid/Brexit’ discount. This is not an exact science, but we know the massive effect on travel and peoples’ opinions on buying now. Also, the attached ‘Daily Express’ headline doesn’t help: https://www.express.co.uk/news/politics/1508995/brexit-news-boris-johnson-uk-expats-spain-british-selling-homes-residency-permits
- Both factors bring nervousness to the marketplace. If you are looking to dispose of/sell then you will attract those looking for a bargain, these purchasers can ‘smell’ desperation, and
- Finally, selling costs in Spain are extortionate and on average are 13% in total.
So as an example, a client approached us in September with a property value (in their opinion) roughly equating to the mortgage outstanding ie €150,000 and €150,000.
Our findings however were:
- There were any number of properties for sale on this golf resort,
- A comparable had been reduced to sell to €120,000, and was still on the market,
- We applied our ‘Brexit and Covid’ discount of 20%, and
- There would be selling costs if sold as advised, at 13% thereon.
In this instance, the clients would have ended up with net proceeds of c€83,500, creating a €66,500 issue due to the lender.
We work with dedicated legal teams and are known to all Spanish lenders. Our team will negotiate the best possible outcome.
In this instance, we will deliver a position whereby we will resolve the issue of the unwanted holiday home for c£17,500 in full, including costs.
If you are looking to dispose of a property close to, or in Negative Equity. EU Property Solutions can help, and we have genuine testimonials from happy clients waiting to talk to you if you wish.
Contact us today: https://eupropertysolutions.com/contact/