Brits have been given controversial advice on how to buy a cheap property in Spain. Barcelona University economics professor Gonzalo Bernardos shared a strategy for finding a certain type of property.
His advice involves finding a home being sold by people who have recently inherited it and are looking to cash out quickly. The typical drama of inheritance, including family tension and financial pressure, is what is being exploited as these sellers tend to prioritise speed over profit. This creates an opportunity for Brits to swoop in and get a home for rock-bottom prices if they’re willing to be tough in negotiations.
Bernardos said: “If you see a flat being sold as part of an inheritance, squeeze, squeeze, squeeze – someone needs the money.”
He warns inheritance recipients to hire specialist lawyers, despite the costs of £430 to £860, as trying to save on legal fees often backfires spectacularly.
Property prices in Spain have reached record highs across much of the country, being 10% higher than they were at the height of the 2008 property bubble.
The Spanish government is trying to curb the crisis. Measures include plans to remove 65,000 Airbnb listings, increase taxes on property purchases by non-EU nationals, and enforce rental caps.
This is part of what has prompted the anti-tourist protests across Spain, where locals took to the streets to demand action on overtourism and sprayed messages on buildings telling visitors to “go home”.
“Barcelona is a city full of tourists. Rents are extortionate,” says Rosario Castelló, a longtime resident and member of the tenants’ union, Sindicat de Llogateres.
“I’ve lived in my flat for 26 years. It’s where I raised my children. And Vandor (the company that bought the building she lives in) wants to take my house away from me, along with everything I’ve achieved here.”
Spain’s UGT trade union has called for pay rises to address the increasing difficulty of home ownership. A report estimated that wages would need to double if mortgage payments are to remain below 40% of salary.
