Spain now a ‘busted flush’?

In the wake of the credit crunch, buyers in Spain need to be more discerning in their purchases…

Spain has been written off repeatedly in the last six months, with many believing that the market is a busted flush - a one-time hotspot which has now seen the boom fade away and companies that depend upon it folding. Other locations, it has been claimed, are now offering far better prospects.

But is it as simple as that? Not quite, according to Paul Collins, property editor at investor magazine BuyAssociation. He commented: “The situation was certainly no longer one in which buyers can seek out property in a carefree way in the knowledge that anything bought near a beach could make a quick profit.

”This situation has changed to one where there are still good deals to be had, but those looking to invest in property must be more discerning.  Investors have to select their project a little bit more carefully. Rather than buying anything that's on the Costa del Sol, or anything with a sea view, you have to be a little but more intelligent."