Spanish bank mortgages

Euroresidentes is pleased to announce the signing of a new agreement with Spain's second largest savings bank, Caja Madrid, which we believe will be of interest to people who already own, or are intending to buy, property in Spain and are looking for a bank offering personalised services, great mortgage deals and other perks to non-resident (and resident) property owners.

During 2005 Caja Madrid contacted Euroresidentes to discuss with us the needs and preferences of foreign resident and non-resident property owners or buyers in Spain, in order to contrast what our visitors tell us about their experience with Spanish banks with the opinions the Bank's international team of financial advisors had formed over the past few years.

The result of an extensive number of meetings and on-going discussions is an agreement between Caja Madrid and Euroresidentes aimed at providing the highest possible level of personalised services and professional expertise to non-Spanish property-buyers or property owners in Spain. This includes, but is not limited to, excellent mortgage deals.

Caja Madrid has made huge investments in the past couple of years aimed at creating high quality personalised lending services at competitive rates for non-resident property buyers in Spain. The bank has made vast improvements to its online banking service, offers advice and service over the phone, has the highest possible customer service, and we are convinced that right now it is the best choice for non-resident buyers investing in property in Spain. Caja Madrid also has an extensive network of international branches all over Spain with specialised staff whose role is to serve the specific needs of non-Spanish speakers in their native languages.

According to the terms of the agreement Euroresidentes has recently signed with this leading Spanish Bank, Caja Madrid is committed to giving Euroresidentes visitors a reply within 24 hours of receiving their mortgage enquiry (same-day if your email reaches us before 14.00 and you supply a phone number), and to giving step-by-step guidance on how to apply for a loan. Caja Madrid offers clients the security of a consolidated bank (Spain's second largest savings bank) together with the binding commitment to offer our visitors the standards they are used to receiving at home.

We have been very impressed with the enormous investment Caja Madrid has made in recent years to create these specialised services to potential non-resident clients . If you would like to find out more about the special rates being offered to non-resident property buyers, please contact us and we will put you in contact with a Caja Madrid International Financial Advisor.

Slowest rise in housing prices for past 4 years.

This weekend Spain's Director General of Arquitecture and Housing Policy announced that in 2005 prices of property in Spain rose by just 12.8 percent, the slowest rise for the past four years.

The regions to experience the highest rises in (15.1 percent) and Castilla la Mancha (14.6 percent), whereas Cantabria, Castilla y Leon and Catalonia registered the lowest growth in the housing market, with rises and just 6.6, 7.5 and 8.8 percent respectively.

Experts expect prices to continue to rise during 2006, but at a gradually slower rate than in the housing boom of the past few years, as national demand slows down, investors turn away from the property market and look towards other forms of investment. And whereas prices are certainly not expected to freeze or fall in the short term, they are expected to rise least in areas with massive supply of new housing development.

Foreign markets will become more and more important to building developers and promoters from now on, especially since building has not slowed down yet, even though prices seem to be doing so.

So while it is a good moment for foreign buyers to find a possible bargain purchase in Spain, as always they are advised to go carefully, not to jump headfirst into a property purchase and to seek legal advice. If you are considering buying a property in a certain area of Spain and want our opinion on the price you are being offered, let us know.