Due to the rather serious global recession that hit Europe pretty hard in the year 2008, there are many homes for sale in the warm Mediterranean countries including Greece, Spain, and Italy at knock down prices. In fact you can find nice houses and apartments priced at just a fraction of what you would expect to pay when the property market in many of these countries hit an all time high in 2007. Therefore, anyone who has been considering buying a property in the sun as a holiday home or to relocate, it is certainly a tempting proposal – but is buying a second home in one of these countries a wise idea as an investment right now?
The fact is your individual circumstances will play a large part in your decision. Those who need to work in the chosen country are in a very different situation compared with somebody who has a state pension and does not need to rid lie on finding work locally in order to be able to live.
The problem is that local unemployment at the moment in Mediterranean countries continues to be high, and finding work, particularly if you are not qualified in any particular trade can be very hard.
Your decision should also depend on whether you will have to get a mortgage or can buy out right. Renting a property out in Spain for example, can be very lucrative particularly buying in one of the popular holiday resort such as Javea. Villas in Javea can fetch thousands of euros per week during the summer months, providing the owner with a nice income. However it is wise to remember the summer season is short, and for a large part of the year if you buy a property to rent exclusively to tourists, it will remain empty.