GUARANTEED RENTAL INCOME MEANS RENTING IS NOW RISK FREE

[andalucia]

Financial trends predict that Spain will be the most buoyant rental market in Europe within the next five years”.

GUARANTEED RENTAL INCOME MEANS RENTING PROPERTY IS NOW RISK FREE IN SPAIN …Friday 16th November 2007, saw a gathering of some of the most influential property agents, management companies and developers coming together to discuss the new wave of property industry trends hosted by Joe Cooper, the UK director of trade and industry in Andalusia.

The event focus was to introduce Arrenta, a unique product for the Spanish market brought to you by UK market leader Paragon Advance, which provides landlords a guarantee on their rental income, protects the rental community against the legal costs of disputes, and provides fast and effective 24-48 hour turn around, professional tenant referencing.

“We are delighted at the response to our innovation into this market, and the Costa del Sol is a natural place to start due to the British that own investment property or indeed are looking to invest here. They will naturally expect a certain amount of security re letting their homes, due to the standard practice set by the UK market that they are familiar with,” says John Hollway –Paragon Advance ES operations director in Spain.

Also present was Paul Shamplina, a director of PARAGON ADVANCE España who stated:

“Financial trends predict that Spain will be the most buoyant rental market in Europe within the next five years”.

This statement stands up by the fact that property prices have leveled off in Spain, making people reticent to buy, so renting has become an attractive option. Also, the government are keen to incentivise the owners of an estimated 4 million empty properties to put them up for rental, therefore opening the market to allow young people to have affordable accommodation on leaving their parental homes.

“This is most timely,” adds Paul. “It is an exciting time for investment and development of new financial opportunities. “In the last 8 – 10 years we have seen in the UK a revolution in long term investment with the Buy to Let culture, most people trusting in property growth rather than in pension schemes and savings accounts. It was only a matter of time for the Spanish market to follow suit.”

However, the culture of how things are managed here is very much different, often a quick fix to an empty property with no real security for the Landlord or indeed the tenant.

Arrenta addresses all these very real concerns and with the cost of fast and effective arbitration contracts written into all of the warranties, this is very good news for the industry and the individual alike.

“This product is a pioneering and much needed service for a landlord that is seriously interested in protecting their income and investment,” says John Hollway. “Sadly, rogue tenants and landlords are commonplace everywhere, but until now this community has had nowhere to turn to when they are faced with such challenging issues. With our product we take care of any such dispute, giving the Landlord complete peace of mind and assistance for the duration of issuing a tenancy agreement.”

Those present enthusiastically embraced the concept and will be fully supportive in endorsing and providing ARRENTA to their client base. “This is a professional service that makes sense for all parties. Ultimately, we hope all agents will start to offer their landlords our comprehensive referencing service and optional warranty as a landmark time of change that displays an industry-wide approach to professional and reputable conduct.”

Through the national arbitration company AEADA, over 4,000 letting agents will be using the ARRENTA product, so the prediction that rental income security will soon be perceived as standard practice should transpire very quickly.



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