The current economic crisis and the depression in the housing market is forcing estate agents to find new ways of selling their properties, and ‘rental with the option to purchase’ option is becoming more popular.
It’s not a new concept, of course, it has merely been revived after a long, dormant period throughout the property ‘boom years’.
This revived formula is seen as beneficial to several sectors of the community. Those who cannot afford deposits, the current high prices or have been denied conventional loans, now have the possiblity to own a property on what is, in effect, a sort of hire purchase type agreement.
It may also benefit those who wish to move house but are reliant on selling their current house first, not an easy task at the moment.
Companies such as Unión Seis, Montealto, Habitat, Grupo Ansan and Grupo Naru are already opting for this approach, seeing it as a means of trying to shift some of the 27,000 unsold properties in the province.