Don´t buy property in Spain or you will lose a lot of money
Oct 31st 2005, 7:17 am
#31
antonio_dpo
Joined: Dec 2004
Location: SSPAIN
Posts: 13
Re: Don´t buy property in Spain or you will lose a lot of money
I have seen that prices are slightly cheaper now on the Costa Blanca but I wouldn't buy there as the crime rate is on the up and up,I assume this is why so many people are trying to sell up there.
Originally Posted by GCM
Spoke to a Costa Blanca estate agent on Friday who I know. Things are slow here. Many people are very very keen to sell. Advice was to forget the price - go in and offer at least €100,000 less and see what happens.
Houses that are aware of the slower market and are priced correctly are selling quickly it's just that so many people haven't yet realised where the market is right now - it's gone down and if you are selling, sorry but you missed the peak.
Mark (No vested interest whatsoever)
Houses that are aware of the slower market and are priced correctly are selling quickly it's just that so many people haven't yet realised where the market is right now - it's gone down and if you are selling, sorry but you missed the peak.
Mark (No vested interest whatsoever)
Nov 2nd 2005, 12:54 pm
#32
Forum Regular
Thread Starter
Joined: Sep 2005
Posts: 70
Re: Don´t buy property in Spain or you will lose a lot of money
Well it seems people are starting to realise what is going on in my country. Check the following news (taken from "La razón" one of the biggest Spanish paper):
http://www.larazon.es/noticias/noti_eco85228.htm
98% less inversion from foreign people in Spain. Isn´t that something? It seems everybody with half a brain is putting his/her money somewhere else...
http://www.larazon.es/noticias/noti_eco85228.htm
98% less inversion from foreign people in Spain. Isn´t that something? It seems everybody with half a brain is putting his/her money somewhere else...
Nov 2nd 2005, 1:15 pm
#33
Forum Regular
Joined: Aug 2004
Location: UAE
Posts: 142
Re: Don´t buy property in Spain or you will lose a lot of money
Ivanmax, I wonder how " your country " would be these days had it not been for the foreign residents and tourists who have spent millions here ?
Last edited by meseta; Nov 2nd 2005 at 1:17 pm. Reason: spelling !
Nov 2nd 2005, 1:20 pm
#34
BE Forum Addict
Joined: Apr 2005
Location: Saskatoon, Saskatchewan
Posts: 4,104
Re: Don´t buy property in Spain or you will lose a lot of money
Well, for one thing I'd guess that the local people would still be able to afford to buy houses on local wages.
Nov 2nd 2005, 1:29 pm
#35
Forum Regular
Joined: Aug 2004
Location: UAE
Posts: 142
Re: Don´t buy property in Spain or you will lose a lot of money
Then maybe local people's parents wouldn't be driving around in the mercedes and bm's ? May not be all bad !
Are you saying therefore that the inflated house prices and solely due to foreigners purchases ?
Are you saying therefore that the inflated house prices and solely due to foreigners purchases ?
Nov 2nd 2005, 4:01 pm
#36
SUPER CRUNCHY BALCONY COW
Joined: Jul 2003
Posts: 9,476
Re: Don´t buy property in Spain or you will lose a lot of money
Originally Posted by ivanmax
I am Spanish and lived in Britain for five years (went to college there). My advice:
DON´T, DON´T, DON´T BUY PROPERTY IN SPAIN!!!
We got a huge housing bubble here and it is about to burst. If you want to invest in property go to Croacia (nice weather and people), Turkey or anywhere else.
There is a huge housing problem in my country and things are going to get very nasty in the next years. If you buy a property in Spain you will be losing money and I suppose you don´t fancy that do you?
By the way, I bought a nice massionete in Southampton in 1999 for 52000 pounds. The same kind of property here cost about four times the price and it is built with the crappiest materials in the Earth (the guys who build the houses in Spain only care about making money quickly).
Buy yourself a house in my beautiful country and you regret having done it in less than two years. Prices are going down for sure. It can not be otherwise in a country where the average salary is 600 pounds (monthly) and a one bedroom flat can go easily for 250000 pounds.
Take my advice and put your money somewhere else.
A nice Spanish man,
Iván.
DON´T, DON´T, DON´T BUY PROPERTY IN SPAIN!!!
We got a huge housing bubble here and it is about to burst. If you want to invest in property go to Croacia (nice weather and people), Turkey or anywhere else.
There is a huge housing problem in my country and things are going to get very nasty in the next years. If you buy a property in Spain you will be losing money and I suppose you don´t fancy that do you?
By the way, I bought a nice massionete in Southampton in 1999 for 52000 pounds. The same kind of property here cost about four times the price and it is built with the crappiest materials in the Earth (the guys who build the houses in Spain only care about making money quickly).
Buy yourself a house in my beautiful country and you regret having done it in less than two years. Prices are going down for sure. It can not be otherwise in a country where the average salary is 600 pounds (monthly) and a one bedroom flat can go easily for 250000 pounds.
Take my advice and put your money somewhere else.
A nice Spanish man,
Iván.
How can you generalize?
My brother and his fiancee bought a house for 150,000 Euros last Summer, guess how much it'd cost to buy the very same house now?, 190,000 Euros!
I have a friend who just sold her house for 100,000 even though she paid 140,000 for it, bottom line is that selling a house in Spain is not easy
but to extrapolate to that extend is very unfair.
Last edited by Hypertweeky; Nov 2nd 2005 at 4:04 pm.
Nov 4th 2005, 12:52 pm
#37
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Thread Starter
Joined: Sep 2005
Posts: 70
Re: Don´t buy property in Spain or you will lose a lot of money
Hi,
The fact is that I love British people coming to my country. After all the Spanish economy depends on that doesn´t it?
I am just trying to warm you. What you do with your money is your business but I would recomend you to be careful if you are thinking about purchasing property in Spain.
Iván.
The fact is that I love British people coming to my country. After all the Spanish economy depends on that doesn´t it?
I am just trying to warm you. What you do with your money is your business but I would recomend you to be careful if you are thinking about purchasing property in Spain.
Iván.
Nov 4th 2005, 3:27 pm
#38
Forum Regular
Joined: Aug 2005
Posts: 143
Re: Don´t buy property in Spain or you will lose a lot of money
Originally Posted by ivanmax
Hi,
The fact is that I love British people coming to my country. After all the Spanish economy depends on that doesn´t it?
I am just trying to warm you. What you do with your money is your business but I would recomend you to be careful if you are thinking about purchasing property in Spain.
Iván.
The fact is that I love British people coming to my country. After all the Spanish economy depends on that doesn´t it?
I am just trying to warm you. What you do with your money is your business but I would recomend you to be careful if you are thinking about purchasing property in Spain.
Iván.
Nov 4th 2005, 5:55 pm
#39
Forum Regular
Joined: Aug 2004
Location: UAE
Posts: 142
Re: Don´t buy property in Spain or you will lose a lot of money
Interesting info from REM radio yesterday morning,
In the next three years , 30,000, THIRTY THOUSAND Brits will be buying homes in Spain.
I guess those folks don't read this forum or don't believe the topic starter !
In the next three years , 30,000, THIRTY THOUSAND Brits will be buying homes in Spain.
I guess those folks don't read this forum or don't believe the topic starter !
Nov 5th 2005, 7:15 am
#40
antonio_dpo
Joined: Dec 2004
Location: SSPAIN
Posts: 13
Re: Don´t buy property in Spain or you will lose a lot of money
Originally Posted by meseta
Interesting info from REM radio yesterday morning,
In the next three years , 30,000, THIRTY THOUSAND Brits will be buying homes in Spain.
I guess those folks don't read this forum or don't believe the topic starter !
In the next three years , 30,000, THIRTY THOUSAND Brits will be buying homes in Spain.
I guess those folks don't read this forum or don't believe the topic starter !
Nov 5th 2005, 7:19 am
#41
antonio_dpo
Joined: Dec 2004
Location: SSPAIN
Posts: 13
Re: Don´t buy property in Spain or you will lose a lot of money
Originally Posted by poollounger
Perhaps he was referring to the buying process rather than the market??
Nov 6th 2005, 11:09 pm
#42
SUPER CRUNCHY BALCONY COW
Joined: Jul 2003
Posts: 9,476
Re: Don´t buy property in Spain or you will lose a lot of money
Originally Posted by ivanmax
Hi,
The fact is that I love British people coming to my country. After all the Spanish economy depends on that doesn´t it?
I am just trying to warm you. What you do with your money is your business but I would recomend you to be careful if you are thinking about purchasing property in Spain.
Iván.
The fact is that I love British people coming to my country. After all the Spanish economy depends on that doesn´t it?
I am just trying to warm you. What you do with your money is your business but I would recomend you to be careful if you are thinking about purchasing property in Spain.
Iván.
You are losing it!!!
Nov 7th 2005, 7:31 am
#43
Not Junior but not Senior
Joined: Oct 2005
Posts: 1,052
Re: Don´t buy property in Spain or you will lose a lot of money
Originally Posted by NicCol
Has anyone heard about the new pension options in Britain? From what I understand you will be given an option to purchase property abroad as an investment. I understand from an estate agent in Spain there is a lot of exexcitementbout it, and may boost the market again.
Nov 8th 2005, 9:19 am
#44
Forum Regular
Thread Starter
Joined: Sep 2005
Posts: 70
Re: Don´t buy property in Spain or you will lose a lot of money
Hi,
For the unbelievers:
http://www.burbuja.info/inmobiliaria...isplay.php?f=2
If you are thinking about buying in Spain wait for a few months. The main Spanish papers have finally printed that prices have stopped rising and are starting to drop in some places of Barcelona and Madrid. This is a very serious thing as most spanish papers are owned by the same guys who build most of the properties in my country. This means that they can´t hide anymore what is going on here without breaking journalism ethics and having problems with the law.
Ii is only a matter of time before we start to see big drops in prices (specially in second hand property, which at the moment is getting very difficult to sell). According to the papers owners of second hand properties that cost more than 200000 euros are finding very serious difficulties to sell them.
My mail box is everyday inundated with publicity of new flats being built around my city (Burgos in the North of Spain). These guys are starting to have serious problems to sell those properties too.
And finally. Yesterday in the main Spanish Economics paper ("Five days") it was said that this year 800000 new properties have been build in Spain. The same number than in the UK, France and Germany put together. And that in a country with "zero grown"!!!
Do you know about the demand and supply law of economics? Well huge price drops are only a matter of time so if you are thinking about buying keep your money and wait for the right time.
Iván.
For the unbelievers:
http://www.burbuja.info/inmobiliaria...isplay.php?f=2
If you are thinking about buying in Spain wait for a few months. The main Spanish papers have finally printed that prices have stopped rising and are starting to drop in some places of Barcelona and Madrid. This is a very serious thing as most spanish papers are owned by the same guys who build most of the properties in my country. This means that they can´t hide anymore what is going on here without breaking journalism ethics and having problems with the law.
Ii is only a matter of time before we start to see big drops in prices (specially in second hand property, which at the moment is getting very difficult to sell). According to the papers owners of second hand properties that cost more than 200000 euros are finding very serious difficulties to sell them.
My mail box is everyday inundated with publicity of new flats being built around my city (Burgos in the North of Spain). These guys are starting to have serious problems to sell those properties too.
And finally. Yesterday in the main Spanish Economics paper ("Five days") it was said that this year 800000 new properties have been build in Spain. The same number than in the UK, France and Germany put together. And that in a country with "zero grown"!!!
Do you know about the demand and supply law of economics? Well huge price drops are only a matter of time so if you are thinking about buying keep your money and wait for the right time.
Iván.
Nov 10th 2005, 9:08 am
#45
Forum Regular
Joined: Nov 2005
Posts: 81
Re: Don´t buy property in Spain or you will lose a lot of money
Hi,
Can you read Spanish? Well if you can here you have a few very good reasons why the price of property in Spain is bound to go down drastically (taken from a Spanish housing foro):
- Somos el 4º consumidor de cemento del mundo
- En España la vivienda es ya más cara que en Alemania y Japón, paises donde un currito mal pagado cobra no menos de 1200 y 1500 euros/mes respectivamente
- Que siendo los españoles el 9% de la población de la zona euro tenemos el 25% de la deuda hipotecaria de la misma zona
- Las familias ahorran al mismo nivel que en 1965 y las empresas de refinanciación han encontrado en España su El Dorado particular (incluso hay gente que pide créditos para pagar otros créditos, dijeron en Radio Intereconom�*a la otra noche)
- El 33% de la obra nueva de 2004 de madrid aún HOY está sin vender
- La práctica mayor�*a del baby-boom ya está colocada
- Se construyeron el año pasado 800.000 viviendas en este pa�*s. Más que FRANCIA, ALEMANIA e INGLATERRA JUNTAS(!!!!!!!)
- La inversión extranjera en España ha ca�*do un 98% en un año (y sigue cayendo)
- Somos el pa�*s de la zona euro con mayor inflación (con una cé, para que no se enfaden los talibanes lingü�*sticos) y el BCE está a punto de subir los tipos.
- Hay precendentes históricos de bajadas de vivienda en otros paises actualmente (EEUU, Inglaterra y Australia) y hace algún tiempo (Alemania y Japón). Algunas más fuertes que otras, pero BAJADAS. En algunas zonas de España YA SE EMPIEZAN A NOTAR LAS BAJADAS, por mucho que las llamen "suaves correcciones" y cosas as�* en los medios.
Translate it in Google if you can´t read Spanish. It would be worth your time believe me.
Charles.
Can you read Spanish? Well if you can here you have a few very good reasons why the price of property in Spain is bound to go down drastically (taken from a Spanish housing foro):
- Somos el 4º consumidor de cemento del mundo
- En España la vivienda es ya más cara que en Alemania y Japón, paises donde un currito mal pagado cobra no menos de 1200 y 1500 euros/mes respectivamente
- Que siendo los españoles el 9% de la población de la zona euro tenemos el 25% de la deuda hipotecaria de la misma zona
- Las familias ahorran al mismo nivel que en 1965 y las empresas de refinanciación han encontrado en España su El Dorado particular (incluso hay gente que pide créditos para pagar otros créditos, dijeron en Radio Intereconom�*a la otra noche)
- El 33% de la obra nueva de 2004 de madrid aún HOY está sin vender
- La práctica mayor�*a del baby-boom ya está colocada
- Se construyeron el año pasado 800.000 viviendas en este pa�*s. Más que FRANCIA, ALEMANIA e INGLATERRA JUNTAS(!!!!!!!)
- La inversión extranjera en España ha ca�*do un 98% en un año (y sigue cayendo)
- Somos el pa�*s de la zona euro con mayor inflación (con una cé, para que no se enfaden los talibanes lingü�*sticos) y el BCE está a punto de subir los tipos.
- Hay precendentes históricos de bajadas de vivienda en otros paises actualmente (EEUU, Inglaterra y Australia) y hace algún tiempo (Alemania y Japón). Algunas más fuertes que otras, pero BAJADAS. En algunas zonas de España YA SE EMPIEZAN A NOTAR LAS BAJADAS, por mucho que las llamen "suaves correcciones" y cosas as�* en los medios.
Translate it in Google if you can´t read Spanish. It would be worth your time believe me.
Charles.