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Buying in esuri

Buying in esuri

Old May 18th 2020, 10:46 am
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Default Buying in esuri

Hi all .. have been thinking of buy in Esuri for a while now .. my uncle Owens a house there for over 10 years now .. but not sure now with us leaving the EU .. will this effect buying in Esuri now or not .. would appreciate any and as much help as possible please.. Thank you Debbie x
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Old May 19th 2020, 6:47 am
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Default Re: Buying in esuri

Originally Posted by Debbie64 View Post
Hi all .. have been thinking of buy in Esuri for a while now .. my uncle Owens a house there for over 10 years now .. but not sure now with us leaving the EU .. will this effect buying in Esuri now or not .. would appreciate any and as much help as possible please.. Thank you Debbie x
Hi Debbie
IMO and Im no expert - but Im not sure that Brexit is the key factor.

We ( non ES residents) are all stuck in isolation and not sure when we can easily travel to Spain. Then there is the business impact of the virus which we will hear about as we review the numbers. Unemployment, debt, potential inflation, recession, business closure etc. The 2nd quarter earnings and financial reports will show us the real impact of the virus. All this can have an impact on house prices of course. If the airlines take longer to recover or the ticket prices go up this could have an impact on prices, from the expat community, who make up about 50% of the CE population and hence a good chunk of the market.

A possible second wave will also affect the worldwide economy significantly IMO. And so potentially, property prices.

Experience shows that the last recession or financial crisis of about 12 years ago messed up the market and in particular the CE development and all the wonderful plans there were pre-recession - when we bought. We were 65-70% down on value at one point. There has been some recovery since, but I dont think we will ever hit our purchase price, especially now. This new financial crisis is worse, possibly. Let alone the deeply upsetting other virus impacts.

Whilst BRitains EXIT has already happened, and we are legally and constitutionally out of the EU (on both sides) the UK government seems determined not to extend the transition period. Without getting into a horrible post- brexit discussion here, it maybe a good idea to hang on and watch the impact on the worldwide economy this year. We will also get more facts about the EU negotiations as we get closer to year end. Making your decision easier. After all we cant view properties at the moment anyway... And its information that you are asking for. Prices possibly may go down before you buy, but I doubt they will go UP this year (IMO)

I have no idea where we are on the negotiations, but I doubt that Spain + other countries would want to threaten the property market for expats (IMO). There may be more paperwork though for your lawyer. Lets see. Perhaps this crisis would want governments to encourage this business, even.

On a positive note for prospective buyers, the last recession knocked us down to very low prices. If you bought today, I doubt that the ' Downside risk' would be the same, IMO. I doubt that you would lose another 65-70%!! If interest rates remain low - then a 'cheap' mortgage is a stimulus to the housing market.

No-one has a crystal ball but many economists are expecting a v-shaped, or 'Nike' / 'whoosh' recovery. The IMF believes that 2021 will see global growth of 5.8%. Just look at the surge in the markets yesterday on the possibility of a vaccine!. So even though things are tough today ... Its not hope-less for property purchase, IMO. Also none of what I have said is a surprise, so the markets have probably 'priced in' a certain amount of bad news.

In fact my gut says if you buy and hold, you should get at least your purchase price returned...in time. And have a wonderful 2nd home, in a beautiful part of the world encompassing 2 countries... For us that would be a big win. It already is a big win for us, even though we bought pre-recession. I would buy for these reasons only and if I made a profit at the end, its the cherry on the cake IMO.

Good luck!

Jon
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Last edited by Jon-Bxl; May 19th 2020 at 7:00 am.
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Old May 19th 2020, 10:06 am
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Default Re: Buying in esuri

You may find this information from the Spanish Government useful: https://www.lamoncloa.gob.es/lang/en.../citizens.aspx
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Old May 21st 2020, 8:04 am
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Default Re: Buying in esuri

Hi If you want to extend your search a little bit, into Ayamonte as well.

Many of you know Fran, the ex caretaker in Marina Esuri M7. He is recovering really well from his illness - with a good outlook. we were able to 'go out on the town' when we were last there in March. He started a thread 'Hello from Fran' that has now expired.

>this is not allowed as you know> Also not allowed by PM.

Happy house hunting

Jon

Last edited by Rosemary; May 21st 2020 at 2:29 pm.
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Old Jul 20th 2020, 3:01 pm
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Default Re: Buying in esuri

Thank you all very helpful x
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