British Expats - Ivan was right!

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- - Ivan was right! (https://britishexpats.com/forum/spain-75/ivan-right-560298/)

Quote:

Sep 29th 2005, 11:55 am #1
ivanmax
Member

Joined: Sep 2005
Posts: 23

DonÂ´t buy property in Spain or you will lose a lot of money

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I am Spanish and lived in Britain for five years (went to college there). My advice:

DONÂ´T, DONÂ´T, DONÂ´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 donÂ´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,

IvÃ¡n.

I guess he was right ....i wasn't a member then!! :( but would i have listened?
Probably not.... and a lot of people didn't agree with him either.

We've escaped to Oz but our property sits waiting for buyers...anyone interested can PM me for my own property website in Coin, Andalucia....you never know!

Traysi

Re: Ivan was right!

If you had bought in the UK or any other part of Europe, you would have been in the same boat, in fact in some areas of Europe even worse off as the los cost airlines cancel fights and routes. The USA isn't any better with the government having to take over the major mortgage companies.

Re: Ivan was right!

Yes you could have said that about any country.
Hes only right, as has been said oh so many times, if you are trying to make a fast buck. Otherwise things will progess as normal in the fullness of time ;):)

Re: Ivan was right!

Quote:

Originally Posted by chilli33 (Post 6761852)

Are prices even down to 2005 levels yet? If they went up only 10% a year since then, they'd have to have dropped 20% to 34% to be back down where he made his warning. Anyone who bought significantly before that is still OK if they're not looking to take the money and run. So what % of home owners or even home-owning Brits are losing money? There may be thousands who've only got in recently, but many more thousands who aren't yet being affected.

Don't make the mistake that that a small percentage of the entire possible market is representative.