SUPERPOT

I am interested in anyones opinions regarding current property prices in Spain, North Costa Blanca area in particular compared with the UK?
I know its on a downward spiral still in the UK and feel it may from what I have read continue to drop steadily over in Spain?
Anyone got first hand experience of having to drop drastically in order to sell up?
I spoke to one estate agent last week and they reckoned the banks had more properties on the market than them! Repossesions
Superpot

Rotor

Ive read somewhere that bank head offices are telling branch managers not to reposess as they cant sell them ,better to get the client signed up for an extra 5 years on the morgage!!

valenciatim

My Bank manager said the same thing!

Splatt

According to Pedro Solbes (Spanish minister for the economy) Spain is going to avoid recession and continue growth. But he would say that wouldn't he?

I don't think it's good news anywhere in the world at present, economically anyway. If you are looking at investment property then I reckon your money is best off in the bank, however if you are after moving home I think there are some bargains around on the CBN. If you try to time the market you could end up living out your days watching the news and pondering, if you want to change your life then do it, just make sure you have a plan and the numbers stack up.

Todays negative equity is tomorrow's (give or take a decade) 50% profit.
Property is always a good investment long term, as Paul Getty Jnr once said, 'land is a commodity that they ain't making more of'. Or something.

Ste.

chris600uk

Yes he would!

Truth is they are all trying to pretend that they've hit bottom, when there is sooooooo far left to go.

I wouldn't expect the real crunch until after Summer 2009, after what will probably turn out to be the worst year Spain has had for ten years.

rising unemployment means defaulted debt, which means write off at the bank, which means money taken OUT of the economy, which means, a whole lot of shit..... and it seems that some of us brits are moving out to France or even back to the Uk, which in turn means more houses on the market and more unlettable property

In the UK we'll all have to get used to cheaper houses, we've lost a big chunk on ours, the Spanish market is simply taking it's time coming to the realisation that they will have to do the same.

Estate agents round here have either shut or are hanging on by their fingernails

chevy

So are the spanish banks lending any money for second homes ?

I have paid a 20% deposit down and in reality with the house now worth less i am concerned that I will have to try and find another 20% deposit !

Mark Paddon

I have carried out buyer surveys all through this summer. I have more Dutch and Irish clients than usual but Brits are still buying. Most are getting good deals at around 20% less than they might have paid last year, (many vendors were being a bit cheaky with asking prices anyway) though some desirable properties are still commanding big money. Don't forget that the number of Brits planning to purchase or move abroad is at an all time high, it's only the credit crunch that is delaying those plans, rather than a change in desire for improving their lifestyle (lifestyle improvement is a major factor that must be considered, rather than just trying to make instant property gains). It's a buyer's market and sensible property hunters can still make good long term investments. There is a serious glut of apartments, mainly because of thoughtless over supply rather than a major change in demand. Any property type (even an apartment) in the right established area is still potentially a good buy. Detached well located villas are always sought after, but no one will be paying over the odds in this market. Banks are now more sensible often offering up to 60% instead of 100%!

Rotor

So hows the restored cortijo with land market looking?

Rgds

Rotor

admon

For honest answers about property markets its really not wise to ask an estate agent...

akin to asking the prime minister about the state of the economy..

Rotor

True but the UK treasurer has just admitted the UK is stuffed perhaps we are going through a phase of honesty amongst professionals!!
:r ofl:

admon

when a politician admits something.. you know the reality is at least 10 times worse..

so the UK is triple f@*?ed

SUPERPOT

True so very True

also ROFLMAO

Superpot

As I am in the process of trying to buy a 3\4 bed house with garage or land to build at a garage in Benitachell \ Javea area I just hope the peole selling become realists with their asking and accept they have to drop in order to sell like over in the UK.
I keep my eye on the news many times daily and its getting worse and worse and yes Mr Darling has opened a big can of worms. Is he banking on honesty being the best policy? I don't think so somehow.
Superpot

admon

I have been saying to most bored enough to listen for the last two years that the UK market has a long way to go down - likely to be 2010/11 before the bottom starts to get scratched in the housing market there..

chris600uk

And whatever happens in the UK always has an effect here, it's not rocket science, and another estate agent closed this week round our way

Dxf

Hi

I keep an eye on all matters financial. I believe that we will not hit the bottom until xmas 2009, and we will bump along the bottom until the "War Boom Babies" come on song in full force (say people born 1947 to 1949 - means in 2013 the average one will be 65).

So if you are thinking of buying a house then my advice would be don't do it now. If you have an income without working then rent now and keep an eye on prices. If you have a safe job in the UK, then wait until you either have a separate income, or until the rise happens.

Spain has too many houses having built 800,000 every year when realistically 300,000 is what should have been built. That housing stock will take time to sell, say two years minimum.

Dave