pommybird

Hi all

Apologies if this has been discussed elsewhere recently, but what's the general feeling at the moment with regard to purchase of property in Spain...and I'm talking Costa Blanca area?

Is property still at rock bottom prices?
Is now a good time to buy?
Are property prices and the market showing any sign of recovery and if so, how quickly?

marcbernard

It depends on what you want and where. From my house I can see three cranes working in a local area in Javea, but they are I believe towards the top of the market. Recent press reports have shown an upturn in prices in the Costa Blanca North area. I believe it is worth taking a look! I cannot speak for the bottom end of the CB (ie Torrevieja and its like).

Moses2013

It always depends what you're looking for and area. Overbuilt areas (especially apartments) will remain cheap for the next 100 years. There are plenty of pensioners in Spain, so in the coming years there'll still be an oversupply. I only know the Costa Brava which is not so overbuilt and there are still some good bargains around. Not far from where we are, I've just seen a smaller detached 3 bed house 85m2 with land 800m2 for 130K. It's roughly 6mins drive to the coast and would have been well above 200K a few years back. It is becoming harder to find and prices will definitely go up in our area (already are), especially plots of land or detached houses near the coast.

shazzabob

plenty of apartments by myself in torreveija at good prices and not selling ,but new apartments going up and selling for 3 time their price and flying off the shelf madness

MrsMac59

Generally, it's still very much a buyer's market and the current level of the euro/GBP fx rate means that you get a double benefit right now. There are rallies in prices in some high profile, high demand areas but a blanket statement would be that prices are low but stable in most areas. It's an excellent time to buy unless you want a new build or a property that would in some way command a premium price anyway.

What purpose do you require the property to fulfill (holiday/permanent/rental) and what kind of location had you in mind (beach/inland/mountain)?

"Everything will be all right in the end. If it's not all right, then it's not the end yet" - J Prince?

Maybe1day

In the Torremolinos area estate agents tell me that prices are slowly rising this year except on the mid range stuff 500K to 1M. Talking to one handling our place this morning, he said that there are plenty of sales now for studios and smallish apartments, confirming what another one had told me that the <100K market was going quite well at the moment. From this point up to 500k it gets progressively worse, Banks are basically only giving mortgages on their reposessed properties which are often overpriced for today's market, but they are still offering 100% mortgages nevertheless.

pommybird

Thanks for all your replies.

To be more specific, it would be a holiday apartment in the Northern Costa Blanca and on the coast....Javea/Moraira/Calpe or somewhere in between.

marcbernard

A good decision!

Moses2013

The <100K market might be going well, but too often people don't look at quality and just buy anything because it's cheap and they have to own something. Some end up paying high community fees for a run down complex and a few years later they regret buying. For less money, they could have had holidays in 5 star resorts for the next 30 years, or they could have just spent a bit more for something decent.