Sun is setting on Spanish property boom
 

Re: Sun is setting on Spanish property boom
 

Thats probably true Ray, people are having a hard time selling and if they bought recently could actually lose money if they do sell.
There are hundreds of places for sale around me, some have been up for a few years.

Re: Sun is setting on Spanish property boom
 

It getting that way in the US as well ...Especially Florida and California

Re: Sun is setting on Spanish property boom
 

Same situation here in Costa Blanca North!

Re: Sun is setting on Spanish property boom
 

I can`t understand why they are still building, mostly two bedroom apartments and there are already loads for sale, in fact you can buy new for less than re-sales ?

Re: Sun is setting on Spanish property boom
 

I know, it just doesn't make any sense at all...

Re: Sun is setting on Spanish property boom
 

I think they are still catching some mugs at the offplan Spanish houses for sale shows at Clacton or wherever and are hoping it will continue.

Re: Sun is setting on Spanish property boom
 

300 agents closing out of 7000 is only 4 - 4.5 %. The way the media write you'd think it was more like 50%. I appreciate it don't look good, the economy on a global scale seems pretty poor, but read the papers and you'd think we only had a week left to live.

Re: Sun is setting on Spanish property boom
 

Its only bad news that sells papers. ;-))

Re: Sun is setting on Spanish property boom
 

Are you saying that now is a good time for us to buy property in spain or should we hold off for a while to see what happens.Ive heard that some properties have been reduced by up to 40%.Are things that bad?

Re: Sun is setting on Spanish property boom
 

Id say hang on for a year to see what happens. Prices aren't gonna go up in that time, for sure.

As the old saying goes, location location location. If you find a place in a good location, at a good price, buy it. Houses in good locations will always retain their value.

Re: Sun is setting on Spanish property boom
 

My Spanish friends were telling me about a friend of their's in Seville who bought without having sold his existing house. Huge mortgage and now his existing house is falling in value, still unsold. I always thought the boom would slow down, even two years ago when we bought, and it has taken this long for it to happen. I don't expect our house is worth a great deal more than we paid for it, even with all the additions. But then we don't want to sell. I am still surprised at the silly prices people are paying on the Costa del Sol. A fellow student on my Spanish language course here in London way back in the spring had just paid £300,000 for a two bedroom flat in Marbella. Not front line and no sea view.

Re: Sun is setting on Spanish property boom
 

They are doing a development just near me by Ojen and north of Marbella. There was meant to be a thousand houses being built, but the RE told my neighbough that they were building 40, selling them and then building more. But my other neighbour reckons if they don't sell soon, they will stop the development. They are not cheap houses either. I'm quite happy holding on to my house anyway, so not worried about whether they go up or down.

Re: Sun is setting on Spanish property boom
 

Hold off for now. Rent for a year and see how the market is then is the best advice I can offer.

Not many properties have been reduced by 40% on the Costa Blanca anyway, but prices are falling. The bigger problem is the lack of buyers at any price.

Friends of our have been trying to sell their homes for up to 2 years now without any luck. One couple went home last week not having sold their house - it has been on the market since January and they have reduced twice (not by a great deal either time admittedly). They just couldn't wait any longer for the sake of their kids' education.

Re: Sun is setting on Spanish property boom
 

I totally agree with you. I have viewed scores of properties in the Javea and Jalon Valley areas and, in my humble opinion, most are over-priced by at least 20%. Both vendors and purchasers alike have to be realistic and do their own research on the Internet to make price comparisions with similar properties and not rely on self-serving property agents.

Also, be aware of these so-called relocation agents who claim to be so honest and who act only in the interests of you the purchaser and do not charge you a penny for all the services they provide. They act for the property agents as well as themselves and don't believe a word otherwise!!