Costa del Crash! Spain's property prices set to slump 50pc with British holiday homes on coasts 'worst hit'
Up to 2million properties languishing on the market that cannot be sold
400,000 Britons either live in Spain or own a holiday home
Experts warn house prices may not begin to recover for up to 15 years



By Becky Evans

PUBLISHED: 29 December 2012

Hundreds of thousands of Britons living in Spain or with holiday homes there risk being the worst hit as property prices continue to plummet.

Analysts warn values could slump by another 50 per cent in the crisis-hit nation, with the biggest falls in coastal areas full of apartments and villas owned by those from the UK.

The slide threatens to be so bad that swathes of half-built or unsold holiday homes along the Mediterranean coast will simply have to be demolished as no-one wants them, even at rock-bottom prices.


Read more: http://www.dailymail.co.uk/news/arti...#ixzz2GR0UK4Al

Not sure how she works out that British holiday home owners are "the worst hit" when 300 Spanish families are evicted from their homes every day, but that's Daily Mail logic for you.

Possibly because just before the crash the DM had articles on buying in Spain for a good investment! Possibly also because of the decline in the pound / Euro some people who were living OK are now not so well off and have realised that the great investment opportunity hasn't worked out. They can headline it all they want but nobody can change what has happened suppose you just have to sit it out and hopefully get some pleasure from your property and living in Spain. Also house prices haven't fallen in UK? I must imagined that I had to sell my house in UK for a lot less than I would have got in 2007!

there are other nationalities than British?

Possibly because the reason those Spanish families are being evicted is not because of the drop in property values but because they cannot afford to pay their mortgages.

On the national news a few weeks ago a reporter was in Spain speaking to some Spanish youths and they were saying there is nothing for them in Spain and they were planning to go to the UK to seek work (and benefits , though that wasn't mentioned)

Haven't fell everywhere...what about Southend up 11% this year We recently sold (UK) and made £40,000 clear profit and that was after paying 4% stamp duty on another house...not bad in just over 2 years.

Do you not see the connection? If they were able to sell up they would have done, but nobody's buying and they often owe more than the properties are worth.

Agh yes the good old supposedly imaginary North South divide. Yes as in most things there are winners and losers, lucky you making a profit in these bad times.

By the way I didn't loose money on my house sale however what I got was much lower than had I known what was about to happen after 2007/2008.

Going back to original post I suppose main reason for saying British Holiday home owners worst hit, well I would imagine being British paper these were no doubt the people they spoke to.

isnt that the airport expansion fuelling that.?
just see them drop by twice as much if Boris's Island should ever get the go ahead (highly unlikely as it is in one of the most heavily congested air corridors in the world)

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No idea and I have never been to Southend...strange

Also strange that the Estate Agents interviewed from there although saying the year had been good didn't back up the rise stated!

Southend is owned by Eddie Stobart Ltd
and Easyjet have started flying from there

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You mentioned the place first...yes for once you're right - very strange! A bit like quoting beer sales in Sheffield and extrapolating it nationwide!

I'd be very dubious of anyone predicting what will happen in 5 years... Who could have predicted 6 months ago that the spanish stock exchange would rise over 30% ? As for the next 6 months it may fall again, but who can be certain? Anyone who is, can make a fortune on short-selling...
As for Spain, interesting that the richest men in the world are now starting to invest there. Maybe they know something?