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Buying in Spain?

Discussion in 'Buying Overseas Property' started by Damian George, May 12, 2008.

  1. Damian George

    Damian George New Member

    Keep an eye on Spain. Over 40,000 estate agents have already shut their
    doors, according to the realtors federation. There are 600,000 unsold homes
    on the market. Unemployment is rising at a rate of 90,000 a month
    (seasonally adjusted). UBS says country has built up cross-border
    liabilities of $362bn, much of it owed to German and French banks, and is
    facing a foreign "funding freeze".
     
  2. oregon woodsmoke

    oregon woodsmoke New Member

    There should be some pretty substantial price drops, then. Buy low, sell high.

    Spain has had a history of nationalizing, though. That's something to be cautious about.
     
  3. Damian George

    Damian George New Member

    The tough things for a lot of clients have to complete on property purchased 2yrs ago at the peak of the market. They have paid over the odds and now the exchange rate is 20% lower further devalued their properties.

    all in all not a great time - but getting to be a great time to buy in the coming months

    Regards
     
  4. hammer65

    hammer65 New Member

    I work in Andalucia, selling property up and down the Costa del Sol.
    Vendors are taking some very low offers even in the lower end of the market. I recently sold a two bed appartment five hundred meters from the beach was €195000 and it went for €165000 fully furnished.
    The good thing about the resale market at the moment is, if the money is being repatriated to the UK then the vendor by reducing the price is not that much out of pocket because of the stonger Euro to Pound exchange rate.
    I currently have beach side appartments, direct from the developer, that were run as an aparthotel, for 20 to 30% below valuation, two minutes from the marina in Duquesa and a five minute walk from Sabinillas. Sea views starting at €217000. Last year they were selling at €270-€295000.
    Its the same old story. If you are in a position to move quickly, there is always a deal to be done


    Hammer
     
  5. Damian George

    Damian George New Member

    It is very tough times, i remember when you could buy any thing in marbella and expect a profit. I love it down there especially the elvira area as it has a nice family feel but there is simply to much development. I think those agents that can hold on will see a upswing towards the end of the year. People need to realise that the Euro is too strong and a rate around 1.4000 against the US Dollar or 1.4000 against the pound is still very high nevermind current levels.
     
  6. buyproperty12

    buyproperty12 New Member

    Ya I also searched about spain properties and i heard lot of new things from experts of spain real estate business. Property investments in Spain are unsold and many investors are migrating to Spain.
     
  7. Damian George

    Damian George New Member

    Still there is a report by A Place in the Sun that stated the over 40% of retiries want to retire in Spain. Given the current market they may get more for their Pounds. Australia had a similar problem with excess building but the building industry slowed to a hault than waited for the excess capacity to be consumed.

    Seams though the Spainish developers didnt see the cliff!
     
  8. Damian George

    Damian George New Member

    Hi All,

    I have finally worked out how to do RSS and will be updating my currency page throughout the day every day

    have a look at Buying Euros
     
  9. rowlandsbb

    rowlandsbb New Member

    Some good buys between Alicante and Mojacar
    Let me know what you are looking for and price range and I can forward details
    But you need to get on a plane, finance ready, to get the good deals
    if you can do this we can show you around and I' sure find what you are looking for
     
  10. JOYFUL

    JOYFUL New Member

    Buying in Spain

    Get ready to make good deals in Spain. I believe the market will open up and allow some good investments to be made. There's alot of positive things happening there, and I think the future looks upbeat for the years ahead.
     
  11. Damian George

    Damian George New Member

    Hi All

    just gets darker and darker with more weak spanish mortgage data out yesterday

    spanish house transactions -38.6% yoy (march)
    spanish mortgages on houses -39.78% yoy (march)
     
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