Just how cheap is property in Spain?
Discussion
Just musing the other day about the parlous state of Spain's finances and the number of properties for sale in holiday spots.
Just how much of a bargain are they? Two or three bed apartment/house with it's own pool?
I know there are pockets of expat Brits around Alicante, etc full of ageing wizened brown people dripping sovereign rings and gold chains making out it's the best thing they ever did moving to Spain but secretly missing the cold and chips in newspaper.
I was thinking more of a small place that I could escape to whenever I wanted perhaps a bit out of the way, but still mainstream enough that flights wouldn't be a problem and I wouldn't be greeted by black clad old ladies leading donkeys everywhere.
Just how much of a bargain are they? Two or three bed apartment/house with it's own pool?
I know there are pockets of expat Brits around Alicante, etc full of ageing wizened brown people dripping sovereign rings and gold chains making out it's the best thing they ever did moving to Spain but secretly missing the cold and chips in newspaper.
I was thinking more of a small place that I could escape to whenever I wanted perhaps a bit out of the way, but still mainstream enough that flights wouldn't be a problem and I wouldn't be greeted by black clad old ladies leading donkeys everywhere.
When I say it depends on the place, it really does. There are about 700k empty new properties in Spain, so there is competition to sell. Rumours of 50% off prices might hold up in 1-2 cases, but not in Barcelona where I live.
If you are looking, buy one which a lawyer tells you he/she is happy with as many have challenges around the ownership of the land.
There are many tales of Brits not being able to afford to come home, but it is an opportunity for people to buy a place at a cheaper price.
If I was in the market to buy, I would negotiate a very hard deal in coastal places where the population is mainly brits as it will be tough to sell on.
If you are looking, buy one which a lawyer tells you he/she is happy with as many have challenges around the ownership of the land.
There are many tales of Brits not being able to afford to come home, but it is an opportunity for people to buy a place at a cheaper price.
If I was in the market to buy, I would negotiate a very hard deal in coastal places where the population is mainly brits as it will be tough to sell on.
Very cheap apparently:
http://www.dailymail.co.uk/news/article-1359029/Sp...
This is the best part:
http://www.dailymail.co.uk/news/article-1359029/Sp...
This is the best part:
Moaning Woman said:
‘As for help from the government there is nothing. If I was in England I would get help with the council tax and pension credits, but because I am in Spain there is nothing. They don’t hand out anything for free here - it’s terribly depressing.’
Yes, so depressing I very nearly bought on a top end golf resort in Murcia a couple of years ago, a mate of mine did go through with it.
His was never completed, but as was a reputable developer he is getting his cash back. We are heading out in March to complete paperwork and look elsewhere. I'm going to have a look at picking something up for the same reasons as you, however I'm looking at this as a "once bought, doubt I'll ever sell or make money on" project, so looking for the right place.
Certainly prices are well down if you have a view etc e.g. 50% quoted. If you have no view or are in a standard place, then I think there is no chance of selling at all.
His was never completed, but as was a reputable developer he is getting his cash back. We are heading out in March to complete paperwork and look elsewhere. I'm going to have a look at picking something up for the same reasons as you, however I'm looking at this as a "once bought, doubt I'll ever sell or make money on" project, so looking for the right place.
Certainly prices are well down if you have a view etc e.g. 50% quoted. If you have no view or are in a standard place, then I think there is no chance of selling at all.
The jiffle king said:
When I say it depends on the place, it really does. There are about 700k empty new properties in Spain, so there is competition to sell. Rumours of 50% off prices might hold up in 1-2 cases, but not in Barcelona where I live.
If you are looking, buy one which a lawyer tells you he/she is happy with as many have challenges around the ownership of the land.
There are many tales of Brits not being able to afford to come home, but it is an opportunity for people to buy a place at a cheaper price.
If I was in the market to buy, I would negotiate a very hard deal in coastal places where the population is mainly brits as it will be tough to sell on.
That sounds about right. I suspect that property prices in the cities are holding up quite well, because there is and always will be a demand for homes there. Property prices in Barcelona seem to me to be crazy, but that's what happens when you have a lot of people who want to live in a relatively small area. The problem will be in the coastal areas where you have the double whammy of too many properties being built (and bought) in out-of-the-way places during the good times by people who thought the bubble would never burst. Me included, and the drying up of demand (many Spaniards I know have holiday homes on the Costas as well as their main residences in the major cities) and they are not investing either, allied to the difficulties (compared to previous years) in getting mortgage finance.If you are looking, buy one which a lawyer tells you he/she is happy with as many have challenges around the ownership of the land.
There are many tales of Brits not being able to afford to come home, but it is an opportunity for people to buy a place at a cheaper price.
If I was in the market to buy, I would negotiate a very hard deal in coastal places where the population is mainly brits as it will be tough to sell on.
Basically, it boils down to location, location, location. We have a couple of flats in Marbella, in the city centre. We would be able to sell both in need, because of where they are. They would appeal to either Spanish or non Spanish buyers. If we'd bought in some of the 'Urbanizaciones' in the middle of nowhere we would I suspect be be snookered if we ever had to sell.
As far as negotiating a hard deal is concerned, you'll probably be able to do that if you are dealing with an Expat or if it's a distress sale through one of the local banks. My experience of dealing with Spaniards who don't absolutely have to sell is that they will hardly ever budge on their price even if it seems totally unrealistic.
Look at www.spanishproperty.co.uk ... prices are generally around 50% of where they were a couple of years ago
I live in Ibiza and nothing here has changed prices still hold and property is selling well, a friend of mine put his villa up for sale in Nov last year for 2.5 million and was sold for the money 2 weeks later.
We regularly get agents coming round asking us if we want to sell, so as has been said before it is all about position and part of Spain.
If you went to Torrevieja then I dare say that you could buy some property there for a packet of weetabix, but I don't know anyone who would wish to live there.
Just be careful where and what you buy.
We regularly get agents coming round asking us if we want to sell, so as has been said before it is all about position and part of Spain.
If you went to Torrevieja then I dare say that you could buy some property there for a packet of weetabix, but I don't know anyone who would wish to live there.
Just be careful where and what you buy.
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