Is it a good time to buy in Spain ?

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polly
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Is it a good time to buy in Spain ?

Post by polly »

Hello everyone, just wanted your opinions on whether you thought Spain had hit rock bottom yet with it's property prices? We were told last year they would not go any lower (by agents-of course) but it seems to me they are even lower this year-opinions please!
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Vera
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Post by Vera »

Until all this corruption is sorted out they have a long way to fall in the affected areas.

http://www.ukip.org/content/video-zone/ ... sh-regions
polly
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Post by polly »

Vera wrote:Until all this corruption is sorted out they have a long way to fall in the affected areas.

http://www.ukip.org/content/video-zone/ ... sh-regions
Hi Vera, actually from this point of view I think you are right, they do have some way to go- unless this dreadful situation is sorted. We used to have a villa in Arboleas, but as soon as it was built we had to sell it because we still had not managed to sell another property that was supposed to be funding it. Funny how things work out, it actually turned out a good thing we sold it when we did- I don't think anyone would touch it now, even though it was all legal (well I think it was)!! But at the time I was very upset.
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James3214
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Post by James3214 »

I don't think they will fall much further. I saw a lovely property in Majorca earlier in the year 3 beds, swimming pool, new 10,000€ kitchen in a fantastic area near the beach. To me, it seemed a silly price but the UK owner was desperate to sell. I understand it went very quickly at that price. I think the prices will take a long time to recover but there are always bargains around, especially if you are a cash buyer. I don't think UK banks are lending on Spanish properties anymore?
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fincafern
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Post by fincafern »

There is renewed interest in my area for houses.
I think the prices may have bottomed out and some say they are starting to rise again.
An estate agent friend, one of the few who have survived the crisis and housing market slump, has gone from a two man office, just holding on, to employing 10 people in his office and is run off his feet. This has occurred over the past three months.
He told me most of the enquiries were coming from Germany and Scandinavia, looking to buy up distessed Uk owned properties. They have been offering silly money at times, he said, but some sellers are taking them up on their offers because they have to return to UK, due to illness or whatever.
Marks
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Post by Marks »

I have a friend who works for a Spanish estate agent. 4 years ago they were selling on average 40 properties a month, this year they are selling 4.

It all depends on personal circumstances. The market is OK but the properties that are shifting are those that need to sell quickly so take low offers. An apartment near to mine was on sale for €149,000 2 years ago and was sold last week for €107,000. A house across the way from me has been on the market for 3 years starting at €495,000 and is now at €249,000.

So yes, now is a good time to buy if you have the capital to spend.
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CSE
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Re: Is it a good time to buy in Spain ?

Post by CSE »

polly wrote:Hello everyone, just wanted your opinions on whether you thought Spain had hit rock bottom yet with it's property prices? We were told last year they would not go any lower (by agents-of course) but it seems to me they are even lower this year-opinions please!
Well that is the 20 million dollar question! If I had the answer I would be a millionaire by now or later when the prices drop even more.
BTW.....Not everywhere is covered in corruption and illegal houses.
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Mouse
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Post by Mouse »

I'd say here the prices are now more realistic. Most properties were overpriced because people thought they could name their price, and to some extent that was true. Now realism has kicked in so it is definitely the time to buy.

I don't think it will drop any further here and you can guarantee as soon as it starts to recove the prices will be hiked up rapido.
Ibiza is still an expensive place to buy though :roll:

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