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We also bought two off plan properties. Hoping to live in one and sell on the other before completion. With the amount of new builds and re-sales, its almost impossible. Our agent said it would be so easy but I can assure you its not, our agent hasn't informed us of any interest in it at all.
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totally agree with Mike, the agents are full of ******** and we too have wasted years investing in off plan when you can now buy on the same development at a lower price.
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We are currently marketing it at €15,000 below what we paid 2 years ago, and about €80,000 below the developer's price. But still not sold!!! Doesn't that tell you something. I see on one of the Auction sites that there are resales for even less!!!
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Speaking from the Costa del Sol, I'd be interested to hear of any investors that managed to sell on before completion for a worthwhile profit - I've never met one who did, even going back a few years.
So when and at what price will these people be able to sell?. Seasonal rents probably only cover 25% of their holding costs, the holiday market next year will possibly be worse than last summer if consumer behaviour in the UK is any indicator. The Spanish Costas market is crashing, but are we talking 30-40% or a lot worse?
Off plan woe