Please see my previous posts. My apartment is just up the coast in Roquetas de Mar and it took me 2 years to find an acceptable tenant apart from a couple of holiday lets in August. I passed through Calahonda on the way to Almuñecar the other week and while it's a nice enough place for a holiday there isn't that much to do. Also, have you considered that Calahonda is in the bottleneck of the unfinished A7 motorway. There are tailbacks for miles throughout the whole of July and August.

MIS

Jedi.... I think your solution is a no brainer, take a hit with your 6000 deposit and then sit back and relax because you will have done you and your wife a big favour. Prices here will continue to fall for a least a couple of years and most importantly it is necessary to rent some where first, for a least 6 months, for you both to see the realities of living in Spain and if you like the area you are in.
There are so many empty houses for rent that long term rents are going to be cheap so just 'explica a su mujer' that it makes a lot of sense to rent first and possible on a more permanent basis.

The only other option would be to offer the seller possibly 15 to20% less than present and then you would be future proof to some extent. Personally, I would personally give buying a miss until the markets picks up and after you've rented somewhere for 6 months.
I have a house on the costa blanca in a nice urbanisation and have been here for a couple of years and like the life.

Tony

Morning.

Thanks for the replies.

I have contacted our Solicitor in Spain this morning with a revised -20% offer and am now awaiting a reply.

If the answer is not favourable then I will implement Plan B.

Walk Away and lose my 6,000 Euros plus some extra costs but have much less to worry about.


Thanks again for the Advice everyone.

Hello Again.

I have been contacted by the agent selling the property this morning after our solicitor told him we were looking to pull out of the deal.

He told me that things aren't as bad as people say on the Costa Del Sol and that he is sure we can rent out the property no problem.


The Vendor is not prepared to drop the price!


The Agent also said that if I decide to pull out now that apart from losing my 6,000 Euro Deposit I will regret missing out on such a nice property in the future.


I must admit that the property is Very Nice but who should I believe in todays' economic climate?.


1. Do I believe the agent who has a vested interest in me buying the apartment, {ie: commission}.


2. Do I believe the members of this forum who are speaking from Personal Experience and have no apparent reason to want to put me off buying in Spain during the present economic upheaval.



That was a Very Difficult Decision to make.



Looks like I have just wasted 6,000 Euros but may have bought myself some Peace of Mind.



Time to Pay off my UK Mortgage I think and then save up a nice deposit over the next few years and Maybe Try Spain Again.


Good Luck to everyone.


Thanks Again for all the Help.


Jedi.

Hi Jedi.

I know myself that I wouldn´t like to lose 6000 euros, but at the end of the day, peace of mind is priceless. I think you´ve definitely made the right decision and if you need convincing that you´ve made the right decision, keep your eye on the development over the next 6 months or a year and you will be proved right.

In the meantime, to console yourself, why not do a few searches for property rentals in your area to see what type of property is available for 1200 euros per month? Then you and your wife could treat yourselves to a nice long holiday in a place that will be fully serviced without you having to lift a finger. Then when fully refreshed, you can hand back the keys to someone else to worry about for the rest of the year.

MIS

Edited to add - P.S. Did they mention you would have to pay 7% tax (14,000 euros) or was that included in the price?

Jedi,

Speaking from Malta, I can say you have made the right decission and it is difficult to cut your loss in terms of the deposit you have made. But better cut your losses early than hang on to it.

Also here nothing is selling and there is huge oversupply. Lots of property is up for long term rent and the rental yields achieved are between 1-2%, and it takes a while to get it let. I suspect it is the same with Spain.

Come back in 4-5 years in Spain and you can pick up some true bargains. But why not rent first it is quite a change of lifestyle and you might not like it. It will also give you a good feel of the area and what the good and not so good places are. The 3,000,0000 empty homes in Spain will take years to be sold.

P.P.S

Jedi,

A completely random search of an apartment availability from a place in Calahonda.

http://www.holiday-rentals.co.uk/index.cfm...perty/16569.cfm

Look at all those available periods! Feel better now?

MIS

Hi Jedi

I think you have made the correct decision.

Spain is a wonderful country, but the housing market is in a dreadful situation.

Look at the facts:

• Over 1 millions empty apartments
• Spanish economy taking a turn for the worse
• Oil prices increasing the cost of flights
• Rent is a fraction of monthly mortgage payments
• Interests rates likely to increase in Europe
• Prospects of Sterling weakening even further against the Euro

I don't deny Calahonda/Cabopina is a beautiful area, (it's actually 10km east of Marbella, and Mark In Spain you are confusing it with the Calahonda on the Costa Tropical!)

http://maps.google.com/maps?f=q&hl=en&...299377&z=12

Why buy when you can rent places like these!!!

950 Euros per month:

http://www.idealista.com/pagina/inmueble?c...otos&tipo=I

900 Euros

http://www.idealista.com/pagina/inmueble?c...otos&tipo=I

850 Euros

http://www.idealista.com/pagina/inmueble?c...otos&tipo=I


You will never make any money renting-out property in Spain and owning your own holiday-home means you feel obliged to go there every year!


Whatever happens, all the best for the future.

Also, if you don't believe us, have a read of some of the posts on this site......


http://www.spanishpropertyinsight.com/foru...ewforum.php?f=2

Morning Everyone.


Thanks for all the helpful information that you, the members of this forum members have provided.

It has been a real eye opener for me, contradicting most of what various estate agents have told me regarding the property situation in Spain.


" An apartment like this will rent out easily " and "the Value will increase".


I only wish that I had discovered this forum 4 weeks ago before I paid my 6,000 Euro Deposit


I will definitely be more careful in the future and plan to take more holidays in Spain now that I won't have a 1200 Euro monthly mortgage repayment around my neck..



Thank You Once Again.


Jedi.

Yea, I realised that when I typed in Cabopino too (doh!), although strangely only the Costa Tropical one appeared on my map search

How's Gibraltar these days? Were you affected by the strikes? The supermarkets over here were nearly
empty for a week over here.

I live in a relatively beautiful and relatively sunny part of New Zealand. Admittedly it can be hellishly windy sometimes.

However i can imagine that moving to anywhere sunny for many brits like me begins with something like

Wow!!! amazing weather

Hey great weather again

Another great day!

Hmmmmm bit dry around here...

Hey does it ever rain here?

Man its hot here!!

Wow! when its not hot its the damn flies!

Man i could murder a pint and some chips

Its so damn hot here!!!

Arrrrrrgggggghhhhhh!

How is that windy city Wellington .... whats this got to do with Spain?

Jedi,

I think you are lucky that the vendor rejected your revised offer. Even at 20% off you would be paying too much in today's market. I read this advice from a seasoned investor, "If you are not embarrassed by your offer, it's too high !".

Wouldn't be surprised if he comes back with a revised price now he knows you're just not trying it on.

That's just what I was thinking!

Spanish market news still getting worse. Bank of Spain indicated home sales down 39% in the past year, prices are sliding even in Madrid and Barcelona. So its local demand collapsing as well, and not just the expat market that has died a death.

Not really investment advice, but some banking advice for those in Spain. Don´t put your money in a bank called BBVA as you´ll have to wait ages to get it out again!

I have decided to change to another bank as BBVA have no idea about customer service and stitch you up with all sorts of commissions for services you don´t want or need. The final straw was having to wait a week to get my money out of a savings account due to their crappy computer system and the fact they only load up the safe with money once a week.

WHAT DAY DO THEY DO THAT THEN??? JUST OUT OF INTEREST

As 2008 moves on there are some good deals about for 'life style buyers'
The odd bank sale if you can find them.....just received details of a 2 bed GF apartment in Vera Playa Almeria now at 157.000 € as the bank wants a sale...an offer circa 136.000 € may interest them!
Most in this part of Spain are just holding on as it is going to be a growth area when EU economy gets back to normal...say circa 2010
So in the very best locations the price is static with the odd offer! and very much cheaper than CDS and the life styel more ' relaxed'
But most 'life style' buyers can not wait for ever.......in 2008 the good deals balance off the low exchange rate.....and in the years to come purchases now will look very good!!!.....bit like UK now!!

Costa living rising, costa property falling.

http://news.bbc.co.uk/1/hi/business/7464107.stm

Here's an article that puts Spain as being the 2nd worst place in the world to buy.
http://timesbusiness.typepad.com/money_web...08/06/post.html
Yes Spain is the 2nd best place in the world to destroy your lifestyle!!!
Now is a great time to buy for the feeble minded.

There is a bright side to the empty property.

If it were all occupied and used, there would be a shortfall in water and electricity....

Well you have to admit that with the ever increasing cost of heating your home which everyone says is going to increase a lot over the next 10/20 years.....at least on the Spanish Costas this is cheap!!!.....only needed a bit for a few months a year.....hot water now by solar for every residential unit and probably for everything else in 10/20 years
Air con...well living there you get used to it and then only needed for a few really hot weeks.............should make Spain a very attractive location for the future retired generations who live off their pensions....and do not want to waste fossil fuels!

Just may be reason for some of the younger/ middle aged generation to think about buying now for their future retirement...and having some fun using it in the meantime!!

Yep- but where it's hot (arid) you tend to have water shortage problems.Having said that, going on reports from the folks this year, the rainfall has been the highest in years

Not in Andalucia. A lot of the reservoirs are in a dire state.

my folks are further north near valencia; spoke to me ma today, and it was 37oC.

but by all accounts it had been wet up there until early june (saying that, they are up a mountain!)

41C down here in Seville

Hello Again Everyone.



Well I have cancelled my property purchase in Spain and am now 6,000 Euros out of pocket and I will put this loss down to experience.


The funds that I had available for the property purchase in Spain have been put to Good Use though.


My Consolation is that I have paid off my UK Mortgage and that has given me Peace of Mind.



I wonder whether any other members are in the same position that I was, but have gone through with their purchase and are struggling with a massive mortgage?



Thank You Very Much for Your Advice Everyone. I really appreciate it.


P.S. The weather in the UK is Terrible as usual





Jedi

Hello Jedi,

Well I think you´ve made the right decision and here´s an article from about two months ago which shows you why.

http://www.guardian.co.uk/money/2008/may/1...y?commentpage=1


I´m quite surprised that you haven´t posted anything about the developer phoning you up and offering it at a discounted price. Obviously, he´s extremely confident. Let us know if you do get a call.

MIS

Evening Everyone.


There is apparently no chance of a price reduction from the Vendor.


Good Luck to him with his sale.


I think that even if he had lowered the price for us, cancelling the purchase was still the right decision during the current economic situation.



The property was very well laid out and spacious, within a good area and if I had the cash I would have bought it.

To be tied down with a large mortgage for 25 years with the imminent probability of interest rates going up and the Current House Price Crash is a different prospect.


I am now Mortgage Free so have some Peace of Mind.


We will take the advice of the experienced members on this forum and save as much as we can for a few years.
By then, hopefully the property prices will be very low and we will look for a bargain which we can afford more easily.


Again I ask has anyone gone through with a purchase recently and are glad that they did or are they struggling. It would be nice to know just out of interest.


Thanks Again.

Jedi

BOLLO,,KS YOU RAMPER

Absolutely Jedi

What you have 'lost' now will be 'saved' many times over by buying when the economic hurricane from the US has finally blown it's last winds through Europe.

OK, maybe a bit mellodramatic but things are going from bad to worse in the US (re. Freddie Mae and Freddie Mac) and this will affect all of the over-leveraged European nations as well.

sit tight - grab your bargain later

Good old Vera/Mojácar. Thanks to Winkie on the main forum for the link.

http://www.guardian.co.uk/world/2008/jul/06/spain.property1

Soldintime - I was in Malta earlier this year looking to rent an apt in silema or St.John's. However, all the places I looked at ranged in price from €1000-€1500 for a reasonable place. I just looked at one cheaper place for €600/month and it was rather poor for that.

But maybe the estate agents were showing me places looking for top dollar. Would like to hear of your experience in Malta.

Martinsa-Fadesa (second biggest Spanish developer, I believe) has just gone bust, unable to meet a 150 million euro debt payment. Total debt around 4-5 billion euro. Banks and Spanish government have had enough and have not bailed them out.

Edit: no link in English yet.

It´s in the Guardian - link as follows:-

http://www.guardian.co.uk/business/feedarticle/7651271

Link:
http://www.reuters.com/article/rbssFinanci...427090420080714

Lemur. I can tell only from experience in Gozo. I saw about 20 homes in the euro 800-1100 range. Only 3 stood out. You can also haggle on the rent. In Malta 25% of property is empty in Gozo it is 40%.

Hi,

25% thats interesting, the estate agents gave me the impression properties would only be on the market for 2 weeks or so but that is estate agents for you.

Is Gozo a little sleepy as a place to live & trickey to get too? Also is it possible to get a good internet connection there (I can work from home).

Can you start your own thread if you want to talk about Malta. Thank You.

Front page of Telegraph y'day was ad from Taylor Wimpey advertising 25% off property in Spain to "celebrate" their anniversary.

I know of estate agents that have not sold for 3 months. Everyone wants to sell no one wants to buy. I think Gozo is great, better property and quality of life. Ferrys to mainland malta go every 45 minutes and last only 25 minutes. I have a very decent 10mbps connection here. I also work from home. Feel free to PM me if you need more answers.

Are you worried that your constant slating of the Spanish Property market may be affected?

Still renting in Spain waiting for prices to drop? Roquetas del Concrete wasn't it? Wanted to buy but couldn't afford it and then decided to rent and devote your time to forums collecting any snippet of information on a falling Spanish market?

It makes me laugh how people talk of Vested Interest when people talk the market up but dont realise the irony as they talk the market down whilst waiting to buy.

What makes me laugh are these articles on Spain. "I'm so unhappy, I came to Spain and then lost my job and now I cant afford my mortgage...Spain is Hell". You could go anywhere in the World and stand in a market square asking "excuse me, are you happy?". About one person in every 20 would probably turn around and say "No...my wife divorced me and someones just scratched my car, I hate this friggin country". Stand in the UK and you'll probably find every fourth person would say they are looking to get out of the country. You go to Spain you pick out a few dissatisfied people and then it is assumed that the other 99.9% of people are also feeling that way.

The reality is that the other 99.9% of people are too busy grilling calamari and sipping a nice Rioja to even get involved in the British Media trying to dig up a story. One couple build a villa on land that was set aside for the AVE train line and it becomes a major story apparently highlighting the troubles of Brits buying abroad....give me a break!!! One couple....what about the hundreds of thousands who bought and now live in spain trouble free?

Are you worried that your constant slating of the Spanish Property market may be affected?

Still renting in Spain waiting for prices to drop? Roquetas del Concrete wasn't it? Wanted to buy but couldn't afford it and then decided to rent and devote your time to forums collecting any snippet of information on a falling Spanish market?


Wrong. I own two properties outright so I´m effectively losing money along with everyone else. I Just don´t want other people to lose money. And for about the 1000th time I don't live in Roquetas! I have a flat in the tourist area which is surprisingly busy, but then as stated in the posts above, it has lots of things to occupy people.

What makes me laugh are these articles on Spain. "I'm so unhappy, I came to Spain and then lost my job and now I cant afford my mortgage...Spain is Hell". You could go anywhere in the World and stand in a market square asking "excuse me, are you happy?". About one person in every 20 would probably turn around and say "No...my wife divorced me and someones just scratched my car, I hate this friggin country". Stand in the UK and you'll probably find every fourth person would say they are looking to get out of the country. You go to Spain you pick out a few dissatisfied people and then it is assumed that the other 99.9% of people are also feeling that way.

Of course people are talking about Spain on this part of the forum. This is a thread about Spanish property - der!
I'm sure there are people talking about France on the French thread too.

I agree there are many people who are happy living here and I have never said there aren´t, but they are either weathly, retired, renting or work for international companies. I´m just asking people to think carefully about that and do their own research before making financial commitments.

The reality is that the other 99.9% of people are too busy grilling calamari and sipping a nice Rioja to even get involved in the British Media trying to dig up a story. One couple build a villa on land that was set aside for the AVE train line and it becomes a major story apparently highlighting the troubles of Brits buying abroad....give me a break!!! One couple....what about the hundreds of thousands who bought and now live in spain trouble free?

In two years time you may be right, beacuse all the people who don't fit into the above categories will have been forced to return home and can take their Brit bars with them. Incidently, there are less than a dozen Brit Bars in the Roquetas Urba. How many are there in Mojacar!

Finally. Adibrown, Bugga or Einstein71 or whatever your name is. Can´t you choose one name and stick to it or have you got something to hide? And just what exactly is your VI in talking up the supposed paradise that is Vera Playa

Sounds nice. I bet its good out there at the moment. Raining here in Sussex, another Summer weekend ruined...BBQ plans put on hold. Wish I was out in Spain.



I think you must have misunderstood what I was talking about. I didn't mean this forum, I meant you tend to read/watch a disproportionate amount of negative reporting on Spain in the media. The press find a handful of unhappy expats in Spain and then tend to give the impression that their unhappiness is 100% related to Spain when often they would be unhappy in the UK or anywhere else for that matter. The consitent level of negative reporting is popular and sells papers/attracts viewers because of the jealous/shadenfreude nature of many Brits. This raft of negative reporting paints a general picture which is actually far from reality. These people tend to be a very tiny minority but reporting on success is unfortunately not in fashion at the moment.



Fully agree. I would certainly advise the same. Everybody has a vested interest in one way or another. I have it, You have it, EA's, Banks etc. Doing your own research is invaluable to come up with a fairly clear vision of the current situation. Of course Spanish banking is in turmoil as is UK & US banking etc but how will it actually effect joe bloggs retiring to Spain. He will face the same daily pleasures and pains as he would 5 or 10 years ago. Food and drink is more expensive but that is relative to prices rising in the UK. Take into account higher heating/electric costs in the UK and you are more or less spending the same percentage less than you would have been doing in 1995/2000/2005. He is fairly unaffected apart from having a wider choice of property and it is now more important than ever to make the right choice of property and area and to barter on price/silly offers etc.



Im not sure because I'm not a big fan of Mojacar. I think you and I probably have a similar view in that I like Spain to be Spanish. I dont believe that all Brits in Spain are ignorant lager louts but some are. I find a mix of mainly Spanish with a small minority of English makes for a nice area to live/holiday especially if those Brits are willing to learn the lingo and embrace the culture.
I agree that the Brits leaving are more likely to be the Cod and Chips brigade who moved out to Spain on a whim and with no intention of integrating. I say good ridance, Spain will be a better place for it.



LOL yes I like to keep people guessing. Unfortunately it is nothing more sinister than losing my laptop and then changing email addresses. As a result I couldn't remember my password and couldn't have it emailed. This happened twice and was bloomin inconvenient. I do like Vera Playa but unfortunately very rarely get to go out there. I have a place in Sunset Crest, Barbados which I have been renovating for a few years now and so tend to spend most of my spare time there (Luckily purchased for cash in 1997). I do also own a villa in Vera Playa which I admit is I suppose my vested interest. I have no intention of selling though and again I purchased for cash quite a few years ago. I am completely unaffected by current events but do despise the amount of negative campaigning on this site and in the media with regards buying a home in Spain. On the odd occassion I am out there everybody I meet seems to be having the time of their lives with no regrets whatsoever. I dont see a forest of Se Vende signs and I don't see empty apartments. I have never met anybody affected by land grab laws and nobody I know is getting their house torn down or been ripped off through corruption etc.

An interesting blog for those with an interest in the Spanish economy and Spanish bank debt.

http://spaineconomy.blogspot.com/2008/08/s...8-and-much.html

Interesting and this forum post has been quite quiet for a while...perhaps those interested in Spain have been there on holiday or just watching the Olympics

After the holidays are over interest from life stye buyers will possibly start again and there are certainly good deals about from all developers, even the big well known ones like Polaris World
So for anyone who has the funds or can get the finance ,which is still available in Spain, the last quarter of 2008 may well prove to be a good time to go over to Spain to have a look and see first hand what you can get for your money
After all the life style basics for Spain are still the same and the sun does still shine!!!

If you do not look you may just miss out on a good opportunity...bit like UK...if you are wanting a holiday home or to retire to somewhere nice the current market is a good time to go looking

Prices may get easier and deals a touch better but there is always a level at which everything just stops.....builders and private vendors start to wait for a recovery and just sit it out...this is already starting to happen and people are only selling if they have to

For anyone serious it may just be the time to take the next step in 2008 early 2009.....or even now so that you can get away from our UK winters and have a bit of sun!!

You're welcome to your opinion, however I think Brian you'll find that most on here believe there will be PLENTY of time to choose a Spanish property. It's quite possible to get away from the UK winter and rent a place in Spain - it's not like there aren't a lot of places to choose from..!

Personally I don't think in the slightest it's a good time to be looking to buy in the UK or Spain. During the last cycle we had five years of sliding prices in the UK, followed by 2-3 years of static prices as people warily returned to the market - it's a matter of psychology (greed on the way up. fear on the way down).

I see no reason that things will be different for Spain or the UK this time around. People are feeling the pinch more and more and the last thing most people will be concerned with next year is the purchase of a holiday home.