If your livelihood relies on people buying property then it is ALWAYS a good time for people to buy property.

If you aren't retiring or you cant afford it then dont buy in Spain. It certainly wont be a short term investment

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

Think it may be Senor Einstein71! There's empty properties as far as the eye can see. " a touch better" is a somewhat tame comment tho. They is desperado for a few pesetas mate!

Some hope for those who´ve been ´land grabbed´in the Valencian region (ooh err), but I wouldn't hold your breath.

http://www.spanishpropertyinsight.com/buff/?p=225

[quote name='markinspain' date='Sep 3 2008, 01:17 PM' post='1289584']
Some hope for those who´ve been ´land grabbed´in the Valencian region (ooh err), but I wouldn't hold your breath.

I wudnt know the detail but surely the credit crunchee/recession thingy wil be slowly killing these developers and they wont be able to pay off the bent officials. No point them offering bribes to their Bank Manager now! Didnt sum1 say that Derek Hatton was someway involved in Spanish property nowadays?

Expats disillusioned with Spain.........

http://www.spanishpropertyinsight.com/buff/?p=232

I agree with everything in that article. The whole Costa Blanca region is absolutely hideous. It is like one big concrete ghetto. If I had bought there I think I would be disillusioned.

Well for many people, Costa Blanca IS Spain

Hello Again everyone.

I have not been on this forum for a while now.

I hope everyone is managing somehow to cope with the recession.

The Credit Crunch here in the UK is really biting now, as I imagine it will be in Spain.

Many of my colleagues have had to default on their mortgage and have the properties repossessed because they cannot sell them.

I know of many people who had bought newer properties on the strength that they had provisionally sold their own property, only to have the buyers back out at the last minute. These people have been lucky enough to find tenants so at least the proerties are rented out and paying towards the mortgages.

I really wanted the apartment in Calahonda but ultimately my head Ruled my Heart, Thank Goodness.

We have both realised that the way things are we never could have kept up the Mortgage Repayments on two properties. I can imagine that one or even maybe both the UK property and the Spanish property would have been repossessed and our dreams totally shattered.

Luckily we have paid off our UK mortgage the property is ours and won't be repossessed.

We can regroup now, save up and maybe one day when the economy recovers, have a nice lump sum deposit.


Thanks Again to each and every member who helped us to reach what I now know was the Right Decision, not to buy the apartment.

Jedi

Hi Jedi,

Glad you are feeling safe and secure. One question I have for you - did the agent and/or deveoper ever get back in touch with you asking you to reconsider?

MIS

Hello Markinspain.


The agent and Owner { it was a resale @ 10 years old } were quite confident that the property is worth the asking price and that I was getting a bargain. Apparently it had been substantially reduced already.

Even if they had have dropped another 20-30,000 euros off the price I think that I have still made the right choice under the current economic climate.

If I had had the cash to buy the apartment outright then that would have been a different prospect.

To have two large mortgages which would be costing over £1400 per month would probably be manageable if the economy was not in recession.

The idea was to purchase and rent out the apartment and hopefully cover a large proportion of the mortgae and maintenance costs.

In say three years time we would sell our property in the Uk and pay off the spanish mortgage and have a lump sum left over hopefully. We could then move to Spain.

The other option was to rent out our UK Property { keep the option of returning to the UK if things didn't work out in Spain }. The rent would pay the UK mortgage each month and then hopefully my wages in Spain would pay the spanish mortgage.

Both Sounded Feasible until I read some of the posts on this forum from members who had experienced the reality of the economic downturn and the fact that property was not renting in Spain due to oversupply and property prices were plummeting.

I will keep returning to this forum and read how others are managing during the economic crisis facing most of Europe at the moment.

Thank You

Jedi

Just to confirm for those who haven't seen it, the Spanish Bank Guarantee has increased to 100000 Euros.

http://www.typicallyspanish.com/news/publi...cle_18335.shtml

It seems to get worse in UK by the day and to think that it was only a short time ago that everyone in UK thought we had the strongest economy in EU!!

Now all the slagging about the Spanish economy is put into perspective!...having problems like everywhere but at least their banks did not get caught out in USA and had to be saved by their government buying large chunks of them

Seems as though Santander is buying up our banks!!

They have their own property problems and it will take time to sort out but for those who can buy there are some very good deals on properties in good locations

Same applies to UK and the dealers here are out and about but for many who were planning a life style move to Spain, either full or part time , there is uncertainity and yet their life is passing by
How long to wait to buy, is it safe,the exchange rate....no real answer as in the end it becomes a personal decision

But it is certainly worth a look just now to see what you will get for your money. Done properly it is certainly safe as all the new regulations are cutting out the problems people have had in the past

No need to pay a non refundable reservation fee now...go straight to the contract
25/30% deposit for off plan and make sure that you get your bank guarantee at the same time as you pay your money
Complete only with the licence of first occupation and if all the facilities are not fully complete make sure that they will be
Take your time but at least for those that seek it, the life style has not changed and the sun still shines and the winters are bright and warm

Perhaps we all need a bit of sun to cheer us up!!!!

Only idiots could said that UK has the strongest economy!!!!

In what concerns Spain, it is like like an ostrich with head in the sand, surrounded by hungry wolves who are licking their lips.
They will devour the poor creature in no time.

More illegal homes demolished - this time Tenerife.

http://www.spanishpropertyinsight.com/buff/?p=260

Speaking though experience, 3 years ago me and my partner invested in a property in the Costa Del Sol region of Spain. We bought the villa through a company named Property Abroad. They were very helpful and gave us time and space to think our options through instead of just hassling us like any other agent would! They managed to organise us an inspection trip and even gave us tips on the overseas property market. For the year which we lived in Spain it was perfect, so much to do and experience, but it all got a little boring so we decided to pack up our stuff and move with my parents over to Cyprus. Again we went straight to Property Abroad for help with this. We have now lived here for the past 2 years. Personally i enjoy living in Cyprus more than i did Spain. I guess that all depends on what your looking for in a country and your price range. But we bought a villa in Cyprus cheaper than we did in Spain plus its a lot sunnier and the culture alot different instead of just living in a 'Sunny England!' There are alot better countries to live than Spain!

So you think that Spain is just a "Sunny England"... In that case you really wasted one year of your life...

So you are a property ramper with interest in a company called Property Abroad pushing Cyprus which has bigger property falls than Spain with no cheap flights

Ha ha! I've got a mate who lives and works in Cyprus (away from the expats) and although he's happy, there are lots of problems, not least the lack of water. Anyone looking to live abroad must rent for at least 6 months before buying as it's only by living somewhere, you find out what the downsides are. Renting saves you making a costly mistake.

Very sensible advice, I fully agree that the best way to do it is to rent first and buy later only then will you know that the area is right for you. This is especially relevant in Spain because many arrive expecting a full time holiday experience which it isn't.

I love my Spain but hate other parts of Spain that other people love. The bits of Spanish life I love are for some the very bits of spanish life that makes them want to return home.

Just a quick titbit from friends out in Spain. They had 5 properties out of 28 up for sale on their "Community" and have been up for sale for some time now (I think one couple have been trying to sell for over a year). Over the past two weeks 4 of the 5 have been sold. I'm not sure that this is an occurence that is happening everywhere but the buyers had been hovering for some time. I imagine they were renting or staying with family or may be looking for a second home with the cash in the bank and decided it was better to dive in than to risk losing their money through a collapsed bank.

I dont see this trend continuing, still plenty up in Spain not selling.

I think it´s more likely that the owners reduced the price...
Yes i´m an agent who sell´s property, and one who´s fed up of people keep going on about how long it takes to sell a property. The main problem is the over expectation of the vendor and there price.. If a property is over market value, it won´t sell be it in Spain, Uk, Ireland or Cyprus. Be realistic, in reality property is between 20-40% below last years prices, and thats how the banks are valuing the property now, there are lots of buyers in the market and when the price is realistic the house sells...

look at how realistic our prices are Click here!

Please don't post links advertising your own business as it is against forum rules. If you want to advertise here, pay for it like everybody else does!

This thread title must rank amongst the "top ten silly titles" awards on the entire site

Your prices are high as compared to other ones for South Costa Blanca on Kyero or segundamano or fotocasa.

Can one get an extra 20%-40% off after negotiating? I would not expect an acceptable 2 bed apt. in Torrevieja-Orihuela area to be valued more than 50K Euros (plus taxes). There are miilions of apt. for sale in that area...

Personally, I find the use of the subjunctive mood quite pleasing.

More tall tales from Generalisimo Einstein71

Ok let's go dissect this pack of lies piece by piece

3 years ago me and my partner invested in a property in the Costa Del Sol region of Spain

So in 2005 (the absolute peak of the Spanish market), you "invested" in a property in Spain

Can you please advise of the following:

• Area
• Purchase Price
• How much you paid in agent fees
• How much you paid in tax
• How much of deposit you put down

but it all got a little boring so we decided to pack up our stuff and move with my parents over to Cyprus. Again we went straight to Property Abroad for help with this

Why would you need to speak to a Property company about moving in with your parents?

So in 2006 (I presume) you sold your Spanish property as "But we bought a villa in Cyprus cheaper than we did in Spain" unless you are happy to have two millstones around your neck instead of just the one.

Can you advise of the following:

• Sale Price
• Profit/Loss after commissions/tax on your one year "investment" in Spain - I'm sorry it's just when I hear the words Spain & Investment in the same sentence I piss myself laughing
• How long it took to sell your property
• How much of your money is being held by the Spanish Government against CGT

Good Luck with that

Want to make your illegal home legal? Who's going to pay? The developer? No, The Council? No, The Owner? Could be.......

http://www.spanishpropertyinsight.com/buff/?p=287

PAIN IN SPAIN COSTS BECKS £2M
12th October 2008
http://www.dailystar.co.uk/news/view/54351...costs-Becks-2m/

I have a 4 bed villa in Benissa, near Moraira, Costa Blanca. I would be curious to hear any opinions/guesses as to its current value.
http://www.ownersdirect.co.uk/spain/S7735.htm

#44

You'll be struggling with British buyers the way sterling is tanking...

I am not selling it as I bought it cash in 2003 and it (historically) has brought in a good rental income... no idea what next year will bring !
I am simply curious as to the perceived value and whether I am still 'in front' as it were. There was a point 2 years ago when an identical villa was purchased on the other side of the road for 50% more than I paid 3 years earlier. No doubt that the figures would be very different now...

#44

A 50% rise is annihilated by a 30% fall. Considering that you paid an extra 12% for taxes/lawers/etc in 2003, the price of your house should be at most the one you paid in 2003 if one considers the 10% inflation in 5 years.

And it might fall by another 20% next year and another 20% in 2010.

http://uk.news.yahoo.com/21/20081114/tuk-e...er-6323e80.html

Expats in Spain 'may face anger'

Press Assoc.

Expat Brits could soon find themselves under attack in Spain as the global credit crunch leaves locals out of work, a Labour MP warned. Skip related content

Denis Macshane, a former Minister for Europe, warned them to brace themselves for the sort of attention given to Polish workers in the UK.

Speaking about the risk of social unrest in Europe at a think tank briefing on the implications of the economic crisis, he said: "I would not want to be a Romany; I would not want to be a foreigner; I'm not sure I would even want to be a Brit in Spain."

Mr Macshane told the Royal United Services Institute (Rusi) that he had not yet seen any evidence of hostility but warned some were questioning the burdens placed on services by some expats.

Afterwards he told the Press Association: "There are already some low-level rumblings in Spain that the ageing end of the British population are demanding the care and attention that older people do," he said.

"Spain has been probably the most welcoming country to foreigners in the whole of the EU, including 800,000 Brits.

"But as Spanish unemployment is rising faster than anywhere else in Europe you will see the gradual arrival of anti-foreigner feeling - much as there has been anti-foreigner feeling generated in Britain by the tabloids against the Poles and Eastern Europeans.

"I would predict that across Europe there will be the kind of anti-foreigner demagoguery that we have seen in a lot of our tabloid papers and from some right-wing politicians against the Europeans that live and work in Britain."

Just recived a full price offer on our flat in Mallorca from a German, cant belive it,fingers crossed it goes through.

I'm glad you posted this here as well as the main forum as that one seems to have been hijacked!

I can only speak from my personal point of view, but living here obviously gives me some insight. In general, IMO the Spanish are more welcoming then the French or the Austrians having lived in both those countries too. Of course, there are certain aspects to the Spanish character that are unappealing to Brits, but you have to get used to that if you want to live in their country.

However, having discussed immigration with a lawyer aquaintance of mine, his view can be summarised as follows. In general the Spanish are quite happy with immigration from the north as the people usually respect the law and of course usually contribute financially, but they are less keen on immigrants from the east, the south and long south west, even though the majority of people from those countries end up doing all the shitty jobs or living in the shanty towns around the big cities if they can't find work.

A lot of Brits do make a rod for their own backs by not learning the language, not integrating into Spanish society and living and moaning in their ghettos, which is why many immigrants to the UK are resented. In my view, you as an immigrant have to prove that you are a decent human being to your new country and if you don't do that you can't expect to be accepted.

I'm not going to write anymore now as one of my neighbour's as just knocked to let me know his blues band's playing tonight and did I want to go and watch him.

Make the effort would be emigrees!

You should be OK. At least he isn't concerned with a slumping exchange rate as any UK buyers would be.