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Lionarm

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  1. ok. Lets get down to the nitty-gritty. Obviously the thing about buying property is to get it when its at the bottom of a cycle, just as selling it should occur at the top. If you only have one property however it really doesn't make any difference if you think about it. If you are getting on the 'ladder' for the first time you do want property at the bottom of the cycle but would be very lucky to time it that cleverly. The over-riding concern would be to get on the ladder. Sell to rent? You're having a laugh. Rental money is gone forever whereas if you can secure a mortgage you are investing in an end product. If you choose not to believe in any of this then lets just say you are in the minority. People who experience financial suicide in this market do so because they have over-stretched their personal finances i.e. they cannot afford the mortgage repayments. This happens mostly when interest rates rise; this in turn puts downward pressure on house prices. Excuse me for going back to Almería, as I know a little about this area. Of course you can argue that it has been 'spoilt' as many wanted in. A limit of three stories had been imposed though. You could cite the curse of development - a victim of its own success. And this is ongoing. There is a new road going out of Vera through the marble lands to Granada. Then there is an AVE (HST) link going in to link Murcia with Almería with a station at Veramar (Gracias, Señor Zapatero), although it wont be finished for seven years. These improvements (if you allow the term) incidentally have already been budgeted for with the national SURPLUS. Also the latest rules regarding building homes in the province of Almería, an order known as the POTA originating in the Junta de Andalucía, make for interesting reading (strict limits). So it looks like following the terrible crash and the slack having been taken up, there could be scope for property price increases in the future. By the way somebody just rented my apartment for the summer. Tinto verano or whisky and fanta?
  2. Those comments are much more realistic and I wouldn't bother to argue with them. You say that one part of Spain is preferable to another, which of course is is true although also subjective. Some people want a Brit-in-the Sun lifestyle and I think that is their choice. Even Rondy says that equity loss will 'only' be "lots" (in the near future). Rondy, a few questions please: 1. In your opinion, where do you think prices will be in 10 years time, 20 years time? 2. Your opinion of property values seems very set, but why is it that you want everyone to know these opinions? I mean if you have some alruistic reason, for example you're worried about people losing money, then what if you actually are wrong? Finally Rondy, what are your investment tips for the future? Incidentally, I have some wine investments that did very well indeed last year but I don't remember anyone predicting that particular outcome. The thing about a crash (or boom) is that eventually there will be one (at least locally); of course nobody knows when it could be. Perhaps a year, fifty years or a hundred years time. Again, there are degrees of crash. In retrospect, some crashes of the past, said to be 'painful' at the time, now look like minor market adjustments. Now, if I had set up a website called HousePriceRise.com a few years ago would I have been justified? Stay happy.
  3. [i am not sure where you live in Almeria , but if it is between Vera and Mojacar then you really are unlucky as that area is one of the ugliest one can imagine and prices will go down by 80% in the next few years.] Rondy I shall respond but I am not going to get into a slanging match with you or anyone else. Beauty is in the eye of the beholder and so too is ugliness, but everything looks nicer in the sun. It's also difficult to believe that the Mediterranean Sea is ugly; even Homer only called it wine-dark. But if you think it's ugly then I advise you not to go to any English city centre, the shock could be too great. After a few years I shall speak to you again and if you are right about the 80% fall I shall offer you a drink, clever chap. That you have written it as fact instead of opinion does you no favours as you are almost certainly going to be wrong. Anybody who deals in figures or percentages are speculating, which is a foolish pastime. Reference the 'very low Pound/Euro rate', I accept that this will influence demand from the UK but on the other hand doesn't that mean that my euros are now worth more pounds? Going simply by what has happened in the past, property will go up and go down by various degrees at various times (so what). However, over the long term it has been rising rather faster than inflation. By the way, I am domiciled in Kent because I don't believe in 'putting all my eggs in one basket'. Happy days.
  4. Hi all. I'm new to the forum and have been reading through the posts (nothing on the tellingvision). For some reason the posts are generally very polarised. If you say something good about Spain then you are wrong. An agent is a spammer. Otherwise, it's a good time to buy and a great place to retire. I would imagine that the truth is between these extremes. For example, nowhere is free of crime, greedy people or bent politicians. Certainly not Spain. Certainly not the UK. House prices may well drop some or remain about the same for years. There could be a 'crash' as many seem to want (to make houses cheaper, or to punish those richer than themselves?) but this would be politically unexpedient so they (politicians) will do everything to engineer an economic 'soft landing'. Therefore I see the latter scenario as more likely. Is it a good or bad time to buy? Well either of course, because it depends where and how much you buy for, and why you are buying, and your financial situation. Or for the same reasons and if one is prepared to take a longer term view, one could say more probably neither good or bad. Some people may buy tomorrow and may make a gain one day. But if they have a mortgage that they expect to pay with rental income they may well lose out. To be conservative I would say do not buy in Spain (but this really applies to buying anything!) unless you can afford to lose the whole investment. Then you can't go wrong. I have an apartment in Almeria and am entirely philosophical about the situation. It doesn't really matter to me what its value is - I'm interested of course, hence this forum - but ultimately it makes no difference. If prices fall I say good news for my children; if they rise I say this as well because they get the property when I die. In the meantime: more San Miguel and tapas. Buena suerte!
  5. I also have been to Malta and had a romance with a girl there. I married her (30 years ago) in Mosta Dome. Malta seems to be a place that you either love or hate, the immigrant population is very small due to strict laws of residence. Malta is a very expensive place to buy, even more so than the UK, because with its 'mere' 400,000 population it is the most crowded place in Europe. In the past houses were homes for big families (very Roman Catholic country). Now children aspire for their own property and demand is always high. So why the empty properties? The rental market is biassed towards the tenant so that it is better to do an unofficial deal - what tenant? means an 'empty' house. Then again many of these properties will be Summer residences because it is the Mediterranean habit to have a second place by the sea. Believe me "chronic oversupply and falling prices" is way wide of the mark. If it wasn't then I could buy there. 'Shellform' is just the traditional way of producing property there; you get to finish it to your own taste. When I first went there some towns didn't exist and the population was 300,000, the only reason that it hasn't doubled is because of emigration and these are also people (having maintained Maltese or joint nationality) who now have 'holiday homes' on the island. Ghawdex (Gozo) is prime holiday home territory. At heart, Gozitans do not consider themselves Maltese. How many of the empty properties are uninhabitable/illegal? In short "caveat emptor"; and this tiny country (Malta: 25 x 8 miles) has no place on this forum in my experienced opinion.
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