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Drakan

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Everything posted by Drakan

  1. http://property.timesonline.co.uk/tol/life...icle3203491.ece
  2. Is this your source of information Brian, the coastrider ? A weekly foreign newspaper where all the REA pay to place their ads. Do you honestly want to make us believe that you think prices have gone up by more than 10% in 2007 in Spain or parts of Spain such as Elche ? As a chartered surveyor working in Spain you should know -for a fact- that early in 2007 the Bank of Spain instructed that all property valuations had to be done realistically which immediately translated in 20-30% reductions of Spanish appraisals. This is a fact. I find it hard to believe that yourself being a professiona
  3. I see what you mean, yes I believe you are right. I owe you an apology Frank, sorry I stand corrected. It would seem that prices are skewed so as to appear there has been a great reduction in price. Some dodgy trick pulled by the rea who posts the ad.
  4. I haven't had the time to analyse them one by one. I can't vouch if some prices are irrealistic or not. What I do know is that they are coming down and having being doing so for 2 or 3 years now. Not by 40% but by more than 10% I'd say. Property prices in Spain are overvalued by at least 30%. Newspaper articles are also written by estate agents ? -20% resale http://cl.invertia.com/noticias/noticia.as...4222&idtel= -30% resale/off-plan http://lavozdemarbella.com/marbella/000021..._ha_bajado.html There is no bigger blind in life that the one who refusest to see what is happening.
  5. I only copied and pasted the first 30 hyper links, for the rest or you take my word or do the search yourselves in that website. -65.73% 212500 620000 superficie:109m2 eur/m2: 1949 Málaga - Mijas / RIVIERA. ATICO VISTAS AL MAR Y NEGOCIABLE. http://www.segundamano.es/vi/7638061.htm?ca=28_s&st=s -65.61% 186000 540910 superficie:96m2 eur/m2: 1937 Toledo - Yuncos / YUNCOS http://www.segundamano.es/vi/8632155.htm?ca=28_s&st=s -65.45% 190000 550000 superficie:96m2 eur/m2: 1979 Málaga - Mijas / RIVIERA DEL SOL 2 HABS.1 BAÑO, GARAJE, PIS Málaga - http://www.segundamano.es
  6. It is now official. Spanish Real Estate bubble bursts today Tuesday 24th April 2007 following last week's market meltdown of Astroc. Real Estate companies listed in the spanish Stock Exchange are losing over two digits this morning. Panick is catching on like wildfire over to bank's stocks with heavy interest in mortgages. http://www.bloomberg.com/apps/news?pid=206...&refer=home
  7. Yup, sorry. I realised after I had posted it there were actually 35 pages already on this thread. My mistake I thought it was a recent thread. Mmm, no actually I don't believe it's like the 80's. I'm not against off-plan or flipping properties, I do it myself. It's just that I think we are at the end of a real estate cycle Worldwide and entering now is innapropiate IMHO. But I can assure you that I wouldn't mind investing there if the cycle was early. The terrorist attacks and the end of the construction boom is what would concern me most buying in Morrocco right now.
  8. With all due respect Dogbox I think you are mistaken in many points. Back in the 80's I heard these same comments: Morrocco the hotspot, people flocked to buy properties and then it all deflated. I know people who went bankrupt as developers and REA. I'm sure you'll argue things have changed since then, of course, just like the dot com bubble and the irrational exhuberance we saw. Things don't change, they repeat themselves over and over again. There will be no tunnel joining Spain, my home country, with Morocco for at least the next 20-30 years if at all, let alone 2007 !! You are not goi
  9. As I already posted I suspect you have some vested interest Adi Brown. If property sales are still going on strong at the costas, why have so many estate agencies gone bust ? Why have large british real estate agencies fired hundreds of agents during these last two years ? Why have so many businesses property-related closed down ? Why are developers going bust ? Why are developers reducing the prices of their housing units ? Why are developers offering the highest commissions ever to estate agents to sell their off-plan units ? Because there is a huge over-supply of housing units and there
  10. You must be joking. I'm a spanish real estate lawyer and prices fell like a rock (as much as 40% in some cases) between 1989-1993. Your claim "prices never fell (not even in 89-93)" is completely far-fetched. Real estate falls, claiming the contrary is a fallacy if not tantamount to having some vested interest. Prices are falling now on the costas and will continue to do so in the next years as it always has happened when the real estate boom cycle is over. That 9% rise is totally unrealistic and takes into a count a median average of prices inland which only us spaniards (and south america
  11. The link would be to a spanish law (in Spanish). The law: R.D.515/89, de 21 de abril, sobre protección del consumidor en cuanto a la información a suministrar en la compraventa y arrendamiento de viviendas What it says: "El R.D. 515/89 otorga a los folletos o documentos similares utilizados en la oferta, promoción y publicidad carácter vinculante, por lo que teniendo igual fuerza obligatoria que el contrato, el comprador podrá exigir su cumplimiento al vendedor" The brochures compiled from the REA come from the developer, so yes, they are contractually binding. No, the developer could't sa
  12. And you spoke with a spanish lawyer ? I guess not. The developer is obliged under Consumer's law and under Publicity law. Applying Consumer Law generally involves litigation but it can be used as a threat against the developer if the breach is clear, such as in your case. They cannot include a swimming pool/golf course in the publicity and brochures and then not build it. It's contractually binding for them If the swimming pool/golf course appears in brochures, promotional videos, computer simulations, plans, sales office with scale model of the whole development etc... Another matter being
  13. I meant to say Bulgaria, not albania, sorry.
  14. Where they already are: in Albania busy selling away completely overpriced properties to poor Brits and Irish alike promising huge capital growth of 40% p.a. har har har.
  15. I happen to be a spanish conveyancing lawyer and I all your emails are just rubbish. You stipulate for all your clients an 18 month time period to sell ? wahahahahahah Buddy it's not you who decides this it's called the Law of Demand and Supply that fixes the market price of every asset, not yourself. And currently the huge oversupply of offplans have driven down their prices throughout Spain. It's spelled "loss" not "lose". I've bought myself in offplans and made money but since 2003 any person whose bought has actually lost money. You claim that a 25% yield per annum is "very conse
  16. Neither have I. I happen to be a spanish conveyancing lawyer and I all your email is just rubbish. I've bought myself in offplans and made money but since 2003 any person whose bought has actually lost money. You claim that a 25% yield per annum is "very conservative" ( ) and sustainable in Spain currently ? wahahahahaha Pero por favor..... You are right we come from different planets, mine is Spain I have no idea which one is yours. Your claims are impossible because besides being a lawyer I happen to invest in property. Please quit your REA gibberish. Spain is an excellent place
  17. You must be joking. More than 200 small businesses have closed in the last month in a half in Marbella alone. I have seen properties priced as much as 6m Euros downpriced to 4.5 m Euros. That's the upper end of the market. The costa is full of people desperately selling 2 bedroom offplan properties without any prospective buyers. So although prices haven't actually crashed -yet- for an average 250 k property, the upperend of the market has surely taken a heavy blow. Just look at any REA (which still hasn't gone broke that is) and you'll see them with red stickers downpricing properties.
  18. Why on earth are you guys so suspicious that he might hold some vested interest ? It is clear it's 100% unbiassed.
  19. You cannot avoid the 7% IVA (VAT), otherwise we´d all be setting up these companies in Spain. There is a way, but it is so hard and devious that the Spanish Tax Authorities -almost- always turn it down. So speaking in generel terms you cannot avoid it as it is logical. Setting-up these companies is done to waive the inheritance tax, to sell the companies shares and avoid paying the Transfer Tax and all costs associated to it, to avoid the Capital Gain´s Tax etc... no one sets-up a company in Spain to avoid 7% VAT firts transmission of a developer. It takes a case-by-case study really. But a
  20. Well actually Spain´s average wage is 833 pounds a month in 12 installments plus 2 extra wages for June and December. For the life of me I've never heard of one-bedroom flats fetching as much as 250.000 GBP or 375.000 Euros. Doing the Maths, a one-bedroom flat is on average 40 m2. So 375.000/40= 9.375 Euros per m2 or 6.250 GBP per m2 following what you say !!! In Marbella front-line beach properties are approx 6.000 euros m2 or 4.000 GBP m2. For 350.000 Euros or 234.000 GBP you can purchase a NEW two-bedroom flat, with two bathrooms, 114 m2, large sunny terrace, luxury fittings, large kit
  21. Hi. Not 70.000 empty homes. In Spain there are 3.000.000 (three million) empty homes. Link to all official statistical government bodies: http://www.ine.es/serv/estadist.htm Breakdown of foreigners in Spain by the INE (Instituto Nacional de Estadística, which is the official state organization which elaborates statistics of just about everything regarding Spain): http://www.ine.es/revistas/cifraine/cifine_ext0605.pdf Foreign Investments in Andalucía province, which includes breakdown by nationalities and purchase of homes: http://www.juntadeandalucia.es/institutode...xtran/index.htm B
  22. Hristo, You must have some vested interest posting the above. Although it's true that Spanish properties rose by 17% last year, that number takes into account a national average without pondering a series of factors. The property market in Madrid has nothing to do with the Costa del Sol and Almería. In Madrid it's us Spaniards and south american inmigrants who buy flats as fisrt homes to LIVE in. Whereas in the costa resorts, the main buyers are British (which account for more than 90% of the purchases) who happen to buy a SECOND home and unlike us latins regard their purchase as an INVES
  23. As I've always posted, it's not the right moment to buy in Spain because of the looming real estate crash. Wait in three or four years time. The last crisis lasted almost nine years (1989-1997), so the low point (in prices) of this one won't be reached until three or four years time. Normally the crash is proportional to the boom. The boom has lasted from 1997-2004, eight years. So expect a crisis which lasts as long. Plus this one-time 40 year low-interest rate scenario will hardly repeat itself with soaring oil prices, large scale donwnsizing and surging inflation (due to increased oil price
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