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House Price Crash Forum

Nautorius

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About Nautorius

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    HPC Poster

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    Gibraltar

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  1. Unfortunately I would be commuting Mon-Fri. Still have full family household costs as well as the weekly rental plus an ex-wife......and I like a drink.
  2. A crash has to be on it's way. Just looked at flats to rent and buy in Canary wharf....WTF. Quickly turned that Job down. Even a flat share was £950 a month.....how do people even survive in London? I am looking at 3 figure wages but affordability is zero.. Ironically the job was downsizing a large Bank. And 3 separate banks have similar jobs available. Lots of City job losses coming...HPC has to follow soon.
  3. Costa Del Sol Update. Asking prices creeping up but market still depressed even in best areas. I just got an email saying that the next phase of bank repos is being released with 115% Mortgages attached. Crazy is back. Most of these are non prime Brit built flats in wrong location. Villas still very depressed. I am looking at properties and still thinking overpriced! Rental is approx. 2% of value so why buy, prices will be depressed for many years to come. Build quality is shocking as well. I know someone who got a 115% mortgage 3 bed flat in Estepona for €200k (overpriced in the last phase 2011 releases). Has now spent €15k rectifying build issues like electrics, plumbing, leaks. Lifts do not work, pool not filtering....crazy buy. Keep clear or rent. Limited Jobs as well except in Gib or in Tech. N.
  4. Update. Well Gibraltar has continued to boom. All properties making double digit growth, CAT 2 (best property) been making 20% per year. Finally new builds are coming online in the sub £1m. 2 Ocean village blocks, Mid town, Eurotowers and Kingswharf 2 and 3. Bad news they all sold off plan in around 48hours. They will come online from mid 2017. Mostly sold to investors and workers who need a Gib address. The amount of Studios and one beds is a very high percentage...as they are just a postal address. Prices for premium property now £5800-£7500 per sqm. Rental is 6% plus even at todays prices. Mortgage availability very limited but most purchases high cash to value or full cash. No cheap mortgages here (4% plus) so cannot blame cheap credit Rentals still going crazy. Premium 3 beds now £3500-£5000. Even upper town (cheapest) is £1300 for a 2/3 bed small flat with no parking. BREXIT has cooled market and prices now levelled out whilst we wait for vote. The amount of new build £2.5m-£10m properties is now substantial. The market is here for that price as well. Unlike London a commute from Cheap Spain is only 25-30mins. Cheers N.
  5. I know that area as used to live in bolton. In A1 condition it should be £125-£140k. Whoever pais £183k was commiting mortgage fraud. In that condition with subsidence risks I would not pay more than £80k. This alone proves the crash is but a hairs breadth away.....
  6. Welcome to Gib Mich, As you have seen the Market is rampant here now especially for premium property. After 4/5 years of stagnation property prices grew 10% in the first half and the Premium properties are over that. Mainly due to Spanish dwellers moving back to Gib and an increase in Cat 2's. No new Premium properties being built in the £300k-900k so prices are rising fast. I just bought in Queensway after 5 years....took that long to find a property at the right price and just intime. Rents are also rising fast. I think increases this year are at 15-20% already and still rising. It is supply and demand and without new properties it is unfortunately only going one way. More homeowners and people wanting to live here with a stagnant supply mean it is a hot Market. The only saving grace is no stupid Valuations for Mortgages and a minimum of 15% deposit needed. Also Mortgages are still hard to get compared to UK. This looks remarkably like a bubble...but I think it is longer term. N.
  7. Already happening here in Spain. Except they are just being allowed to do it..... http://www.wsws.org/articles/2012/aug2012/spai-a18.shtml N
  8. I know where it is. And no, no problem with the dual carriageway. All Villas within 250m (i.e. all Villas around there) suffer from the same noise. N.
  9. Given newbuilds are being released with 100% mortgages and big discounts, those private sellers are now looking at year 2002 prices. A 3 bed detached Villa in Estepona on the CDS....€170,000. Clearly older couple wanting to return to UK. A few years ago these were fetching €400k+ (Crazy Prices). Starting to get to a price where I would buy, especially with the exchange rate at 1.20+. Main concern is Tax in Spain.... http://www.barringtonhomes.eu/Estepona-Property/Buenas+Noches-S009.htm N.
  10. Hello, Everything you mention is well known about the Market here. They unfortunately treat outsiders as stupid cash cows and often they are proved right. If you live here you will soon cut through all the rubbish and get real property at real prices. I would sugest renting for 6-12 months and then deciding what to do. One thing to be aware of is that unlike most other Property markets most property owners in Gib are very low geared. The Max BTL has been 70% for years and most people pay down the mortgages fast. For that reason the number of forced sellers is very low and the need to drop a lot is low. The mentality is just too hold on here until you eventually get your price. I could buy tomorrow but do not as we have not found the right property at the right price....and may never. However with Assured tennancy why bother buying? Been here 4 years and love it, housing is just a hassle for our landlords.... N.
  11. Good Point, and additional fuel to the Firesale......
  12. And you do realise his head offices for the UK businesses are in the UK? They are high paid Jobs which he chose not to offshore....I am not defending his personal Tax but without people like him the UK will never dig itself out of the mess...his head office has approx 1000 jobs, Accountants, Lawyers, IT and that excludes the design studios. N
  13. Guys, This is anecdotal from living across in Gib and watching the Market in the CDS avidly. In reality Spanish land is now worthless. The cost of a detached Villa on the CDS is now less than the current build cost which means there is negative land values. This is as a result of financing restrictions on Private Sales (Max 60% if possible to overseas), concerns over Land/Buildings/Wealth tax changes and of course Euro uncertainty. Add to that the 600k of developer unsold homes held on the banks books and it paints a grim picture. I was recently offered a prime location Villa in Sotogrande (Costa) where the Villa was being sold for less than the land was bought in 2003 to buy it and it is on a big 1600sqm plot...and it did not go to sealed bids...only one confirmed offer at below what the bank wanted. went for €430k....about €800k less than the next door villa sold for in 2007. Spain is still dropping and no end in sight. I was told that high end property will only drop a little...however this time because of no finance and scared off foreign buyers it is tanking. My advice is still to rent. A great Villa can be had for €1500 a month and even at todays prices the Mortgage at 60% would be €2500 on that size of property plus taxes plus upkeep...rent will be better for the next few years. Other signs of the times are that the price of luxury cars are dropping, boats and berths as well. I cannot see any signs of recovery. I love Spain but having exposure to one property is enough...no chance of Investing at the moment.
  14. Careful......you forgot about the Management Fees which will wipe out that income. Also everytime you use your own apartment you have to pay ocupancy fees which can be more than staying in a hotel! Add to that the latest property taxes and wealth Tax and you would be better staying well clear of these developments. If you really want something you can buy without linking in to these Lifestyle deals for a better price and if off the bank get 100% deposit anyway. In reality that 4% rental is not real, they just load up the price of purchase and it is Cashback......if the rentals go up they gain not you... Cheers N.
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