Jump to content
House Price Crash Forum
Sign in to follow this  
The Masked Tulip

A Warning From Spain About The Property Market

Recommended Posts

Hmmm..

He has a point, I know of two families in our cul-de-sac that have by choice and necessity moved away but have decided to rent their homes because they "were worried that they would not get a good price by selling". They are funding their new homes by renting their existing ones, I would say a recipe for disaster?

I'm talking north of Jockland by the way!

Topliner

Share this post


Link to post
Share on other sites
Hmmm..

He has a point, I know of two families in our cul-de-sac that have by choice and necessity moved away but have decided to rent their homes because they "were worried that they would not get a good price by selling". They are funding their new homes by renting their existing ones, I would say a recipe for disaster?

I'm talking north of Jockland by the way!

Topliner

According to several EAs I have spoken with Swansea is full of such people now renting their homes that they cannot sell.

Share this post


Link to post
Share on other sites
http://www.moneyweek.com/investments/prope...rket-14969.aspx

Bear food - a nice mid morning snack for you all.

Property is only half the problem. It's the fact that less than half the population is economically productive which is the big elephant in the room. This situation is not just restricted to Spain, but everywhere that has an aging population and too many unproductive state employees. Something's gotta give and it will not be pleasant!

Share this post


Link to post
Share on other sites
Property is only half the problem. It's the fact that less than half the population is economically productive which is the big elephant in the room. This situation is not just restricted to Spain, but everywhere that has an aging population and too many unproductive state employees. Something's gotta give and it will not be pleasant!

I agree with that sentiment!

Topliner

Share this post


Link to post
Share on other sites
Property is only half the problem. It's the fact that less than half the population is economically productive which is the big elephant in the room. This situation is not just restricted to Spain, but everywhere that has an aging population and too many unproductive state employees. Something's gotta give and it will not be pleasant!

It may come as a surprise to many Brits, but the country with the highest level of inward migration in Europe over the last few years has been Spain ( mainly Latin Americans, Moroccans and East Europeans). Supporters of high levels of immigration claim that they help to create jobs and that they compensate for the local ageing of the population. If they're right, then Spain should come out of this recession ahead of other countries. I hope (despite my fears) that they're right. Otherwise a lot of migrants will have been enticed to a supposed better standard of living only to find out a year or two later that all the jobs have gone and local right-wing elements are scapegoating them for the situation.

Share this post


Link to post
Share on other sites

In North Spain, where my wife is from, house prices have not gone down much at all. Not because they have escaped the crisis but mostly because the locals are in denial. There is massive unemployment and a vast supply of empty, un-sold homes and flats but the socialist state offers enough financial help to allow the stubborn a free hand.

It would help a lot if people there would bite the bullet and reduce asking prices but it may take a while yet. What often isn't spoken about is that 70% of Spanish stock is just rubbish that nobody wants. Oviedo is full of young families who need homes but most of the flats built during the boom are tiny 1 and 2 bed flats, ugly too.

A government body needs to get to it and pay the unemployed builders to start knocking these hutches into combination 4 bed places that serve the community rather than watching them crumble. IMHO.

Share this post


Link to post
Share on other sites
It may come as a surprise to many Brits, but the country with the highest level of inward migration in Europe over the last few years has been Spain ( mainly Latin Americans, Moroccans and East Europeans). Supporters of high levels of immigration claim that they help to create jobs and that they compensate for the local ageing of the population. If they're right, then Spain should come out of this recession ahead of other countries. I hope (despite my fears) that they're right. Otherwise a lot of migrants will have been enticed to a supposed better standard of living only to find out a year or two later that all the jobs have gone and local right-wing elements are scapegoating them for the situation.

Sorry amigo, your fears are correct if the number of 'Rumanos fuera' graffiti sites in my pueblo is anything to go by. The thing is, with all the areas you mentioned above, there is nothing for these people to go back to.

Share this post


Link to post
Share on other sites
It may come as a surprise to many Brits, but the country with the highest level of inward migration in Europe over the last few years has been Spain ( mainly Latin Americans, Moroccans and East Europeans). Supporters of high levels of immigration claim that they help to create jobs and that they compensate for the local ageing of the population. If they're right, then Spain should come out of this recession ahead of other countries. I hope (despite my fears) that they're right. Otherwise a lot of migrants will have been enticed to a supposed better standard of living only to find out a year or two later that all the jobs have gone and local right-wing elements are scapegoating them for the situation.

Aren't most of these in Spain illegally?

Share this post


Link to post
Share on other sites
It's all entirely logical. House prices are completely absurd. Period. :rolleyes:

I know I posted this before, but we went to look at property in Spain in 2001. Normal townhouse which a Spaniard would buy to live in about 35,000 Euros (some less than that), "villa with pool" for the Brits 150,000 Euros (or more). Shome mishtake shurely?

Share this post


Link to post
Share on other sites
I know I posted this before, but we went to look at property in Spain in 2001. Normal townhouse which a Spaniard would buy to live in about 35,000 Euros (some less than that), "villa with pool" for the Brits 150,000 Euros (or more). Shome mishtake shurely?

Location? Same if you want a flat in Madrid - incredibly high prices. HoweverI don't think you can get a townhouse for 35.000 Euros nowadays unless you seek out a ghost village in some obscure inland wasteland.

Share this post


Link to post
Share on other sites
On the surface, the Spanish property scene doesn't look too bad. Ministry of Housing figures show just an 8.5% drop over the last 12 months from the mid-2008 peak. That's not so bad, given that Spanish house prices more than doubled over the previous 10 years. But the official stats are a long way from telling the whole tale.

The independent house price index compiler Tinsa reckons average prices are 13% off the top, and down 18% on the coast. But the word from developers and estate agents is of falls of up to 30%.

"the word"? --- "up to 30%"? ..... Oh please, most of the the concrete 'havens' will be a few cents on the Euro when the denial & VI crap finally (?) dies

I'm bored with all this; & I expect better from 'Money Week'

Share this post


Link to post
Share on other sites
"the word"? --- "up to 30%"? ..... Oh please, most of the the concrete 'havens' will be a few cents on the Euro when the denial & VI crap finally (?) dies

I'm bored with all this; & I expect better from 'Money Week'

Yup. They could have just linked to those youtube vids and said 'see? totally doomed'.

Share this post


Link to post
Share on other sites
It may come as a surprise to many Brits, but the country with the highest level of inward migration in Europe over the last few years has been Spain ( mainly Latin Americans, Moroccans and East Europeans). Supporters of high levels of immigration claim that they help to create jobs and that they compensate for the local ageing of the population. If they're right, then Spain should come out of this recession ahead of other countries. I hope (despite my fears) that they're right. Otherwise a lot of migrants will have been enticed to a supposed better standard of living only to find out a year or two later that all the jobs have gone and local right-wing elements are scapegoating them for the situation.

A few years ago Zapatero tried to wipe the slate clean with illegal immigrants and allowed thousands of them to become legal overnight, no questions asked:

http://www.euroresidentes.com/Blogs/2005/0...migrants-in.htm

Of course, the result was that many thousands more immediately turned up, hoping to magically be made legal EU citizens within a few years of arriving. I remember Sarkozy being especially p1ssed off, since of course once they are legal in Spain, there's not much stopping them pouring into France as well.

Last year Zapatero realised that with the downturn all these now-legal immigrants would be made redundant, and be able to claim generous Spanish state benefits, so he ended up trying to encourage them all to go back home by telling them they could claim unemployment benefit in their home countries, where the money goes considerably further:

http://www.guardian.co.uk/world/2008/jul/21/spain

The Spanish I know liked the immigration when the economy was going well, because they thought the immigrants were paying for their generous Spanish state pensions. Now the immigrants are claiming generous Spanish state benefits they aren't so sure.

Ultimately there is very little the Spanish government can do about it anyway.

Share this post


Link to post
Share on other sites
Location? Same if you want a flat in Madrid - incredibly high prices. HoweverI don't think you can get a townhouse for 35.000 Euros nowadays unless you seek out a ghost village in some obscure inland wasteland.

Nah, you can get a nice house with a pool for that kind of money in Madrid:

http://www.idealista.com/pagina/inmueble?c...;secc_inm=fotos

(although you'll notice from some of the photos that it's just on the outskirts of town)

Share this post


Link to post
Share on other sites

Immigrant workforce = cheap labour...

for a while until the rascals start claiming off your welfare state that is, then they become lazy b*****ds!

:rolleyes:

Topliner

Edited by topliner

Share this post


Link to post
Share on other sites
Location? Same if you want a flat in Madrid - incredibly high prices. HoweverI don't think you can get a townhouse for 35.000 Euros nowadays unless you seek out a ghost village in some obscure inland wasteland.

We looked at a few in small Spanish villages near Ronda, I think. As I said, it was 2001.

Share this post


Link to post
Share on other sites
Nah, you can get a nice house with a pool for that kind of money in Madrid:

http://www.idealista.com/pagina/inmueble?c...;secc_inm=fotos

(although you'll notice from some of the photos that it's just on the outskirts of town)

From the pics it looks like a holiday chalet on a camp-site (It's about 35 kilometres to the west of Madrid). Reminds me of those chalets on certain English beaches that fetch a small fortune - I don't know if you'd get into legal trouble sleeping there 100% like you would in the English equivalents though.

Share this post


Link to post
Share on other sites
I know I posted this before, but we went to look at property in Spain in 2001. Normal townhouse which a Spaniard would buy to live in about 35,000 Euros (some less than that), "villa with pool" for the Brits 150,000 Euros (or more). Shome mishtake shurely?

The c*nts had taken over the loony bin...

Share this post


Link to post
Share on other sites
The c*nts had taken over the loony bin...

What I would like to know is where all the vast sums of money generated in the boom have gone.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   289 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.