Peter Hun Posted December 18, 2010 Report Share Posted December 18, 2010 (edited) The true extent of collapse in Spain Holiday home sales down almost 90pc since 2006 Posted on December 17, 2010 by Mark New figures from the Department of Housing reveal the true extent of the slump in holiday-home sales to foreigners During Spain’s runaway housing boom of the last decade, tens of thousands of new homes were built on the coast with foreign buyers in mind. Unfortunately, foreign buyers didn’t show up to the party in expected numbers, which partly explain why Spain has such a glut of new homes on the coast. But look how dramatically purchases of holiday-homes by foreigners have collapsed. Down 87pc in the first 9 months of the year compared to the same period in 2006, and -16pc Q3/Q2 At this rate foreigners buying holiday homes will do nothing to help absorb Spain’s glut of new homes. The figures are difficult to believe: Just 490 sales in 3 months over the summer. Are the figures wrong? If not, who will buy all those empty holiday-homes? Unemployed Spaniards? http://www.spanishpropertyinsight.com/forums/viewtopic.php?f=2&t=5428 I know we have a sub forum for this, but I think its relevant to see the effect of the UK crash. And the overall Spanish l market Spanish property market down 20pc in October 'Only' down 75% since Jan 2007. Edited December 18, 2010 by Peter Hun Quote Link to post Share on other sites
OLDFTB Posted December 18, 2010 Report Share Posted December 18, 2010 Sorry Senor & Senorita, We Brits just don't have any money left now that our own housing cash cow has dried up! Quote Link to post Share on other sites
silver surfer Posted December 18, 2010 Report Share Posted December 18, 2010 Something odd with those numbers, look at the totals for 2008 and 2009. Quote Link to post Share on other sites
Peter Hun Posted December 18, 2010 Author Report Share Posted December 18, 2010 Something odd with those numbers, look at the totals for 2008 and 2009. The Spanish crash happen long before anywhere else. I think a lot of the 2007 sales were due to off plan purchases going through. Quote Link to post Share on other sites
Harry Monk Posted December 18, 2010 Report Share Posted December 18, 2010 Yes, I'm thinking of buying somewhere in Spain in a couple of years, just not quite yet. Quote Link to post Share on other sites
Bloo Loo Posted December 18, 2010 Report Share Posted December 18, 2010 Yes, I'm thinking of buying somewhere in Spain in a couple of years, just not quite yet. make it 4 years and maybe you could buy Barcelona. Quote Link to post Share on other sites
indirectapproach Posted December 18, 2010 Report Share Posted December 18, 2010 "Something odd with those numbers," Funny figures from down South, Oi! Yoy! Yoy! Quote Link to post Share on other sites
silver surfer Posted December 18, 2010 Report Share Posted December 18, 2010 The Spanish crash happen long before anywhere else. I think a lot of the 2007 sales were due to off plan purchases going through. Nothing subtle like that...I mean they just don't add up! Quote Link to post Share on other sites
interestrateripoff Posted December 18, 2010 Report Share Posted December 18, 2010 90% down is quite a lot. Thank god for the recovery. Quote Link to post Share on other sites
Democorruptcy Posted December 18, 2010 Report Share Posted December 18, 2010 (edited) New figures from the Department of Housing reveal the true extent of the slump in holiday-home sales to foreigners Did the local people pick up the slack like our private sector will with public sector job losses? I can imagine some people in such as Devon and Cornwall might like to see figures like that for people not born there. Edited December 18, 2010 by Redhat Sly Quote Link to post Share on other sites
erranta Posted December 18, 2010 Report Share Posted December 18, 2010 Something odd with those numbers, look at the totals for 2008 and 2009. The EU stopped pumping Billions into Spain/Irish economies and transfered lolly to eastern europe. Both countries economies collapsed shortly after! SANTANDER - don't do it! Quote Link to post Share on other sites
Peter Hun Posted December 18, 2010 Author Report Share Posted December 18, 2010 Nothing subtle like that...I mean they just don't add up! Really? They have probably been fabricated to hide the true extent of the falls. The Spanish are full into fake statistics. But you are right, the figures for 2008 and 2009 are identical, which is obviously a typo, 2008 total should say 3691. Quote Link to post Share on other sites
leicestersq Posted December 18, 2010 Report Share Posted December 18, 2010 90% down is quite a lot. Thank god for the recovery. Down 90% perhaps, but it can still fall 100% from the current level. Quote Link to post Share on other sites
Peter Hun Posted December 18, 2010 Author Report Share Posted December 18, 2010 Down 90% perhaps, but it can still fall 100% from the current level. Oh great, the whole of Spain would be for sale for 0 Euro's. I'll take the lot. Quote Link to post Share on other sites
Democorruptcy Posted December 18, 2010 Report Share Posted December 18, 2010 There are 6.5m of us Brits hoping to own a home in the sun. Only 1,529% more than have one now. About 425,000 Britons have homes abroad, according to market research company Mintel, with 6.5 million more dreaming of owning a place in the sun. Four in five of these overseas properties are on the Continent, with half in either Spain or France http://www.dailymail.co.uk/money/article-1337826/Should-holiday-home-owners-stay-PIGS-storm.html Quote Link to post Share on other sites
peakoil Posted December 18, 2010 Report Share Posted December 18, 2010 I own 50% of an estate agency in Portugal. Boo hiss. I'm only the techie, I got the traffic from the uk and Ireland via google and reaped the reward. Sold my place out there in 2007 for a 10k loss on asking price and 15k profit by luck on exchange rate. I can confirm that the Portuguese Market is identical. We had a few sales to Germans this year but the office is gone and the other half of the business now scratches around for a living whilst waiting for the Market to "return to normal". I am uber bear so don't think normal will be back for a very very long time. By that time of course it won't be normal! We've sold three properties in a year. Probably sold 75 in 2007. Hasn't effected me as the money was a bonus. But the other guy is in a bad way. Wait till the euro collapses then see! Quote Link to post Share on other sites
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