Spain: Sales Down 90% To Non-Residents

[Peter Hun]

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

[OLDFTB]

Sorry Senor & Senorita,

We Brits just don't have any money left now that our own housing cash cow has dried up!

[silver surfer]

Something odd with those numbers, look at the totals for 2008 and 2009.

[Peter Hun]

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.

[Harry Monk]

Yes, I'm thinking of buying somewhere in Spain in a couple of years, just not quite yet.

[Bloo Loo]

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.

[indirectapproach]

"Something odd with those numbers,"

Funny figures from down South,

Oi! Yoy! Yoy!

[silver surfer]

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!

[interestrateripoff]

90% down is quite a lot.

Thank god for the recovery.

[Democorruptcy]

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

[erranta]

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!

[Peter Hun]

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.

[leicestersq]

90% down is quite a lot.

Thank god for the recovery.

Down 90% perhaps, but it can still fall 100% from the current level.

[Peter Hun]

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.

[Democorruptcy]

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

[peakoil]

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!