Jump to content
House Price Crash Forum
Sign in to follow this  
Democorruptcy

Spanish Property

Recommended Posts

There is an entire generation of young Spaniards with a millstone round their necks," says Enrique Quemada of One to One Capital Partners, a business consultancy. "They will have to work their whole lives to pay for houses now worth half what they bought them for."

Taylor Wimpey, a British developer which has been building homes in Spain for more than 50 years, has new villas on the Costa Blanca for sale at £140,000, down from £235,000.

Most commentators believe that more price falls are inevitable, but even if Britons choose to buy now, the prospect of getting a Spanish mortgage is "pretty bleak," according to Melanie Bien of broker Private Finance. "Spain stands out with a housing market and a lending record that's far worse than France, Portugal or Italy. If you must buy, somehow try to remortgage money from your own home back in Britain," she advises.

Despite the glut of unsold new homes, another 257,443 were completed in 2010. Even so, there has been a 43% collapse in the value of the Spanish construction industry, according to EU figures, and a collapse in land prices of about 50%

Spanish banks – many of which hold thousands of repossessed homes as assets – are legally obliged to start selling these homes after holding them for two years. As a result, more properties are expected to flood the market for sale this year.

12,697 new homes were declared illegal in the Almanzora Valley in south-east Spain, an area popular with holiday-home buyers. Some 920 have been earmarked for demolition, while the remainder may be rezoned, thus allowing them to be declared legal and have utilities connected.

Now the housing crash has become so much a part of the modern Spanish psyche it has been accorded the ultimate tribute – its own television soap opera.

Crematorio has a storyline that includes unhappy foreign buyers, corrupt councillors, lurid affairs, drugs and violence against a backdrop of the Spanish Costas.

http://www.guardian.co.uk/money/2011/apr/02/spain-property-prices-collapse

Share this post


Link to post
Share on other sites

There is an entire generation of young Spaniards with a millstone round their necks," says Enrique Quemada of One to One Capital Partners, a business consultancy. "They will have to work their whole lives to pay for houses now worth half what they bought them for."

Taylor Wimpey, a British developer which has been building homes in Spain for more than 50 years, has new villas on the Costa Blanca for sale at £140,000, down from £235,000.

Most commentators believe that more price falls are inevitable, but even if Britons choose to buy now, the prospect of getting a Spanish mortgage is "pretty bleak," according to Melanie Bien of broker Private Finance. "Spain stands out with a housing market and a lending record that's far worse than France, Portugal or Italy. If you must buy, somehow try to remortgage money from your own home back in Britain," she advises.

Despite the glut of unsold new homes, another 257,443 were completed in 2010. Even so, there has been a 43% collapse in the value of the Spanish construction industry, according to EU figures, and a collapse in land prices of about 50%

Spanish banks – many of which hold thousands of repossessed homes as assets – are legally obliged to start selling these homes after holding them for two years. As a result, more properties are expected to flood the market for sale this year.

12,697 new homes were declared illegal in the Almanzora Valley in south-east Spain, an area popular with holiday-home buyers. Some 920 have been earmarked for demolition, while the remainder may be rezoned, thus allowing them to be declared legal and have utilities connected.

Now the housing crash has become so much a part of the modern Spanish psyche it has been accorded the ultimate tribute – its own television soap opera.

Crematorio has a storyline that includes unhappy foreign buyers, corrupt councillors, lurid affairs, drugs and violence against a backdrop of the Spanish Costas.

http://www.guardian.co.uk/money/2011/apr/02/spain-property-prices-collapse

Not a good read if you own property there then (we have family relatives that own 3 'holiday' properties, adjacent to golf courses).

The future for French property, who knows, who cares?

Too late and too old to care about it, life's for living now, not practicing for a 2nd. time around!

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 296 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

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.