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Killer Bunny

Spanish House Prices

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Just back this morning from 10 days in Spain.

First week in the mountains near Granada - stunning place, no idea on property prices but no way of making a living outside of agriculture and tourism so you'd think they'd be dirt cheap. It was the same village that "Driving over lemons" is based which is a bit like A Year in Provence in which the author makes clear that in a decade of farming he'd never made a living wage. However since it was published the place is full of foreign owned businesses not making any money!

Then 4 days on the Costa del Sol in a place called Estepona - my first experience of this type of place. Town itself was very nice and still "Spanish" compared to what I've heard about other places. We were in a ex-pat owned apartment - residential rather than purely tourist with about 50% Spanish occupancy. There was an estate agents on the road down to the beach so we looked in the window - in the 5 blocks of apartments - probably 100 flats in total that formed the development no less than 20 were for sale.

All were ludicrously overpriced and by the looks of it none were shifting. They wanted £200k plus for a small 2 bed apartment with a sea view. However that is nothing compared to the "golf apartments" that basically sit on the motorway near with no facilities near by and optimistic pricing starting at £140k for a 1 bedder. If you think our prices are out of touch with earnings go to Spain!

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Anyone know any sites (online) worth looking at for Granada, Sevilla or Cordoba.

I'm thinking it might be a good idea to buy something down there in about four years time.

Just out of curiosity, did you take the plunge in the U.S. of A.?

I seem to recall you were seriously thinking about it.

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Wonder if the Spanish banks have started marking their repo's to market yet, as opposed to keeping them on their books at the original loan amount?

I suspect not, and until they do, any government figures for percentage falls are not worth the paper they are written on.

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Just back this morning from 10 days in Spain.

First week in the mountains near Granada - stunning place, no idea on property prices but no way of making a living outside of agriculture and tourism so you'd think they'd be dirt cheap. It was the same village that "Driving over lemons" is based which is a bit like A Year in Provence in which the author makes clear that in a decade of farming he'd never made a living wage. However since it was published the place is full of foreign owned businesses not making any money!

I would think most folk who uproot and move to Las Alpujarras do not go there with the intention of making money. Certainly when I thought of settling there, it was to get away from people who justify their existence in financial terms.

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This article worth a read- full of little snippets of Spain property market.

This one for ERIC

"Before they handed over the keys to the property you were buying, you had to sign as the co-owner of another," says González. Once that was done, there was no way out. The mortgage intermediary charged 17,000 euros in commission, and the sum was not recoverable if he and his wife decided not to go through with the purchase. They only discovered the mess they had gotten themselves into when they sat down in the notary's office to sign the papers. They knew that they had been tricked, but couldn't afford to lose 17,000 euros. Noemí Ramos is eight months pregnant with their first child, and the couple expect to be evicted any day, with the property they bought sold off to pay their debts to the bank. The complexity of the operations that enabled people like Noemí Ramos and Jairo González access to mortgages that they were never going to be able to pay back would have many financial experts and accountants scratching their heads.

"On my paperwork it says that one of the co-owners is a 60-year-old lady who was given a 30-year-mortgage. How did that come about? Well, they put down a couple in their mid-twenties on her contract as co-owners, so the repayment period was calculated on the basis of the three," says González.

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Anyone know any sites (online) worth looking at for Granada, Sevilla or Cordoba.

I'm thinking it might be a good idea to buy something down there in about four years time.

The main sites used by the Spanish are:

http://www.idealista.com

http://www.fotocasa.es/

Also a lot of expat coastal property on here:

http://www.kyero.com/

(even if you see a few bargains in Spain - it really is worth renting before comitting to a purchase. Purchase costs are 10%, selling costs aren't much less, it is very hard to sell if you need to, and renters are much more protected in Spain. You need to be sure you'll be living there for at least 5 years before it becomes worth the effort)

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With all the Spanish practices that go on in .... guess where ..... Spain, I wouldn't dream of buying until I'd rented for what ....? .... at least a year.

And until I have the language sorted so I can understand the legal documentation.

And I can't abide the costas and Barcelona's not what it used to be but Cordoba, Sevilla, Granada, maybe Rhonda .... ah .... that's living.

Thanks for the tips, really appreciated.

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Just back this morning from 10 days in Spain.

...pricing starting at £140k for a 1 bedder. If you think our prices are out of touch with earnings go to Spain!

...but those properties are not aimed at Spanish buyers they are prices set for the foreign buyers....they haven't twigged that the money has run out, the demand has gone and a second property in Spain is at the bottom of the list of priorities for the majority of other Europeans....the way the Euro is going, any purchase now could well be automatically devalued further in the future....not a wise buy therefore at this point in time.... ;)

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"Just out of curiosity, did you take the plunge in the U.S. of A.?"

For my sins I did.

Whereabouts, if I can ask?

(apologies to OP)

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  • 285 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%



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