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TheCountOfNowhere

Brexit vote dents British demand for Spanish property

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The Spanish property market crashed years ago, long before Brexit. But, it's the Guardian, innit. And of course, the quotes are attributed to a 'housing expert'.

Same in Cyprus and other favoured retirement zones. Gaunt concrete skeletons of unfinished developments interrupt the skyline. 

Personally, I'm happy for these places which will no longer have an invasion of tacky brits.

Here's a pic from my Brit tourist photo essay. The guy was saying something like, 'Hey Sheila, you told me it was 10 Euros to the quid. That plate of fish and chips cleaned me out.'

Brit Tourists - 1.jpg

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2 hours ago, iamnumerate said:

In Spain they are building at a massive rate even now, it is not surprising that prices are falling.

True. British companies like Taylor Wimpey have many projects on the go. It seems that many people prefer new and shiny despite there being so much second hand stock at good prices. But all the best land went years ago and it's those sites that hold up in value. People buying some of the stuff that's going up now will struggle to move it on in the future.

I'm not sure what a 50% drop is in absolute numbers though. Apparently transaction numbers are still low despite all the agents claiming an upturn in interest.

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18 hours ago, Jugador said:

True. British companies like Taylor Wimpey have many projects on the go. It seems that many people prefer new and shiny despite there being so much second hand stock at good prices. But all the best land went years ago and it's those sites that hold up in value. People buying some of the stuff that's going up now will struggle to move it on in the future.

I'm not sure what a 50% drop is in absolute numbers though. Apparently transaction numbers are still low despite all the agents claiming an upturn in interest.

I have Spanish relatives and they definetly look down on second hand (their term not mine) homes - of course a flat is not the same as a car, people can be living in one for 100+ years.

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Presumably the major interest is from foreign buyers. The Spanish population is in decline. As of 2014, there were more than half a million unsold new units. Some rebound must be expected from the crash .  .  . which lasted nearly seven years. Some increase in construction can be attributed to projects which were shelved or left unfinished during this time. Spain is still a good holiday destination and must benefit from the problems in Greece and Turkey.

I doubt whether Brexit had much effect on Brits. As in Cyprus, many lost fortunes, some were openly swindled, large numbers have already packed up and gone home. The majority 'won't be fooled again'.

I used to pass this development regularly in Cyprus . . . a vast, newly built holiday village. It was finished but, several years later, over two thirds unoccupied. All the agents' signs around the place were in Chinese. 

Resort.jpg

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14 hours ago, copydude said:

He's a VI. 

Economic data is more reliable.

The Spanish property market bottomed in 2014. From peak to trough, it was around 60%. 

What economic data?

If you knew anything about the subject you would know that there isn't any accurate data available. He has attempted to provide a accurate view by collating the various sources and presenting them without any bias.

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22 hours ago, Peter Hun said:

What economic data?

If you knew anything about the subject you would know that there isn't any accurate data available.

Really? Says who?

IEN and TINSA will supply you with house sales by new and used, total units and moving averages every month as well as Spanish monthly estate agents indices. And for almost any other kind of economic data there is Eurostat.

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Yes, as I said, you have to use mulitiple private soures that are VI's because there is  no Spanish government data available. 

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Quote

The Spanish population is in decline.

Actually it's not (although there were a few years when the economic difficulties hit the population)

http://world.famagustagazette.com/2016/12/19/513/

Quote

The rise puts an end to a period of four years of a falling population, due to an aging population which resulted in more deaths than births, and the effects of the economic crisis which saw many immigrants return to their homelands and many Spaniards seek work abroad due to the lack of work in Spain.

But your other point - if anything you understat..

Quote

Spain is still a good holiday destination and must benefit from the problems in Greece and Turkey.

http://elpais.com/elpais/2017/01/12/inenglish/1484227097_393882.html

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4 hours ago, Trampa501 said:

 

But your other point - if anything you understate . . . 

http://elpais.com/elpais/2017/01/12/inenglish/1484227097_393882.html

 A total of 16.9 million Brits made their way to Spain last year, 12.3% more than a year earlier, evidencing that Brexit is not denting visitor numbers at all.

Don't tell the Guardian.

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Spain was very busy last year - lots to do with Turkey etc as already mentioned.

For the peak summer months I believe Benidorm was at 99% capacity most of the time. 

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4 hours ago, ccc said:

Spain was very busy last year - lots to do with Turkey etc as already mentioned.

For the peak summer months I believe Benidorm was at 99% capacity most of the time. 

Those numbers are huge. Just mindbending. Worth driving down there in the Mr Whippy van for a working holiday.

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2 minutes ago, copydude said:

Those numbers are huge. Just mindbending. Worth driving down there in the Mr Whippy van for a working holiday.

I've been numerous times but this year was just nuts. 

The numbers were from a story I read somewhere online - can't remember - but along with chat from the hotel owner we stayed at - no reason to doubt it. 

Turkey, Tunisia, Morocco and Egypt nearly all went elsewhere. Spain is the standard back up destination I reckon.

No surprise - it's popular for a reason. 

I plan to take my Mr Floppy there next year and fail to do some damage with the burds :wacko:

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Just back from Spain a couple of days ago. Even this Christmas was busier than the recent past winter visits. Fuengirola is teaming with Scandinavians  and Kuwaiti's. I have family there involved with property who say that purchases to Brit's dropped summer 16 but was made up and some by purchasers from the Gulf. I saw a few new developments being advertised along with a glut of the pre crash unfinished developments being started again.

No one that I spoke to from England, NI or Wales had any serious concerns about any possible Brexit implications.   

 

        

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Where I live in Spain several large apartments have changed hands in the 300-450k bracket and all but one went to non-Brits. Plenty of people from places like Norway and Switzerland and other northern European countries are holding up demand. It's surprised me, but demand is much higher now than it was a few years ago. The biggest surprise has been the reappearance of cranes, there's plenty of construction going on.

What's been said about occupancy rates in resorts is true. I'm in the Valencia region so the local news carries Benidorm articles, according to which it was sold out at times last year.

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