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Killer Bunny

Spanish Ea Gives Up

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Mrs FP and I are on hols in Catalunya. Walked into ladies boutique and owner told us she just opened up and 2 months´ago had sold up an EA which she´d had for 5 years.

"Nobody was buying..." :lol::lol::lol:

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Hi FP,

As I may have mentioned I know a couple who have bought two new build (ahem) investment properties in Spain.

They both have well paid jobs but are now on the edge financially. The flats were finished in march, but they cannot find tenants for them.

Well, the company one of them works for has started to make redundancies. Greed has suddenly turned to fear.

They are putting their flats on the market. Unfortunately though since March, the developer has decided to start building another 300 flats next door, spoiling the 'tranqulity' of the area. :rolleyes:

This is where it starts to get interesting :)

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This is where it starts to get interesting :)

Indeed! :D

I forgot to mention the ex-EA is an English woman originally from Barnet.

We got a bus from Barca to Reus Airport, about 50 miles south. The number of cranes building new flats - you simply would not believe unless you saw it for yourself. :o

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I foresee a massive crash in Spain particularly in the Holiday homes sector, the amount of Brits that have been lured into this is truly amazing, I can not believe how gullible some people have been, it's bad enough over here, but what kind of fool believed the VI spin about Spain, the problem is that many have used the capitol from their own over valued homes in order to get into the Spanish market, so it will be inter continental reposestions all around :huh:

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I foresee a massive crash in Spain particularly in the Holiday homes sector, the amount of Brits that have been lured into this is truly amazing, I can not believe how gullible some people have been, it's bad enough over here, but what kind of fool believed the VI spin about Spain, the problem is that many have used the capitol from their own over valued homes in order to get into the Spanish market, so it will be inter continental reposestions all around :huh:

The average wage in Spain is very much lower than here so the chance of moving on your investment property{koff koff} to a local is pretty much non existent.Very little is selling in the Valentia,Alicante area and I very much expect to see some of these new build sites come to a grating halt by the end of the year.

The chances of renting to cover the mortgage in Spain is imho impossible and clearly the bail out is starting.Inter continental repros,scary thought!

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The market here (Canaries) has already come unstuck with the more expensive properties - anything over 300,000 euros doesn't sell quickly (or simply doesn't sell). There are still people (Brits and Spanish) looking to buy but only usually up to 200,000 euros. The low wages over here make it almost completely unaffordable for young people to buy and there are a few companies now offering 110% and 120% mortgages to those desperate enough to take them. We've had properties sitting on our books for over two years - but will the sellers budge on their prices? No. Things could get very messy here indeed (for starters, I'll probably be unemployed! but that's a minor issue really, compared to some).

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The market here (Canaries) has already come unstuck with the more expensive properties - anything over 300,000 euros doesn't sell quickly (or simply doesn't sell). There are still people (Brits and Spanish) looking to buy but only usually up to 200,000 euros. The low wages over here make it almost completely unaffordable for young people to buy and there are a few companies now offering 110% and 120% mortgages to those desperate enough to take them. We've had properties sitting on our books for over two years - but will the sellers budge on their prices? No. Things could get very messy here indeed (for starters, I'll probably be unemployed! but that's a minor issue really, compared to some).

Similar scene in Cadiz area.

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  • 302 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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