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

From Bad To Worse In Spain

Recommended Posts

The Spanish property market is lurching from bad to worse.

Some highlights:

700,000 new builds this year - already 3.1 million empty properties

30% of Estate Agents likely to go bust this year - between 2009 and 2014 75% could close - says Network of Real Estate Experts (REI)

Real estate industry owes a thousand billion euros.

20% fall in sales this year predicted.

Don Piso, a EA chain of 300+ branches says demand down 75%.

Prices? Given the above it's not a question of will they fall, but by how much.

http://www.typicallyspanish.com/news/publi...cle_12895.shtml

Realist Bear. Welcome to another chapter of GC2.

Share this post


Link to post
Share on other sites
I really believe that Spain will suffer more for its housing excesses than any other country.

by your incisive statements/standards that's the understatement of the year ;) Perhaps the Spanish authorities have done what some (incorrectly) gave Prezza the benefit of the doubt for, creating mass housing through the back door. Someone surely has got to live in these Spanish ghost towns eventually, or will they be; left to rot, demolished and rebuilt to co-incide with the next upswing - in 25 years? :blink:

Edited by Converted Lurker

Share this post


Link to post
Share on other sites

"Investors in property in Spain might be interested to read that house prices in Spain increased last month, especially in the prime property market, new figures have shown.

Property portal Kyero.com has found that the average price of a property in Spain rose by 1.4 per cent in September – a sign that the market has now stabilised."

http://www.equitypropertyportfolios.co.uk/...ember-18310104/

:lol:

Share this post


Link to post
Share on other sites
by your incisive statements/standards that's the understatement of the year ;) Perhaps the Spanish authorities have done what some (incorrectly) gave Prezza the benefit of the doubt for, creating mass housing through the back door. Someone surely has got to live in these Spanish ghost towns eventually, or will they be; left to rot, demolished and rebuilt to co-incide with the next upswing - in 25 years? :blink:

them and Northern Ireland will be wastelands, again.

Share this post


Link to post
Share on other sites
by your incisive statements/standards that's the understatement of the year ;) Perhaps the Spanish authorities have done what some (incorrectly) gave Prezza the benefit of the doubt for, creating mass housing through the back door. Someone surely has got to live in these Spanish ghost towns eventually, or will they be; left to rot, demolished and rebuilt to co-incide with the next upswing - in 25 years? :blink:

Well, Ireland makes a good case as for worst affected surely. Toss up between the two. I fear most for Spain.

I don't think spain needs the housing. Take a look at what happened to such glittering attempts in Thailand, Philipines and Malaysia. Massive high rises apartments built before the asian crash, now demolished.

Share this post


Link to post
Share on other sites
Guest grumpy-old-man
I really believe that Spain will suffer more for its housing excesses than any other country.

yes, but think how many of those properties are owned by UK people that have MEWed their UK home to buy the Spanish one as a holiday home. ;)

massive knock on effects, we haven't even started yet.

Share this post


Link to post
Share on other sites

I looked at spain back in 2002 and could see the cracks and so decided not to take a leap but it's my guess that i could soon be picking a bargin up as those people that will be forced to sell are not going to in any position to argue with a silly offer.

Spain has priced itself out of the holiday market now that places like turkey have popped up to take it's place.

Bears please phone me if you have a newish detached property in spain for 50k and i just might help you out.

Share this post


Link to post
Share on other sites
I looked at spain back in 2002 and could see the cracks and so decided not to take a leap but it's my guess that i could soon be picking a bargin up as those people that will be forced to sell are not going to in any position to argue with a silly offer.

Spain has priced itself out of the holiday market now that places like turkey have popped up to take it's place.

Bears please phone me if you have a newish detached property in spain for 50k and i just might help you out.

You're all heart ;)

Share this post


Link to post
Share on other sites

I was in Fartyventura a couple of years ago prices had got ridiculous since my visit a year earlier its going to end badly in Spain worse than here.

Share this post


Link to post
Share on other sites

http://www.spanishpropertyinsight.com/late...rket_report.htm

annual % change

1 bed € 146,742 -2,9%

2 bed € 205,125 -3,0%

Another interesting statistic to emerge from the Property Registry’s report is that Britons purchased some 22,628 Spanish properties in 2006, by far the biggest group of buyers after the Spain. British purchases represent almost double all other European purchases put together. The next biggest national group were the Germans, who bought 12 properties in Spain for every 100 bought by the Britis

Despite the high level of construction activity in Spain, the supply of quality property is scarce, especially in popular coastal areas. A combination of poor urban planning and unimaginative developers churning out identikit apartments has blighted vast swathes of the Spanish coast, which now looks like a wall of cement in many areas. Price differentials between the pockets of quality and the rest are likely to increase, with quality property rising in value, whilst the rest of the market stagnates at best. Under the circumstances, the present buyer’s market might be a good time to find quality property for a reasonable price. Having said that, buyers need to be aware that there are still many overprice properties on the market, so detailed local research is key to identifying value

Share this post


Link to post
Share on other sites

A good place to watch this unfolding (if you speak Spanish) is here: El Confidencial

They have a special focus on the financial and real estate markets and there is a news piece almsot daily on what is happening there (and believe me, the Spanish bubble is huge in comparison to the one in the UK). Today's news is that troubled developers (and in contrast to the UK, the new-build market is far more important in Spain than the second-hand market) are selling buildable land "for whatever they can get":

Promotoras en apuros venden o permutan suelo edificable a cambio de ‘lo que sea’

Share this post


Link to post
Share on other sites

"bad to worse" - surely "good to better" would be a better way of putting it. It's amazing how the unstated belief that rising house prices are a good thing for everyone has permeated the way people speak about the whole subject when, in fact, it's really unclear that rises in any way a good thing for the majority.

Share this post


Link to post
Share on other sites
Great send all the ******ing immigrants there then, plenty houses for them to stay in! Problem solved I'd say! :P:lol:

Spain's already got plenty of immigrants - and a good proportion of those immigrants are British.

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.

  • 351 The Prime Minister stated that there were three Brexit options available to the UK:

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal



×
×
  • 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.