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Spain - Still Toast

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http://www.ft.com/cms/s/0/720d5946-e8c4-11...00779fd2ac.html

A crisis in store for Spain's election victor

By Wolfgang Münchau

Published: March 3 2008 02:00 | Last updated: March 3 2008 02:00

The Spanish election this Sunday is too close to call. What is certain, however, is that the winner will spend the next four years cleaning up an economic mess of a scale not witnessed in Spain in modern times.

The twin engines of the coming Spanish economic crisis are a collapsing housing market and a current account deficit, now at 10 per cent of gross domestic product. The two are related, of course, as the property bubble has been a driving force behind a credit-financed spending boom.

In response to a question about what to do about the rising current account deficit, I heard a respected Spanish economist say the best response would be to stop publishing it. He was joking, I think, but I am not entirely sure. There can be no currency crisis, of course, since Spain does not have its own currency. But even for countries in a monetary union, huge current account imbalances have a meaning. They point to future adjustment. In no sector is that adjustment going to be more painful than in the housing market.

I have become a collector of scary housing statistics of late. One of my favourites is a chart from the Bank of Spain, which shows that building approvals and permits* have fallen off the edge of a cliff since the end of 2006. At their peak, building permits were rising at an annual growth rate of 25 per cent. In the autumn of 2007, their annual change was minus 20 per cent - probably still going down. House prices have not fallen nearly as much, but this is only a matter of time, as sellers tend to suffer from a collective delusion at this stage in the housing cycle.

Between 1995 and last year, Spanish house prices tripled in nominal terms, and doubled in real terms. Several explanations have been offered: a trend for young people to leave their parental homes earlier; a rise in immigration; and the country's popularity among northern European homebuyers. But beware of demand-side arguments. They are usually cyclical, and the cycle is just turning. Also, as supply increases with demand, there is now a glut of unsold homes.

I would expect real Spanish house prices to fall by almost as much as they have risen over the past 10 years. If one looks at real house prices in the US or Germany over very long periods, one finds that they have been virtually flat - as they should be.

The cost of building a house is relatively constant, and the land is not used for productive work. The purchase of a home protects its investor against inflation, for sure. But as long as the housing supply is relatively elastic, housing prices should not rise in real terms. Since Spain still happily generates fairly robust rates of inflation, the impact on nominal prices will be somewhat less severe.

There are some notable exceptions to the zero-price increase rule, for example the UK, where real prices have been going up over the years, but for very pathological reasons that are not necessarily present in other countries. The Spanish market is structurally more similar to the US and Germany, in the sense that a rise in demand is usually met by an offsetting rise in supply. By this logic, a substantial part of the abnormal inflation-adjusted house price gains we have seen will be reversed as the housing cycle turns down.

The economic impact of this downturn in the housing cycle is going to be worse for Spain than for other countries. A truly staggering statistic about Spain is the fact that construction investment constitutes 18 per cent of the Spanish gross domestic product, according to the European Union's Ameco database. In France and Germany, that proportion is about 10 per cent.

When house prices fall, GDP will be hit in two ways: the first is the direct effect of a fall in construction investment, and the second is the indirect consumption effect, as people cannot extract new liquidity from their homes, which they could use for consumption spending. If the construction sector's share of GDP were to shrink to 10 per cent gradually over a period of, say, four years, the direct effect on growth would be close to 2 percentage points per year.

Add the consumption effect from lower house prices, and you easily get a half-decade of zero growth - perhaps longer, perhaps worse, perhaps both.

Of course, the Spanish economy has some notable strengths. One is the fiscal position. The country has been running budget surpluses and has a manageable debt-to-GDP ratio. Spain is therefore relatively better equipped to compensate for a short cyclical shock than, for example, countries that have started out with excessive deficits, such as the UK. For a long period of adjustment, fiscal policy, however, is not going to help.

Second, Spain has a modern and robust banking sector that has avoided some of the pitfalls of modern credit markets. Yet Spanish banks will have problems once mortgage default rates are rising. And in terms of structural reforms, Spain ranks low in league tables on product market and retail regulation, and in terms of competition policy.

Now that the bubble-economy is largely defunct, the main challenge for the victors of Sunday's election will be - apart from crisis management - the search for a new growth model, based on rising productivity. Unfortunately, that reality, too, has yet to sink in fully.

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Bubble fever was rife in Spain --- and - guess what -- they were all saying "It's different this time" and all the other crap...... Fact staring all in the face was that ordinary people couldn't afford to buy a matchbox, let alone a dog kennel..... Unless they took out a LIAR LOAN of course......

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It's no secret that 2008 is going to be a tough year for the Spanish property industry. Sellers will be having a tough time, buyers will be enjoying bargains agents will be closing down or cutting costs and many jobs in the industry will go.

But, are we going to see prices fall /collapse not much more in my opinion. Someone who buys in Spain is looking for a second home or to relocate from the UK or mainland Europe People want to live in an area where children can go to local good schools, where you have an excellent healthcare system and facilities, where you can run your own business if you want to without Mr Brown wanting more than a cut in tax, have 320 days of sunshine per year and integrate in to a civilised society where you can feel at home woman actually don’t feel scared to walk to the shops by themselves at night, for these reasons people will always want to live or spend time in Spain rather than in a Shoebox appartment in some UK city center paying 180-200K for the pleasure, a similar property say on the Costa Blanca would be around 80-90 K at todays prices

Spain is far from a collapse, in the past the market has been chaotic, houses were selling quicker than imaginable and the high demand was there it was difficult to drive past a UK hotel on a weekend without a Spanish exhibition on. It was an unnatural market place for many years with many dodgy people involved wanting a share of the gold rush however most now have been flushed out or have moved onto their next scam.The emphasis now seems to be more on quality builds by established builders. Today Spain has still a strong and stable market place especially near the coasts, where prices are still increasing albeit at a slower and more realistic pace. Looking at the figures for 2007 in Alicante they experienced an annual growth of 2.1% whilst in Murcia it was still high at 9.5%. This can put this down to Murcia being less developed than Alicante with a lot of builders recently moving that little bit further south to this area. Slowdown yes collapse / toast most certainly NOT.

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It's no secret that 2008 is going to be a tough year for the Spanish property industry. Sellers will be having a tough time, buyers will be enjoying bargains agents will be closing down or cutting costs and many jobs in the industry will go.

But, are we going to see prices fall /collapse not much more in my opinion. Someone who buys in Spain is looking for a second home or to relocate from the UK or mainland Europe People want to live in an area where children can go to local good schools, where you have an excellent healthcare system and facilities, where you can run your own business if you want to without Mr Brown wanting more than a cut in tax, have 320 days of sunshine per year and integrate in to a civilised society where you can feel at home woman actually don’t feel scared to walk to the shops by themselves at night, for these reasons people will always want to live or spend time in Spain rather than in a Shoebox appartment in some UK city center paying 180-200K for the pleasure, a similar property say on the Costa Blanca would be around 80-90 K at todays prices

Spain is far from a collapse, in the past the market has been chaotic, houses were selling quicker than imaginable and the high demand was there it was difficult to drive past a UK hotel on a weekend without a Spanish exhibition on. It was an unnatural market place for many years with many dodgy people involved wanting a share of the gold rush however most now have been flushed out or have moved onto their next scam.The emphasis now seems to be more on quality builds by established builders. Today Spain has still a strong and stable market place especially near the coasts, where prices are still increasing albeit at a slower and more realistic pace. Looking at the figures for 2007 in Alicante they experienced an annual growth of 2.1% whilst in Murcia it was still high at 9.5%. This can put this down to Murcia being less developed than Alicante with a lot of builders recently moving that little bit further south to this area. Slowdown yes collapse / toast most certainly NOT.

I don't know anything about the Spanish market above what is being written in the press, but on that basis alone I wouldn't consider buying a parking permit in Spain, much less a property.

Can you show me a link to a single piece of credible evidence for the sentiment expressed in your post? The FT has been saying a marginly politer version of "Spain is toast" for quite some time now.

I get the impression that the Spanish economic miracle has been almost single-handedly due to a property bubble. I'd love to see evidence that confirms the "soft-landing" scenario you put forward.

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Paddles beat me to it. That post must be from a Spanish property VI. I know an urbanisation in the Costa Blanca (of 500 or so addresses) that I rent from in the Summer where owners can't sell for the prices they paid in 2003. Prices rising Y-on-Y? Give me a break!

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I don't know anything about the Spanish market above what is being written in the press, but on that basis alone I wouldn't consider buying a parking permit in Spain, much less a property.

Can you show me a link to a single piece of credible evidence for the sentiment expressed in your post? The FT has been saying a marginly politer version of "Spain is toast" for quite some time now.

I get the impression that the Spanish economic miracle has been almost single-handedly due to a property bubble. I'd love to see evidence that confirms the "soft-landing" scenario you put forward.

I wanted to reply to papag's post but I simply couldn't figure out if he was being ironic or not...

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It's no secret that 2008 is going to be a tough year for the Spanish property industry. Sellers will be having a tough time, buyers will be enjoying bargains agents will be closing down or cutting costs and many jobs in the industry will go.

But, are we going to see prices fall /collapse not much more in my opinion. Someone who buys in Spain is looking for a second home or to relocate from the UK or mainland Europe People want to live in an area where children can go to local good schools, where you have an excellent healthcare system and facilities, where you can run your own business if you want to without Mr Brown wanting more than a cut in tax, have 320 days of sunshine per year and integrate in to a civilised society where you can feel at home woman actually don’t feel scared to walk to the shops by themselves at night, for these reasons people will always want to live or spend time in Spain rather than in a Shoebox appartment in some UK city center paying 180-200K for the pleasure, a similar property say on the Costa Blanca would be around 80-90 K at todays prices

Spain is far from a collapse, in the past the market has been chaotic, houses were selling quicker than imaginable and the high demand was there it was difficult to drive past a UK hotel on a weekend without a Spanish exhibition on. It was an unnatural market place for many years with many dodgy people involved wanting a share of the gold rush however most now have been flushed out or have moved onto their next scam.The emphasis now seems to be more on quality builds by established builders. Today Spain has still a strong and stable market place especially near the coasts, where prices are still increasing albeit at a slower and more realistic pace. Looking at the figures for 2007 in Alicante they experienced an annual growth of 2.1% whilst in Murcia it was still high at 9.5%. This can put this down to Murcia being less developed than Alicante with a lot of builders recently moving that little bit further south to this area. Slowdown yes collapse / toast most certainly NOT.

talk about a vested interest , what obout crime in the costa blanca when i bought their 4 years ago we were broke into 3 times! i would like to see the writer of this rubbish walk down the streets of torrivica late at night ,i was so relived when i sold the place

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I don't know anything about the Spanish market above what is being written in the press, but on that basis alone I wouldn't consider buying a parking permit in Spain, much less a property.

Can you show me a link to a single piece of credible evidence for the sentiment expressed in your post? The FT has been saying a marginly politer version of "Spain is toast" for quite some time now.

I get the impression that the Spanish economic miracle has been almost single-handedly due to a property bubble. I'd love to see evidence that confirms the "soft-landing" scenario you put forward.

also, many of the the reason given (good weather, vacation homes, etc) were the exact same ones used in Miami, and as most people know, Miami has just been decimated by HPC.

also Spain's average house price to average income is about 11-12ish.

America's was 5 when they started crashing, Britain's is about 7-8.

Spain really is toast.

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There are some notable exceptions to the zero-price increase rule, for example the UK, where real prices have been going up over the years, but for very pathological reasons that are not necessarily present in other countries. The Spanish market is structurally more similar to the US and Germany, in the sense that a rise in demand is usually met by an offsetting rise in supply.

So every other country with HPI is in a bubble except the UK because it is different here.

:lol:

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I don't know anything about the Spanish market above what is being written in the press, but on that basis alone I wouldn't consider buying a parking permit in Spain, much less a property.

Can you show me a link to a single piece of credible evidence for the sentiment expressed in your post? The FT has been saying a marginly politer version of "Spain is toast" for quite some time now.

I get the impression that the Spanish economic miracle has been almost single-handedly due to a property bubble. I'd love to see evidence that confirms the "soft-landing" scenario you put forward.

If you rewind back to April last year, we witnessed European media frenzy over the poor state of the Spanish property market. These rumours lay at the feet of the demise of Astroc Mediterranea S.A, a construction company from Valencia on the Spanish stock market. Share prices experienced an unprecedented dramatic rise, closely followed by an equally dramatic fall which ultimately led to not only the bankruptcy of the company, but a knock on effect on other companies in the industry whose share price also fell, some quite significantly.

Almost immediately followed a tidal wave of dramatic reports from the likes of Bloomberg/BBC/ Trevor Mcdonalds blog which consequently made their way in to our newspapers, about how the so called Spanish bubble had burst and Spain was in a terrible mess. They failed to report on those affected share prices rising back up although the prices are like most in Europe at the moment enjoying large swings, following what is only a natural chain reaction when one of the largest companies in any sector goes bankrupt and the sub Prime situation.

Not saying all is rosy in Spain far from it but compared to the UK property market and prices Spain for the reasons in my previous post will always have customers unlike the monstrosity builds in the City centres of the UK which will soon be social housing infiltrated by benefit cheats drug users and so on.

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It's no secret that 2008 is going to be a tough year for the Spanish property industry. Sellers will be having a tough time, buyers will be enjoying bargains agents will be closing down or cutting costs and many jobs in the industry will go.

But, are we going to see prices fall /collapse not much more in my opinion. Someone who buys in Spain is looking for a second home or to relocate from the UK or mainland Europe People want to live in an area where children can go to local good schools, where you have an excellent healthcare system and facilities, where you can run your own business if you want to without Mr Brown wanting more than a cut in tax, have 320 days of sunshine per year and integrate in to a civilised society where you can feel at home woman actually don’t feel scared to walk to the shops by themselves at night, for these reasons people will always want to live or spend time in Spain rather than in a Shoebox appartment in some UK city center paying 180-200K for the pleasure, a similar property say on the Costa Blanca would be around 80-90 K at todays prices

Spain is far from a collapse, in the past the market has been chaotic, houses were selling quicker than imaginable and the high demand was there it was difficult to drive past a UK hotel on a weekend without a Spanish exhibition on. It was an unnatural market place for many years with many dodgy people involved wanting a share of the gold rush however most now have been flushed out or have moved onto their next scam.The emphasis now seems to be more on quality builds by established builders. Today Spain has still a strong and stable market place especially near the coasts, where prices are still increasing albeit at a slower and more realistic pace. Looking at the figures for 2007 in Alicante they experienced an annual growth of 2.1% whilst in Murcia it was still high at 9.5%. This can put this down to Murcia being less developed than Alicante with a lot of builders recently moving that little bit further south to this area. Slowdown yes collapse / toast most certainly NOT.

I was there in the early nineties and you have to believe me it was carnage. British people stopped paying their community charges and ran up huge debts to the local council. Property dropped like a stone ! I should have bought heavily then but did not have the cash ! You have to look at the figures back then.

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If you rewind back to April last year, we witnessed European media frenzy over the poor state of the Spanish property market. These rumours lay at the feet of the demise of Astroc Mediterranea S.A, a construction company from Valencia on the Spanish stock market. Share prices experienced an unprecedented dramatic rise, closely followed by an equally dramatic fall which ultimately led to not only the bankruptcy of the company, but a knock on effect on other companies in the industry whose share price also fell, some quite significantly.

Almost immediately followed a tidal wave of dramatic reports from the likes of Bloomberg/BBC/ Trevor Mcdonalds blog which consequently made their way in to our newspapers, about how the so called Spanish bubble had burst and Spain was in a terrible mess. They failed to report on those affected share prices rising back up although the prices are like most in Europe at the moment enjoying large swings, following what is only a natural chain reaction when one of the largest companies in any sector goes bankrupt and the sub Prime situation.

Not saying all is rosy in Spain far from it but compared to the UK property market and prices Spain for the reasons in my previous post will always have customers unlike the monstrosity builds in the City centres of the UK which will soon be social housing infiltrated by benefit cheats drug users and so on.

Ah ok, I get it now! You're one of the regulars on here having some fun with a second username, aren't you? Coverter Lurker, is my guess.

That can be the only reason anyone would put forward the proposition that the Spanish property market is stronger than the UK's based on the fact that "the weather's nice" and there's not much crime*.

C'mon, 'fess up, who are you really?

*anecdotely; I went on a weekend rugby tour to Madrid a couple of years ago. We had the worst hit rate for being pickpocketed and/or mugged of any European destination we've ever been to. I think out of about 30 of us we had 8 or 9 phones and a couple of wallets lifted and one guy got absolutely shoed by a bloke and his mate after being conned into thinking he was getting into a taxi. Of course, at 4am none of us were in the most alert and vigilant condition of our lives.....

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I was there in the early nineties and you have to believe me it was carnage. British people stopped paying their community charges and ran up huge debts to the local council. Property dropped like a stone ! I should have bought heavily then but did not have the cash ! You have to look at the figures back then.

Long before my time that but I will take your word for it, I have a small apartment in Spain so vested interest could and has been thrown at me re my original post, I spend around 3 month’s of the year there and speak honestly from what I see and learn from other Brits in Spain also looking in estate agent windows.

Most people who purchase out there do so for a better lifestyle and to get away from the UK hectic pace of life and poor climate and not in the main to make money on property, those that do will run the same risks as the BTL brigade in the UK

With regards to safety / crime I would never buy in any main City Centre in the world even Torrevieja all are out of control in my opinion

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The emphasis now seems to be more on quality builds by established builders.

Are you saying that what people prefered in the past is dogsh*t built by cowboys?

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Are you saying that what people prefered in the past is dogsh*t built by cowboys?

No they didnt know the quality till they got the keys :o

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It's no secret that 2008 is going to be a tough year for the Spanish property industry. Sellers will be having a tough time, buyers will be enjoying bargains agents will be closing down or cutting costs and many jobs in the industry will go.

But, are we going to see prices fall /collapse not much more in my opinion. Someone who buys in Spain is looking for a second home or to relocate from the UK or mainland Europe People want to live in an area where children can go to local good schools, where you have an excellent healthcare system and facilities, where you can run your own business if you want to without Mr Brown wanting more than a cut in tax, have 320 days of sunshine per year and integrate in to a civilised society where you can feel at home woman actually don’t feel scared to walk to the shops by themselves at night, for these reasons people will always want to live or spend time in Spain rather than in a Shoebox appartment in some UK city center paying 180-200K for the pleasure, a similar property say on the Costa Blanca would be around 80-90 K at todays prices

Spain is far from a collapse, in the past the market has been chaotic, houses were selling quicker than imaginable and the high demand was there it was difficult to drive past a UK hotel on a weekend without a Spanish exhibition on. It was an unnatural market place for many years with many dodgy people involved wanting a share of the gold rush however most now have been flushed out or have moved onto their next scam.The emphasis now seems to be more on quality builds by established builders. Today Spain has still a strong and stable market place especially near the coasts, where prices are still increasing albeit at a slower and more realistic pace. Looking at the figures for 2007 in Alicante they experienced an annual growth of 2.1% whilst in Murcia it was still high at 9.5%. This can put this down to Murcia being less developed than Alicante with a lot of builders recently moving that little bit further south to this area. Slowdown yes collapse / toast most certainly NOT.

I’m not sure where to begin with this – you list a number of perceived reasons for wanting to live in Spain (some of which are plain wrong by the way: starting a business is far more difficult there and the taxation burden is much higher) and use them to say that the property market cannot fall a lot. But one doesn’t follow from the other. Are you saying that these factors justify any price for real estate there, no matter how high? (you would be quite mad if you really thought that). If not, at what price would Spanish property be wildly overpriced and liable for a fall – you must have some idea, no?

Actually, I suspect that you don’t and you are making the same mistake that so many others do during bubbles (and especially during property bubbles): You have assumed that because people might want something, that the price of it will stay high without actually thinking about how high that price is and whether it is sustainable at all.

Let me give you a hand here:

Average Spanish house prices at the end of 2006 were at nearly 13 times average earnings. That is the highest multiple in the Western hemisphere since at least the Florida Land Boom of the 1920’s, and compares with 7.5 in the UK. The range through normal cycles (i.e. ones not accompanied by massive, froth-filled, highly-leveraged, speculative bubbles) in both countries is between 3 and 5 times average earnings. At the same time, as the FT writer points out, Spain has gone from being a very competitive country when it entered the euro in 1999 to being uncompetitive now (hence the current a/c deficit). As Spain cannot devalue out of trouble, the only way to become competitive again is through deflation relative to its trading partners. This means a nasty and protracted period of high unemployment (either that or leaving the euro and devaluing, which would be an event of default for all Spanish government and corporate bonds). Given that, by far, the biggest buyers and investors in Spanish property have been (naturally) Spaniards, and given that credit conditions have deteriorated markedly on a retail and wholesale level, while interest rates have doubled since 5 years ago, the outlook for real estate demand is dire to say the least.

On the supply side, 800,000 more houses were completed last year than builders had buyers for, and the number is similar for this year. That is 2% of the entire population (man, woman and child) each year. Over the last 12 months, developer after developer has either completely failed or has been bailed out by its banks and remains hanging by a thread (not least because in many cases their banks are being bailed out by the ECB) while real estate agents have either downsized by 30-50% or have closed their doors completely.

You seem to think that prices are still rising in Alicante and Murcia, when the anecdotal evidence – particularly there - is the opposite of that. There have been many cases of buyers, having exchanged contracts, preferring to pay the 10% penalty than complete on houses that has fallen 20% in value since they exchanged contracts. Many people who have bought off plan to find their development more than half empty have also found that they would only get about 1/3 of their money back if they sold their house on the open market (after all, who wants to live in a ghost town?). Everyone in Spain knows that there is something badly wrong with official house price data at the moment (everyone also knows that governments there will not hesitate to play around with official statistics if it helps them politically – especially at election time), so I would take your cue from them – ignore it.

Far from being “strong and stable”, Spain’s property market is collapsing. You should expect this to continue for some time.

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Long before my time that but I will take your word for it, I have a small apartment in Spain so vested interest could and has been thrown at me re my original post, I spend around 3 month’s of the year there and speak honestly from what I see and learn from other Brits in Spain also looking in estate agent windows.

Most people who purchase out there do so for a better lifestyle and to get away from the UK hectic pace of life and poor climate and not in the main to make money on property, those that do will run the same risks as the BTL brigade in the UK

With regards to safety / crime I would never buy in any main City Centre in the world even Torrevieja all are out of control in my opinion

So what you're really saying is "when property prices drop through the floor in Spain I won't particularly care because I like it here and don't need to sell".

Not quite the same thing as "there won't be a crash", is it? And I'm still waiting for any kind of press-report, economic data, article written by a respected opnion to support your sentiment.

Still, the churros and lomo is nice, eh?

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Spain may be crashing but ppl who bought there last year after selling in the UK are still quids in, even after factoring in a 10% decline, as the £ has lost around 15% against the Euro in the last 12-18 months

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Remember that house prices fall everywhere except where you are personally invested.

I sometimes wonder if I only believe house prices are going to fall because I want them to.

Am I creating my own reality? Do I even exist?

:unsure:

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Spain may be crashing but ppl who bought there last year after selling in the UK are still quids in, even after factoring in a 10% decline, as the £ has lost around 15% against the Euro in the last 12-18 months

Yep only paid 66K for mine then would have cost me 84K at today rate,appartments are still selling in my block for around 120K euros.

Do I detect a friend on here at last :D

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Am I creating my own reality? Do I even exist?

:unsure:

Hard to say. After all, this forum is entirely a figment of your imagination.

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Yep only paid 66K for mine then would have cost me 84K at today rate,appartments are still selling in my block for around 120K euros.

Do I detect a friend on here at last :D

You need quite a rise in value just to break even at sale time. Agents charge 10% and upwards in commission, how they justify it I don't know! (Trying to sell privately is possible but with so many on the market, this is difficult). Then there are legal costs and Capital Gains Tax on any profit, although this was reduced last year for all non-residents from 40% to 18%.

Edited by Stourbridge Baggie

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Spain is far from a collapse, in the past the market has been chaotic, houses were selling quicker than imaginable and the high demand was there it was difficult to drive past a UK hotel on a weekend without a Spanish exhibition on. It was an unnatural market place for many years with many dodgy people involved wanting a share of the gold rush however most now have been flushed out or have moved onto their next scam.The emphasis now seems to be more on quality builds by established builders. Today Spain has still a strong and stable market place especially near the coasts, where prices are still increasing albeit at a slower and more realistic pace. Looking at the figures for 2007 in Alicante they experienced an annual growth of 2.1% whilst in Murcia it was still high at 9.5%. This can put this down to Murcia being less developed than Alicante with a lot of builders recently moving that little bit further south to this area. Slowdown yes collapse / toast most certainly NOT.

After reading your message, there can be 2 possibilities:

1) you are an estate agent in Spain and want to attract some costumers in which case you chose the wrong web site. People here know exactly what happens in Spian.

2) you have no diea what you are talking about and what happens in Spain.

A good souce of information for you would be www. spanishpropertyinsight.com

Murcia had a 9.5% growth????? Are you nuts????

Do you know the 100 of thousands of apartments for sale in Murcia that nobody wants to buy?

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  • 295 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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