Monday, May 12, 2008

Sitting in a hotel on the Costa del Sol, a handful of expat Brits are watching the sun set on their dreams of a new life in Spain.

Helldorado: How expats dream life in the Spanish sunshine has turned into a property nightmare

Gathered inside the ballroom of the Hotel Alanda on Marbella's Golden Mile, they are stony-faced as one by one their homes go under the auctioneer's hammer for thousands of pounds less than they paid for them. Fittingly described in the auction catalogue as "distressed sales", these properties were once the pride and joy of their owners.

Posted by chris @ 12:59 AM (662 views)
Please complete the required fields.



5 thoughts on “Sitting in a hotel on the Costa del Sol, a handful of expat Brits are watching the sun set on their dreams of a new life in Spain.

  • “And to make matters even worse, the pound has fallen almost 12 per cent against the euro over the last year, leaving many British residents even further out of pocket.”

    Actually, no. That works in their favour, as it offsets some of the Euro loss on their property.

    Reply
    Please complete the required fields.



  • I feel quite sorry for them. However, would they bare any sympathy for the locals they priced out?

    Reply
    Please complete the required fields.



  • they knew the risks and yet again human greed kicked in!!

    Reply
    Please complete the required fields.



  • I really can’t understand how some people think. Do they think that the builders are all stupid? Why would a builder want to sell off plan if it was a dead cert that the places they are building would increase in price before completion? No, they sold off plan to muppets who wanted to flip the houses so that they didn’t have to take the risk themselves. There’s no way we should feel sorry for those left holding the parcel now the music has stopped.

    However, those who bought and did all the right things and got their place checked out etc. and then go and have it bulldozed because the planners changed their mind – well I think that is outrageous in an EU country. They deserve our sympathy. That must really be a nightmare.

    Reply
    Please complete the required fields.



  • Why would anyone put all their savings or cash into property is beyond me. If its too expensive to keep 2 properties why be shocked when it goes wrong or there are currency fluctuations. Why take on that much debt ?

    Thousands are homeless due to developers and investors making housing now unafforadble. 70 per cent of those buying were looking to flip and make profit by selling on to some other mug.

    This should be a lesson for all. Property can turn out to be one of the worst investments because its capable of ruining you financially for life or destroying what you’ve worked for all your life.

    Live by your means and use housing as a home, not some get rich retirement scheme. If you want to get rich, then roll up your sleeves and blinking well WORK for it !!

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>