I am forever being asked what the property market in Spain
There is strong demand for coastal property as long as it is cheap and well positioned. Unfortunately a huge number of apartments were built in the boom to be sold off plan that are disasters as homes. Build quality is frequently abysmal whilst layout and amenities are worse! Swimming pools tucked away in ugly corners and apartments over divided. What do I mean by this? Put simply the developers put a 2 bedroom, 2 bathroom apartment into a floor space that would have made a nice, spacious, 1 bed. This results in all the rooms being too small and cramped; kitchens you can’t work in, bedrooms without storage and so on. On the plans and in the artists impressions all was well but in real life…! So before jumping at a bargain take a moment to think what it will look like with furniture and people in it. Properties like this should be avoided like the plague.
The availability of apartments (and they aren’t all bad – there are bargains about) and modern townhouses has impacted on the value of traditional village houses which have plummeted in price. There are some great bargains about just now.
Inland country houses and villas have also come down in price but nowhere near as much as village properties. That probably reflects the fact that the demand for them is stronger; most people would rather have a detached home, ideally with a pool, then a terraced village house. These are prime properties and prices are holding up much better.
The most striking feature of the current market however is that there are an awful lot of people sitting on the fence! They want to buy that home in the sun but they don’t want to commit until they are sure the market has bottomed. This indicates that there is a big pent up demand and once the market turns it will move up quickly. Unfortunately for these people it is never easy to catch the absolute bottom and we are obviously very close to it so if you see the house that suits your dreams and your pocket, get off the fence!Email: bill@tickle-international-property.com
+44 208 144 5525
+598 424 80 563
Skype; tickle.tip
Find Spain real estate and Spanish property distressed sales near of the beach in the north of Spain and in Mediterranean. Luxury homes and villas in the best country for holidays!
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Take on board all you say about people sitting on the fence. We are currently holding on because with the Euro being under pressure and the likelihood that Spain will need a bail out we are reluctant to have an investment in a currency that lacks stability. John Foyen
ReplyDeleteDear John,
Interesting comments. I understand completely where you are coming from on this and would like to post them on my blog because I think they sum up how a lot of people feel..
That said, I think you might be looking at the situation the wrong way. I was talking to a broker about a small investment in a Gold fund. He was making a big thing about what currency it was denominated in. I asked why it mattered because the investment was in gold; gold goes up, it goers up against everything! What matters is that if I want to buy something in any currency I can do the usual currency exchange. In a way I think that is the point with Spanish property in the most attractive areas to live and holiday. You are looking at the underlying fundamentals of the asset; Andalucia has the best climate in Europe, wonderful scenery and a fantastic way of life. Throw in that you don’t as an EU citizen need permission to live or visit and the excellent infrastructure and the area will always have an overwhelming appeal to most other Europeans. This means the property market there will reflect Europe wide prospects and not Spanish. Now that might not sound too good at the moment but the non Club Med countries are all very strong and whatever happens in the future Germans, Scandis, Brits and Dutch Belgians will be looking for a home in the South.
On a different note any fall in the value of Spanish money or decline in the Spanish economy will actually make Andalucia more attractive to non Spaniards. These factors will help reduce the cost of living and make holidaying and living in Andalucia more affordable. So whilst Spain may well struggle this will be a benefit in the South. A bad local economy is always good for expats!
What this means is that whilst I can understand your reservations, when it comes to buying a home, they are unnecessary!
Spain is the love of passionate people. Properties is Spain contain huge rate differences although. You points make me clear about one thing for sure that modern townhouses prices are affecting by the new moderen addition . But this modern trend still need time to be a part of Spain traditional building customizations. Spain is unlike the properties in north london.
ReplyDeleteThanks for sharing your thoughts on this matter. You make some interesting points.
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