Costa Blanca Prices

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This topic contains 72 replies, has 21 voices, and was last updated by Profile photo of Anonymous Anonymous 7 years, 2 months ago.

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  • #55180
    Profile photo of Anonymous
    Anonymous
    Participant

    I have just put in an offer at the asking price for an appartment in Cabo Roig(unseen) and than the seller changing his mind. I now have to go back to the drawing board in my research.

    I am looking for property where I can stay and also rent out. I appreciate that south of Torreivieca is cheaper than north, but can anyone say what areas give good value at this moment.

    My ideal area is near to the coast, near to the mountains for skiing, but max I can afford is £130k

  • #94017
    Profile photo of Anonymous
    Anonymous
    Participant

    ” have just put in an offer at the asking price for an apartment in Cabo Roig(unseen) and than the seller changing his mind”

    It is amazing that with all the problems that the media including this forum has high lighted, that you would make an offer for a property without seing it.

    With, this kind of neive behaviour. Can you blame the Spaniards or others that are involved in the property sector in taking people for a ride.

  • #94018
    Profile photo of Anonymous
    Anonymous
    Participant

    @kevducky wrote:

    I am looking for property where I can stay and also rent out. I appreciate that south of Torreivieca is cheaper than north, but can anyone say what areas give good value at this moment.

    My ideal area is near to the coast, near to the mountains for skiing, but max I can afford is £130k

    I have never heard of Torreivieca but seems to be an excellent place. 😆

    Skiing next to coast sounds like paradise. 🙄

  • #94019
    Profile photo of Inez
    Inez
    Participant

    People do place offers in to see if they will be accepted prior to coming to view – Im getting quite a bit of that. Only once has someone bought unseen, but that was for a little house of 29,000 euros!

    Kevducky – What are you looking for in that budget? Does it have to be Torrevieja?

  • #94020
    Profile photo of Anonymous
    Anonymous
    Participant

    I agree buying unseen can be a bit daft. The risk for me was putting a 3000E deposit down and hen I would have gone across to view. So I do have a bit of sense

    The place was Cabo Roig, near the sea for 90000E, pre repossession. I am no necessarily looking in that area, but my budget is around £120000.

  • #94021
    Profile photo of Anonymous
    Anonymous
    Participant

    If you than did not like the property you would have lost your €3k. If you have €3k to throw away. I can always give you my account number. No I am not from Nigeria.

  • #94022
    Profile photo of Anonymous
    Anonymous
    Participant

    @shakeel wrote:

    If you than did not like the property you would have lost your €3k. If you have €3k to throw away. I can always give you my account number. No I am not from Nigeria.

    I had seen photos of inside and outside, I had seen the road on google earth. I had looked at other property for sale in the same block at higher prices, so the risk wasn’t massive

  • #94023
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @shakeel wrote:

    If you than did not like the property you would have lost your €3k. If you have €3k to throw away. I can always give you my account number. No I am not from Nigeria.

    not necesarily. comes down to what sort of ‘reseveration contract is signed and what conditions. “subject to viewing” used to be all the rage when inspeciton trips were popular.
    Just to make sure the agency does nothing clever leave the deposit with your lawyer.

  • #94024
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @kevducky wrote:

    My ideal area is near to the coast, near to the mountains for skiing, but max I can afford is £130k

    depending on what sort of property you want, you should find plenty of options in the province of malaga.
    coast= costa del sol
    skiing= sierra nevada

  • #94025
    Profile photo of katy
    katy
    Spectator

    Some of the properties on those websites aren’t even for sale, others aren’t the actual property. I am amazed that anyone would turn down an asking price offer in Torrevieja 😯 Nearly the whole place seems to be on sale at low(ish) prices.

    Frankly I think anyone looking to buy at the present exchange rate (presuming you are in sterling) must be crazy..or very rich 😆

  • #94026
    Profile photo of Anonymous
    Anonymous
    Participant

    @fuengi wrote:

    @kevducky wrote:
    My ideal area is near to the coast, near to the mountains for skiing, but max I can afford is £130k

    depending on what sort of property you want, you should find plenty of options in the province of malaga.
    coast= costa del sol
    skiing= sierra nevada

    A 100km+ drive each way for skiing is not that attractive.

    The easiest way is to buy something half way between Motril and Granada
    (somwehere around Lanjaron).

    But then again, Costa Tropical does not have beaches and Sierra Nevada is a modest ski resort. Probably Gerona has a better combination beaches+ski (of course if one uses winter for skiing not for sun-searching).

  • #94027
    Profile photo of Anonymous
    Anonymous
    Participant

    You can see where the difficulty lies. Do you buy now whilst prices are low but sterling is also low. Who is to say if or when sterling will get back to 1.4. Will spannish property prices fall further.

    As far as near ski resorts is concerned, I didn’t actually mean on the door step, a drive of 100k I could cope with. Near the sea is probably a higher priority. Of course the Costa del Sol would be great, but too expensive

  • #94029
    Profile photo of Anonymous
    Anonymous
    Participant

    @kevducky wrote:

    You can see where the difficulty lies. Do you buy now whilst prices are low but sterling is also low. Who is to say if or when sterling will get back to 1.4. Will spannish property prices fall further.

    As far as near ski resorts is concerned, I didn’t actually mean on the door step, a drive of 100k I could cope with. Near the sea is probably a higher priority. Of course the Costa del Sol would be great, but too expensive

    There is no ski resort between Pyrinees and Sierra Nevada. There is some joke of a resort in Teruel but somebody I know was there and they could not stay more than 30 minutes.

    Why don’t you rent apartments next to the sea during the Spring-Summer-Autumn and next to ski during Winter-Spring? Then you can go to the best ski and best sea.

  • #94030
    Profile photo of Anonymous
    Anonymous
    Participant

    I would not waste my time chasing the people involved in getting my money back. Certainly will not give to the lawyers.

    Types of contract etc, are only on paper reality is very different.

  • #94031
    Profile photo of Anonymous
    Anonymous
    Participant

    Why don’t you rent apartments next to the sea during the Spring-Summer-Autumn and next to ski during Winter-Spring? Then you can go to the best ski and best sea.[/quote]

    That is what I would do. Buy a property near the coast and go for long weekends skiing. I don’t want to rent as I am looking for investment

  • #94032
    Profile photo of Anonymous
    Anonymous
    Participant

    “I had seen photos of inside and outside,”

    How can you be sure that it pertains to your prospective property !!!!.

    “I had seen the road on google earth.”

    How uptodate is it and you are not buying the road.

    ” I had looked at other property for sale in the same block at higher prices, so the risk wasn’t massive”

    In Spain people place the price to whatever they feel like placing with the Agent and again you may not be comparing like with like.

  • #94033
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @kevducky wrote:

    Why don’t you rent apartments next to the sea during the Spring-Summer-Autumn and next to ski during Winter-Spring? Then you can go to the best ski and best sea.

    That is what I would do. Buy a property near the coast and go for long weekends skiing. I don’t want to rent as I am looking for investment[/quote]

    If i might ask. What makes you think the property in Torrevieja is a good investment?
    curious about your reasoning

  • #94035
    Profile photo of Anonymous
    Anonymous
    Participant

    @kevducky wrote:

    Why don’t you rent apartments next to the sea during the Spring-Summer-Autumn and next to ski during Winter-Spring? Then you can go to the best ski and best sea.

    That is what I would do. Buy a property near the coast and go for long weekends skiing. I don’t want to rent as I am looking for investment[/quote]

    If you want to do this, a property in Torrevieja is the worst possible buy one could imagine. Worst location, no future.

  • #94036
    Profile photo of Anonymous
    Anonymous
    Participant

    @flosmichael wrote:

    @kevducky wrote:
    Why don’t you rent apartments next to the sea during the Spring-Summer-Autumn and next to ski during Winter-Spring? Then you can go to the best ski and best sea.

    That is what I would do. Buy a property near the coast and go for long weekends skiing. I don’t want to rent as I am looking for investment

    If you want to do this, a property in Torrevieja is the worst possible buy one could imagine. Worst location, no future.[/quote]

    Wo there Flosmichael I think you’re being a bit harsh! As an owner of a property 5 kms south of Torrvieja I feel I have to step in here. I know you’ve driven the depths of spain and given your opinions on what you think is the best and worst places in spain and appreciate that but they are your opinions not everyones! In fairness you are entitled to your opinon. For what its worth, I have travelled around the world and have seen some fabulous beaches and places in remote locations and can relate to what you say about different areas of spain. However not that I have children south of Torrvieja is perfect for what we need. I purchased my property in a fabulous urbanisation, lovely location, near beach, near supermarkets, near airports, lovely neighbours all multinational and have to say we love it. Like the op we use it as a holiday home and have never had any problems.

    Angela

  • #94037
    Profile photo of Anonymous
    Anonymous
    Participant

    If i might ask. What makes you think the property in Torrevieja is a good investment?
    curious about your reasoning[/quote]

    Coata Blanca has a wonderful climate.
    Convenientt Flights
    Beautiful beaches
    reasonable prices.
    If choosing Costa Blanca, I would go for the northern side (Javea), BUT prices have dropped a lot furher in the south. If renting it out, I feel you would receive a higher yield on your investment in this area.
    I am not talking about Torrevieja, itself but south of there. The same as you wouldn’t think of Benidorm as a typical Northern CB town.

    That is my reasoning whether right or wrong and I am willing to be shot down. I appreciate that Cabo Roig is heavily urbanised and in an ideal world it is not ideal.

  • #94038
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    to be fair angela, he is refering to investment. I’m sure where you live (orihuela?) is lovely.
    what in your opinion makes Torrevieja a vialble investment?

  • #94040
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Fuengi,

    I purchased for lifestyle reasons and to hold on to the apartment hopefully for a longtime. I think the OP is not only purchasing for pure investment – he also wants to use it himself from what I gather. With regard to Orihuela costa – There is a shortage of good 3 bed apartment for longterm rental properties at the moment – there are plenty of short term lets available.

  • #94041
    Profile photo of Anonymous
    Anonymous
    Participant

    @kevducky wrote:

    Coata Blanca has a wonderful climate.
    Convenientt Flights
    Beautiful beaches
    reasonable prices.
    If choosing Costa Blanca, I would go for the northern side (Javea), BUT prices have dropped a lot furher in the south. If renting it out, I feel you would receive a higher yield on your investment in this area.
    I am not talking about Torrevieja, itself but south of there. The same as you wouldn’t think of Benidorm as a typical Northern CB town.

    There is a good reason why South CB is much cheaper. They build many houses on ex-swamp land. The landscape is horrible.

    North of Alicante there are some little mountains and the views are nices.

    Look at holidaylettings, there are plenty of South CB properties renting for peanuts and nobody goes.

  • #94042
    Profile photo of Anonymous
    Anonymous
    Participant

    @angela wrote:

    Wo there Flosmichael I think you’re being a bit harsh! As an owner of a property 5 kms south of Torrvieja I feel I have to step in here. I know you’ve driven the depths of spain and given your opinions on what you think is the best and worst places in spain and appreciate that but they are your opinions not everyones! In fairness you are entitled to your opinon. For what its worth, I have travelled around the world and have seen some fabulous beaches and places in remote locations and can relate to what you say about different areas of spain. However not that I have children south of Torrvieja is perfect for what we need. I purchased my property in a fabulous urbanisation, lovely location, near beach, near supermarkets, near airports, lovely neighbours all multinational and have to say we love it. Like the op we use it as a holiday home and have never had any problems.

    Angela

    Hi Angela,

    sorry if I seemed to be harsh but the original poster wanted “investment” .

    I am sure that your house is nice and you like it. But there are plenty of areas near Torrevieja which are simply horrible and those places offer the seemingly bargain prices. Good places hold their prices.

    Sorry again.

  • #94043
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks Flosmichael

    Your coments are taken onboard. Although it has to be an investments, in a couple of years time, I can see myself semi retiring ou there. That is why I am looking at the right property in the right area at the righ pric.

    There is no rush so I will just keep looking

  • #94044
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Flosmichael,

    Appreciate the apology 🙂

    Angela

  • #94065
    Profile photo of Anonymous
    Anonymous
    Participant

    Some of the properties on those websites aren’t even for sale, others aren’t the actual property. I am amazed that anyone would turn down an asking price offer in Torrevieja 😯 Nearly the whole place seems to be on sale at low(ish) prices.

    When the OP says “unseen”, does he mean just the property, or including the area. Wild horses would never ever drag me back to Torrevieja, I think the seller might have done you a big favour.

  • #94066
    Profile photo of Anonymous
    Anonymous
    Participant

    It isn’t Torrevieca It is cabo Roig, the ” Jewel of the Meditteranean” The healthiest climate in the world.

    Ho wcan you say the area is horrible.

    Anyway, I am going back to the drawing board and rethinking my options. I am in no desperate hurry

  • #94067
    Profile photo of Anonymous
    Anonymous
    Participant

    @kevducky wrote:

    It isn’t Torrevieca It is cabo Roig, the ” Jewel of the Meditteranean” The healthiest climate in the world.

    Honestly, have you really been in the area?? If yes, how can you make this statement??

    Not even the hard-core estete agent rampers do not go beyond saying that Cabo Roig is the ” Jewel of the South Costa Blanca” (which I might agree with, considering that it is compared with the likes of Villamartin…). But to say that it is the ‘ Jewel of the Meditteranean”… 😆 😆 😆

  • #94068
    Profile photo of Anonymous
    Anonymous
    Participant

    OK I exagerated a wee bit but it does quote ‘Cabo Roig, “the jewel of the Costa Blanca” and the area boast 320 sunny days a years with officially one of the healthiest climates’

    I quote:

    ‘Cabo Roig the whole of the Costa Blanca, enjoys a wonderful climate and it is claimed to be the most temperate region in the whole of Spain. The area enjoys well over 300 days of sun each year and has an average temperature of approximately 20 degrees centigrade’

    Cannot get better than that 😛 😛

  • #94069
    Profile photo of Anonymous
    Anonymous
    Participant

    @kevducky wrote:

    ‘Cabo Roig the whole of the Costa Blanca, enjoys a wonderful climate and it is claimed to be the most temperate region in the whole of Spain. The area enjoys well over 300 days of sun each year and has an average temperature of approximately 20 degrees centigrade’

    They say the same about any area between Valencia and Faro.

    The 300 days of sun can be 310 or 320, depends on the brochures…

  • #94070
    Profile photo of katy
    katy
    Spectator

    They say it about the CDS too. At a guestimate it would barely reach 300 days.

  • #94071
    Profile photo of Anonymous
    Anonymous
    Participant

    @katy wrote:

    They say it about the CDS too. At a guestimate it would barely reach 300 days.

    Well, I guess CDS is between Valencia and Faro. 😀

    To be honest, the sky was California-blue 24 hours/day during all my 8 days in Mijas area. In Murcia last year it rained one day in July. In El Campello the sky was cloudy every morning and evening (but sunny at noon and in the afternoon).

    So maybe CDS has the sunnier sky in July-August.

  • #94076
    Profile photo of Anonymous
    Anonymous
    Participant

    Kevducky

    I know Cabo Roig well and it is not for me. However, it has a number of attractions as a potential investment opportunity; proximity to 2 major airports, lots to do in the area, nightlife and entertainment on the Strip, beaches, numerous tourists (particularly from UK & Ireland), although quieter in Winter it doesn’t die.

    Beachside around the back of the Strip would probably prove to be the most popular in terms of rental income.

    However, on the downside;
    With the Spanish economy on its knees and a glut of properties (especially 2 bed coastal apartments)
    Sterling weak against the Euro
    Many Brits handing the keys back etc

    Is this the time to make your investment? IMO the market still has a way to drop and you would be better off taking your time over a decision – 5 years maybe

  • #94077
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @oilysqueak wrote:

    Kevducky
    IMO the market still has a way to drop and you would be better off taking your time over a decision – 5 years maybe

    Yep Kevducky, you wait 5 years and stay there in the rain for 320 days a year, and then come join those of us who are enjoying sunshine 300 days of the year some five years from now.

    Put your money elsewhere, put it in stocks and shares, an interest bearing account, a pension, a buy to let, or another rock solid no risk investment like gold or oil or other futures, maybe pork bellies.

    However I bet you Boothy is going to have had a lot more fun though with his investment on the CDS over the next five years, what with popping down every few weeks, sitting on his lovely terrace, looking over the golf course and seaward, a glass of vino in his had and his new girlfriend alongside, getting the advantage of at least sitting on a investment that he can get immeasurable pleasure and satisfaction from hey?

    No, you put it somewhere safe, come back to the coasts in 5 years and see what you can buy then. Hell you will only be 5 years older and have swapped 1,500 days of sunshine for the same in rain.

    Yep wait another 5 years, good advice… bit more tosh really.

    Sorry Oilysqueak, I try not to be flippant or cynical on here but I am definitely more with Boothy on this one.

  • #94079
    Profile photo of Anonymous
    Anonymous
    Participant

    @Chris McCarthy wrote:

    Sorry Oilysqueak, I try not to be flippant or cynical on here but I am definitely more with Boothy on this one.

    You do not have any choice but to be with Boothy on this one…

    The hope always dies last.

  • #94080
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Kevducky,

    I’ll give you my opinion of Cabo Roig. I’m not a fan of the Cabo Roig strip at all, I think it tacky and also that road is very busy. There are several nice houses on the way down to the beach and there are several nice beaches, Cala Capitan and Cabo Roig Beach also. Having said that the area where I have my apartment is about 10 mins drive to Cabo Roig and I love where our apartment is. It is in a quiet urbanisation called Zeniamar. All the phases of it are well maintained and all with nice pools. Most of the phases are multicultural. I will say there are some urbanisations not far from me and with no disrespect that you may as well not set foot out of england or ireland which in my opinion is not what buying a house in spain is all about. I know there are aparments/duplexes for sale in different phases of Zeniamar and I do know that the rental potential is good because of its location. I hope I didn’t insult any property owner if Cabo Roig – it is only my opinion for what it is worth but there are other areas to consider also.

    🙂

  • #94083
    Profile photo of Anonymous
    Anonymous
    Participant

    Chris

    your posts are sounding more and more like a tacky off-plan sales brochure making false promises that very few believe. I know you want to be positive, but when the majority are saying, things might well get worse due to many problems not being addressed, and best to wait a year or two or five?, then saying ‘buy now’ does rather smack of desperation.

    I have no reason to talk the market down and it gives me no pleasure seeing Spains costas in the current situation, but I do wan’t people to be very aware that how ever much homework and research is done the system still stinks, and the implementation of law and justice many take for granted is still not happening. For those happy and have no problems then that’s great, but I believe it’s very much a lottery that the government could and must improve if they want to restore confidence to get people buying in numbers required to reduce the glut of empty and unwanted property.

  • #94084
    Profile photo of Anonymous
    Anonymous
    Participant

    There is alot to be said for both Chris’s and Goodstiche’s coments. It would not supprise me if property prices fell further although I feel that over the longer term, there is more upside than down.

    On saying that, Chris is correct, if I want to do a lifestyle change (as well as investment) why wait.

    Angela’s comments on Capo Roig is persuading me to move elsewhere. in the meantime, I’ll make do with my caravan in sunny prestatyn 🙂

  • #94085
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @kevducky wrote:

    I’ll make do with my caravan in sunny prestatyn 🙂

    Good on you, I have had a camping holiday in Prestatyn myself a number of years ago, and fun it was too!

  • #94086
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant
    flosmichael wrote:
    You do not have any choice but to be with Boothy on this one…
    quote]

    Of course I have a choice, and it was to perhaps highlight Boothy’s search and decision making process as an alternative viewpoint to waiting 5 years, I thought it was relevant that’s all.

  • #94087
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @goodstich44 wrote:

    Chris
    your posts are sounding more and more like a tacky off-plan sales brochure making false promises that very few believe. I know you want to be positive, but when the majority are saying, things might well get worse due to many problems not being addressed, and best to wait a year or two or five?, then saying ‘buy now’ does rather smack of desperation..

    I am categorically not saying buy now.

    I was being flippant yes, and saying that the argument or position of “wait for 5 years” was a bit too far out there really.

    I will try to sound less tacky and off sales plan brochure like in the future though, and is a point well taken.

  • #94088
    Profile photo of Anonymous
    Anonymous
    Participant

    kevducky, there will be nearly one million properties available for rent on the Spanish costas soon – short term, long term etc – no maintenace, no community fees, no urban tax, no exposure to currency movements, no exposure to further downward movements in prices once DEFLATION takes hold in the national economy ………. so why not rent for five years ???????????? just take advantage of the “buy to letters” who’ve ended up with egg on their faces thinking a second home would be their pension !!!!!!!!!!!

  • #94089
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @UBEDA wrote:

    kevducky, there will be nearly one million properties available for rent on the Spanish costas soon – short term, long term etc – no maintenace, no community fees, no urban tax, no exposure to currency movements, no exposure to further downward movements in prices once DEFLATION takes hold in the national economy ………. so why not rent for five years ???????????? just take advantage of the “buy to letters” who’ve ended up with egg on their faces thinking a second home would be their pension !!!!!!!!!!!

    Oh dear here I go again…

    Yep Kevducky go rent for 5 years, pay out all that rental money to someone else.

    Don’t buy property today – at prices last seen 9 years ago – now right at the bottom of the market, you go into the next five years paying rent instead, but don’t be miffed at yourself when you figure the capital appreciation you would certainly have had in 5 years time.

    I mean, where is the logic, you go into the next decade with a price from the start of the decade, and you wait 5 years and what… it is going to be even less?

    Eeee, but I should maybe keep my trap shut!

  • #94090
    Profile photo of Anonymous
    Anonymous
    Participant

    Sorry to have a go at you, but 5 years ago, you could get 1.467 euros to the £. Now you can get 1.13. A fall of 23%.

    It is accepted that house prices have been artificially high, so for the English Buyer, are you getting a good deal. I am starting to think not.

    Do you wait until sterling gets stronger. The English seller may not want to sell at that stage due to the opposite problem of getting less for their money 😕

  • #94091
    Profile photo of Anonymous
    Anonymous
    Participant
    UBEDA wrote:
    kevducky, there will be nearly one million properties available for rent on the Spanish costas soon – short term, long term etc – no maintenace, no community fees, no urban tax, no exposure to currency movements, no exposure to further downward movements in prices once DEFLATION takes hold in the national economy ………. so why not rent for five years ????????????

    I agree with you UBEDA. I have rented very happily for the past 2 years having sold my property here for €320,000. It is back on the market for €225,000; who knows what it will eventually go for.

    Chris McCarthy – depite saying “I am categorically not saying buy now“, followed by the somewhat sarcastic

    “Don’t buy property today – at prices last seen 9 years ago – now right at the bottom of the market, you go into the next five years paying rent instead, but don’t be miffed at yourself when you figure the capital appreciation you would certainly have had in 5 years time”;

    it is clear you fell the market has bottomed. If there has been no capital growth from what you say above over the past 9 years, is it really far fetched to see no more growth in another 5 years (or another 9 years)?

    People who invested in an apartment in the Dakota Building, New York outside which John Lennon was shot took 40 years from the Depression to 1976 to regain their capital.

    Kevducky, if you really want buy for lifestyle reasons then do it, but as an investment it is very risky; as risky as your later comment about trying to predict currency rates.

    Quote:
  • #94093
    Profile photo of peterhun
    peterhun
    Participant

    @Chris McCarthy wrote:

    Oh dear here I go again…

    Yep Kevducky go rent for 5 years, pay out all that rental money to someone else.

    Oh, yes, rent is dead money 😆

  • #94094
    Profile photo of Anonymous
    Anonymous
    Participant

    So is the interest you pay on a mortgage

  • #94095
    Profile photo of katy
    katy
    Spectator

    Don’t know about the CB but I haven’t noticed much of a drop in prices on the CDS. Maybe the odd bargain but that’s all.

  • #94096
    Profile photo of Anonymous
    Anonymous
    Participant

    katy

    what do think it will take to reduce the 1,000,000+ unsold/empty properties? Do you think prices will have to come down by large amounts to kick start the market so that banks can start pulling in the huge amounts outstanding, or would that mean to much of a loss for properties with large loans on them, no not viable to sell cheap? I’m finding it hard to see what will start a recovery without ‘out of the box’ action? I guess Spain is depending on the end of the world recession to get buyers from several countries as well as their own flocking back to buy? With so much lent on unsold property, surely something must give soon?

  • #94097
    Profile photo of katy
    katy
    Spectator

    I think a lot of those empty developments in unsuitable areas will just be left to crumble. I don’t see them selling within the next 5 years. No-one who wants a “lifestyle” will buy them. Seen better Urbanisations in Latvia!
    Personally I wouldn’t buy anything built after about 2002 as they were all shoved up for maximum profit.

    I cannot see the boom years coming back for at least a decade (if ever). people will just buy for their own use and it will be just a trickle, retirees etc.

  • #94099
    Profile photo of Anonymous
    Anonymous
    Participant

    katy

    yes, I can’t see how many undesirable/ unfinished developments will sell?
    I assume they all have huge debt attached to them by someone though?, (even allowing for the large number of lost 30% deposits) Who will decide when the loss must be accepted?, and what mearsures will be used to get back the losses?. I can’t see the banks wanting to write off millions?

  • #94100
    Profile photo of Anonymous
    Anonymous
    Participant

    Goodstich
    It not only requires thinking outside the box to kick start the property market, it also requires us to think outside the term millions.
    On our development alone 12 lost deposits equals 1 million euros.
    Multiply this to equal deposits and or loans on 1,000,000 properties takes us into figures beyond our normal reckoning.
    Some serious thought required here.

  • #94101
    Profile photo of Anonymous
    Anonymous
    Participant

    “but I do wan’t people to be very aware that how ever much homework and research is done the system still stinks, and the implementation of law and justice many take for granted is still not happening. For those happy and have no problems then that’s great, but I believe it’s very much a lottery that the government could and must improve if they want to restore confidence to get people buying in numbers required to reduce the glut of empty and unwanted property.”

    For those buyers who follow at least some of the advice that Mark Stucklin suggest in this website and in his book, I honestly believe that the conveyance process is not like a lottery at all.

    Sadly, and even now, many of the bad practices are still being accepted by unaware buyers, and problems may arise again.

  • #94102
    Profile photo of Anonymous
    Anonymous
    Participant

    well Katy all the sales I hear of are going through at 40% below the “bubble maximum” reached in 2003/4. I’m talking about good areas; the areas that all the boiler room BRIT agents concentrated on are unsaleable at any price as they slowly crumble and rot!!!!!!!!!!!!!

    Anyone claiming to be selling at a full price is a liar – apart from the odd house on the beach in Marbella where a few hundred either way is not an issue !!!!!!!!!

    DEFLATION is on the way !!!!!!!

  • #94108
    Profile photo of Chris McCarthy
    Chris McCarthy
    Participant

    @goodstich44 wrote:

    katy

    what do think it will take to reduce the 1,000,000+ unsold/empty properties?

    Please remember that this oft commented on 1 million unsold properties includes all urban areas of Spain and is not all along the Costas.

    Also remember that there is a natural requirment for new build throughout every country every year, and I seem to recall Mark in one of his feeds talking about a figure of some 300,000 – 400,000 being required each year, and with the complete collapse of the construction sector and almost zero build taking place, that emotive 1 million is likely to fall substantially and dramatically over the next year or two.

    And again, I think we have to remember that while the forum sometimes thinks the world has come to a halt and we become prophets of doom, there is a lot going on out there, people are buying and happily so, and whilst I agree with Katy that some projects may sit for years just as they did in the early 90’s it will all wash through eventually.

  • #94109
    Profile photo of Anonymous
    Anonymous
    Participant

    Chris

    i’ve heard that 1.5 million is probably close to the truth for all Spain?

    I don’t think many of us are phrophets of doom or think the world’s come to a halt, ……just Spains property industry?. I agree people will of course continue to buy in Spain, but until the government addresses some of the well documented problems it will probably be a trickle of buyers as before the boom, and probably not a bad thing once the glut of unwanted/undesirable property is sorted out.

    I still think a substancial collapse in prices can’t be ruled out at some stage, in desperation to get at least some money back to lenders/banks. If the alternative is developments just crumbling away then who will pay (apart from individuals) ?

  • #94110
    Profile photo of katy
    katy
    Spectator

    I have been in the UK most of the time since July. During this time I realised what an awful reputation has Spain and it’s property market. Everyone appears to know about illegal buildings, demolitions etc. Even the Postman looked at me with pity when I said we would be going back shortly. 🙂

    Instead of fiddling while Rome (Andalucía) burns the Junta should be attempting to come up with some solutions and a bit of decent public relations.

    We are now the proud owners of a “bolthole” in the UK and how different and transparent is the property purchase. The info’ we had about the property, area, plans etc was almost book length. The Solicitor even did a background check on the sellers…all for a much lower price than in Spain. My only complaint would be the slowness of the procedure 🙄

  • #94112
    Profile photo of Anonymous
    Anonymous
    Participant

    Truth is, nobody knows the number of unsold properties. I´ve read figures, from credible sources, quoting numbers between one and two million. I´ve also seen laughable numbers such as 20k on the whole CDS given by sources with a vested interest in talking property up.

    Chris, whilst you are right to say that the figure is for the whole of Spain the excesses have been on the coast. Perhaps they account for 50% of the total.

    I´m with Goodstich in that you can´t discount a substantial collapse in prices to come. The banks are doing their level best to prop up prices at present but given the scale of the problem they are in danger of being overwhelmed. If that happens there will be a fire sale set off.

    Even if the banks do hold out there still needs to be a substantial correction. In Ireland, which had a similar boom, prices have now fallen almost 50% in under two years and are still falling albeit now more slowly. I´m convinced that Spain will have to see a similar correction before the market stabilises. Its probably only half way through the pain at present.

    I´ve said it before and I´ll say it again. Once I see the reputable indexes, such as Tinsa, recovering I´ll believe the market is bottoming. Whatever anyone says, there is nothing out there at present to indicate anything other than continued falls.

  • #94117
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    Anonymous
    Participant

    Congratulations Katy on your new purchase! 😀

  • #94122
    Profile photo of angie
    angie
    Spectator

    Could many of the million plus unsold Costa properties be turned into more jail rooms for the crooks involved in Spain’s dodgy property and drug indrusties, especially since many of those developments now look like prison blocks? 😆

  • #94124
    Profile photo of Anonymous
    Anonymous
    Participant

    angie

    good idea, but who would run the country?

  • #94125
    Profile photo of Anonymous
    Anonymous
    Participant

    There appears to be no one running it now.

  • #94168
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    Anonymous
    Participant

    Just getting back to the start of this thread, never buy unseen, do not pay res fees . i know they say you will get them back but that is not always the case once “admin fees” and other waffle has been deducted who knows what you will get back.Take the stance that everybody you are dealing with is lying to you.Check every fact elsewhere .research, research, research. I am saying this to you and i am a agent but i know how it works do the above and negate your risk.Bargains are out there but there is no rush.

  • #94169
    Profile photo of Anonymous
    Anonymous
    Participant

    Simon,

    What a great pity people like you (agents) were not truthful in the first place. Many people would not be in the dreadful positions they are in now, had the agents we dealt with been honest people. What you are now saying is a tad late in the day. We all know that now.

  • #94174
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Claire , thanks for the response have to say i was expecting it.Just a quick point in your reply you state “people like you “.You do not know me or how i operate and indeed have always operated.I have been taken for a ride myself hence the advice please do not judge me on the experiences you have had elsewhere.
    This is only my opinion but if you look at every property market around the world that has experienced explosive growth a crash has always followed hence my plea to anyone to do due dilligence and believe nobody i have lots of sympathy for people who are in trouble but do not think its all agents faults.People are suffering everywhere due to decisions they have made and the bigger picture globally.i was only trying to offer some helpful advice.

    I do not know your story but if you are in trouble then i am sorry for you

  • #94175
    Profile photo of Anonymous
    Anonymous
    Participant

    Simon that’s why I clarified my comment by putting “agents ” in brackets. 🙂 I was not referring to your personality.

    We were in trouble. A good lawyer got us out of it. Not all lawyers are bad either. It’s just very difficult to find a good one. The same goes for REAs.
    I do believe the agents carry a huge percentage of the blame, followed closely by the Lawyers.

  • #94176
    Profile photo of Anonymous
    Anonymous
    Participant

    Yes claire they do i would concur with that. i am glad you are finding a way from your troubles , I would add to the list developers as a lot of agents do not do the required amount of due dilligence either.They are offered a good commission and that will do for them.Developers lie to agents about everything from planning consent to the colour of the bathroom and then in a lot of cases do not pay you anyway.Frankly it is a terrible business but for the forseeable future i am stuck in it but planning a exit !!!

  • #94177
    Profile photo of Anonymous
    Anonymous
    Participant

    Good luck in your job search.

    I hold the same opinion of many agents in the UK as I do of many working in Spain. If their mouth moves, they’re telling porkies! 😉

  • #94198
    Profile photo of angie
    angie
    Spectator

    Claire, that picture you painted of agents’ mouths moving with porkies is so funny, whether in the UK or Spain.

    Incidentally, take a look at Foxtons’ agents, you’d think it was a dealing room in the City. Yes, rows of spikey haired wide boys and girls with ear pieces and mikes, studying their computer screens whilst bulls


    g purchasers into buying their overpriced properties that carry large commissions, there are no details in their windows though.

    They are the Ocean Estates of the UK for sure, investigated by the DTI etc and fined too yet still operating with impunity. Several other UK agents now follow this high pressure sales technique! 🙄

    I wouldn’t trust them with a bargepole! 😉

  • #94352
    Profile photo of Anonymous
    Anonymous
    Participant

    I too was coming out to look for an apartment in Torrevieja as I thought I might get a bargain but now I am completely confused. What is the best place to buy in Spain?

  • #94354
    Profile photo of Anonymous
    Anonymous
    Participant

    Jenny,

    I came onto this forum as a potential purchaser just over a year ago. I still haven´t bought and it will probably be some time before I do so.

    Estate agents won´t tell you this but pretty well all the independent sources suggest that property prices still have some way to fall and that it will be at least 2/3 years before the market starts to recover.

    There are some good deals to be had but at present they are few and far between. Most asking prices have hardly fallen from 2007 peaks even though everything points to actual prices having fallen by around 30%.

    Take your time. Research the market, this site is excellent for that. Learn about the pitfalls. Spend time on the ground looking at the areas you are interested in.

  • #94356
    Profile photo of Anonymous
    Anonymous
    Participant

    This flat in the private sale section caught my eye.
    http://www.spanishpropertyinsight.com/forums/viewtopic.php?t=4579

    On the face of it looks like a good deal. Should make a nice little holiday home.

    Mark

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