How is the credit crunch afecting new property markets???

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This topic contains 23 replies, has 12 voices, and was last updated by Profile photo of Anonymous Anonymous 8 years, 7 months ago.

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  • #53902
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    Anonymous
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    Hi

    we know all the problems in Spain, USA and the UK?

    But what about the emerging markets like Bulgaria, Dubai, Turkey etc.

    Is it the same desaster or do they still have demand ??

  • #81878
    Profile photo of katy
    katy
    Spectator

    Think these countries were already in the disaster zone 🙂 Turkey has stopped all property sales to foreigners, Bulgaria more corruption than spain (plus no re-sale market). Dubai not without problems too. Still there’s Egypt and cape Verde 🙄

    Those markets are only “emerging” in the publicity of certain agents who have to remain nameless on here 8)

  • #81880
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    Anonymous
    Participant

    You say Turkey has stopped sales to foreigners? That is new to me, as I still see a lot of agents offering Turkey.
    Can you tell me from where you have this info?

  • #81881
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    katy
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  • #81883
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    Anonymous
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    maseratialfa wrote:
    Is it the same desaster or do they still have demand ??

    Except Turkey, one can always buy anywhere if one has cash (banks are not so friendly these days).

    I do not think there is any demand anywhere these days. Morocco has burned many naive investors, Cape Verde is another estate agent “creation” where people got badly burned.

    These “emerging markets” were created as an alternative to the sky-high Spanish prices.
    If the Spanish prices crash, they will crash twice as much.

  • #81885
    Profile photo of katy
    katy
    Spectator

    Exactly 🙂

  • #81889
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    Anonymous
    Participant

    Ralita
    Ditto .
    As they say,you aint seen nothing yet. 👿

    Just Frank 8)

  • #81906
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    Anonymous
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    With regards to other countries they all have some issues or other to sort out.

    Turkey is an unusual one because the of the number of foreigners buying huge plots of land, particularly at the Iraqi border. The news is that a bill is ready to be passed to limit the amount of land that can be bought by foreigners to around 10000 square metres – it wont affect the humble holiday home investor, however they are caught up in the politics until the law is changed. Buyers are simply putting their money into escrow accounts until this is resolved.

    Bulgaria now attracts buyers from Russia who have taken up the slack from UK and Irish buyers – indeed the company that cannot be mentioned is attending most of the exhibitions in Moscow and St Petersburg.

    Cyprus is struggling with the conversion to the euro in January, but is finding other markets such as Sweden and Russia

    Dubai is now attracting the Indian middle classes – some 345 million of them, apparently.

    The Far East, particularly Thailand is attracting wealthy Chinese.

    The trouble with us Brits is that we still think the world revolves around us. It is obvious from the huge numbers of property shows outside the UK that the international property market is not just about a place in the sun for some retired Brit!

    The issue with Spain is simple, too many properties and not enough buyers. Some 500.000 units need to be sold over and above the new starts for this year. When these numbers start to fall, then the market will return – until then it is a buyers market.

    ap

  • #82131
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
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    @katy wrote:

    Think these countries were already in the disaster zone 🙂 Turkey has stopped all property sales to foreigners, Bulgaria more corruption than spain (plus no re-sale market). Dubai not without problems too. Still there’s Egypt and cape Verde 🙄

    Those markets are only “emerging” in the publicity of certain agents who have to remain nameless on here 8)

    katy, you forgot Mongolia!!!

  • #82132
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @APotter wrote:

    The trouble with us Brits is that we still think the world revolves around us. It is obvious from the huge numbers of property shows outside the UK that the international property market is not just about a place in the sun for some retired Brit!

    The issue with Spain is simple, too many properties and not enough buyers. Some 500.000 units need to be sold over and above the new starts for this year. When these numbers start to fall, then the market will return – until then it is a buyers market.
    ap

    good point. I do get the impression from this forum and others that alot of Brits do seem to assume this.
    Although not reaching the same numbers, we are seeing alot purchasers other than brits looking to buy at the moment. What suprised me, is that quite a few bulgarians are looking to buy comercial/residential properties. As always plenty of spanish cash buyers if you can find the right property at the right price.

  • #82134
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    Anonymous
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    The trouble with us Brits is that we still think the world revolves around us. It is obvious from the huge numbers of property shows outside the UK that the international property market is not just about a place in the sun for some retired Brit!

    Well said! And a sensible outlook on the Spanish property market too. You should post more often!

  • #82137
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    Anonymous
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    True, the British are not the only players in the Spanish property market.

    However, at their peak, 2000 -2006, they were significant enough to influence the amount of new properties that developers and builders sought to build.

    The German market had long gone by 2001 and the Scandinavians, and other Northern European markets were miniscule (Even collectively).

    The Spanish home market was not particularly significant regarding golf or coastal new builds either. They tend to buy in towns, cities and villages for first home use (near their workplaces). Few Spanish are in a position to buy a second/holiday home. Usually if they have one, it has been in the family for years.

    So, in truth, the new build frenzy was largely built around us Brits.

    I was talking to a director from a large high profile builder this morning, he was asking when the British would come back to Spain and buy again. I thought long and hard before I answered, “I don´t think they will ever come back in such numbers again”. He was very suprised to hear that and I´m sure he didn´t believe me!

    I didn´t even bother to mention the corruption and illegal build stigma either, mainly because the Spanish don´t understand the problem to begin with.

  • #82138
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    Anonymous
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    “The trouble with us Brits is that we still think the world revolves around us.”

    Property agents were more than happy to fill the UK property exhibitions in their thousands all the time there was plenty of money and purchasers around.
    They were more than happy to tap nowhere but the UK market….. until it dried up. Let’s not forget the Brits. put a lot of bread ‘n butter on the tables of many a REA for a very long time.
    Now the market has dried up there, isn’t it bit disingenuous to now take a swipe, accusing the Brits of thinking the world revolves around them?
    If anything, the REA’s thought ‘their world revolved around the Brits’ all the time the money was pouring in.

    If the REA’s always felt so strongly about other markets why were they all so busy hitting nowhere but the UK for many many years? Because until recently, it was simply the biggest – and probably the easiest – market to tap.

  • #82139
    Profile photo of Anonymous
    Anonymous
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    @peter Good wrote:

    True, the British are not the only players in the Spanish property market.

    However, at their peak, 2000 -2006, they were significant enough to influence the amount of new properties that developers and builders sought to build.

    The German market had long gone by 2001 and the Scandinavians, and other Northern European markets were miniscule (Even collectively).

    The Spanish home market was not particularly significant regarding golf or coastal new builds either.

    Thank you Peter – now they are wise words from an agent, IMO.
    Aren’t you supposed to be on holiday? 😉

  • #82141
    Profile photo of katy
    katy
    Spectator

    Nearly all the spanish who buy second homes on the CDS want to be in Marbella. The Madrileños are fairly active around Puerto Banus, Nueva Andalucía areas. Local Spanish rarely buy into the holiday home areas. They don’t want high community fees. When they do buy a lot of sales are word-of-mouth or they go to an exclusively spanish agent.

    BTW I missed a place of “Around the World” property disasters…Goa! Brits are getting thrown out and squatters (local mafia) are living in the properties.

    I did see this foreclosure on a Florida website, looks a good bargain. Comes with a mortgage of 4.3% fixed for 30 years. Worth the extra flying time 😉

    http://www.floridamoves.com/property/propertydetails.aspx?propertyguid=82405F13-73E2-48BC-9F2D-BB2A59823942

  • #82149
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    Anonymous
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    I can’t agree with your choice Katy. Think this one is much better, a little more expensive but it has a fountain. Worth the extra?! 😉
    http://www.floridamoves.com/Property/propertydetails.aspx?SearchID=3965895&PropertyGUID=0515CB2E-963A-44C0-90B6-60A95A2A8491&RowNum=1

  • #82156
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    Anonymous
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    These “emerging markets” were created as an alternative to the sky-high Spanish prices.
    If the Spanish prices crash, they will crash twice as much.

    CRASH could be the operative word , we all know Spanish building standards are not very high,in these countries are there any standards?.

  • #82202
    Profile photo of mike
    mike
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    @katy wrote:

    BTW I missed a place of “Around the World” property disasters…Goa! Brits are getting thrown out and squatters (local mafia) are living in the properties.

    Do you have a link for that, Katy? My brother goes to Goa every year and may have friends with property there or considering buying. TIA

  • #82225
    Profile photo of katy
    katy
    Spectator

    Can’t remember, (re. Goa) I followed a link but sure it was on something like Holiday truths in their ex-pat section.

    Charlie the one in Naples was very interesting 🙂 We have often walked along the beachfront ones there and tried guessing the prices. I usually came up with $8-12 million 😆

  • #82257
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    mike
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    @katy wrote:

    Can’t remember, (re. Goa) I followed a link but sure it was on something like Holiday truths in their ex-pat section.

    Thankyou, I will do a search

  • #82268
    Profile photo of Anonymous
    Anonymous
    Participant

    Katy – we’ve been thinking about a two-centre break in the Autumn (beach/relax in Naples, then onto Miami for a bit of Gloria E. music/life.
    I wonder what the rental would be like for a place like that? 😉

  • #82275
    Profile photo of katy
    katy
    Spectator

    Ensure it will be large enough, don’t want to be cramped 😆

  • #82279
    Profile photo of Anonymous
    Anonymous
    Participant

    Well at least if the bed’s uncomfortable, there are five other bedrooms to try. 😀

  • #82288
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    Anonymous
    Participant

    The beds in the other bedrooms would have been bought from the same fire sale !!!!!!!!!!!!!!!!!!!!!!!!!!

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