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Cost Brava property market update

Spain’s property crisis has taken longer to reach the Costa Brava than other areas, and vendors are only now coming to terms with the fact that buyers are in the saddle for the first time in a decade.

The heat has definitely gone out of the market, and properties are taking longer than ever to sell. Nevertheless, many vendors are still refusing to drop their prices, or consider reasonable offers, so the lack of demand at current prices is going to need a bit more time to soften up the supply side. You can find good value, but it takes a lot of searching for, and you need to be clued up on the market to know it when you see it (that means seeing lots of different properties).  Prices are not going to rise anytime soon, so take your time and look around before you leap in.

Is now a good time to sell property on the Costa Brava?

If you are hoping to sell for top dollar, then you have missed the boat. It is now a buyer’s market, and the only way to sell is to ask a reasonable price, say 20% less then you might have asked in 2006 / 2007. If your property is obviously well priced compared to others, then the chances are you will sell quickly. Otherwise, your property will languish on the market with all the other over-priced properties that aren’t selling. But even if you drop your price expectations by, say, 20%, that is still likely to mean a great return on investment if you bought more than 5 years ago. Remember that a property is only worth what someone will pay for it, not what you thought it was worth last year.

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