August 17, 2012 at 4:06 pm #57004
I am new at this forum but have been reading a lot of the posts. It is obvious that asking prices are dropping in Spain and are still expected to do so for a while. But, having the intention to move to Gran Canaria and having visited the island a lot over the past few years, I don’t really see that in GC. Specifically in the touristy south, meaning Playa del Ingles and other nearby towns, or even more inland in the country. I see apartments that are for sale for very much the same price for a very long time, without asking price reductions.
Is the situation there different from mainland Spain? Are most of those apartments mortgage free so owners can afford to wait until someone pays what the owner is asking for? Or are they just hoping someone will offer to pay their price. Is negotation possible? Or what would be a sensible offer nowadays (= % off asking price as a selling price)?
I am just trying to get a feel of how the market works in an area such as Playa del Ingles. Just to make sure I don’t fall into a trap. How about reposessions? Obviously I am a buyer, but I don’t want to offend any sellers on here!
Not sure when I will be moving (depends on other stuff), but am interested in apartments in or around PDI and/or more rural houses in the country, away from tourism.
Any other recommendations and/or warnings about buying in that area would be appreciated very much.
October 2, 2012 at 7:18 am #112525
Sorry I’ve not responded sooner but I tend not to visit this website that often these days due to the doom, gloom depression and sometimes, downright nastiness of some posters.
Anyway, I bought a 2 bed on Fuerteventura a couple of years ago. The property was discounted significantly on its original asking price but had still not shifted. The estate agent showed us the property “off her own bat”. We advised her that whilst we liked it, we could not afford it. We came clean with our top budget and walked away. 9 months later and after receiving numerous calls from the agent (each time reducing the asking price bit by bit) we arrived at our agreed budget price (the price the apartments were originally on sale for 7 years earlier). In my opinion the situation in the Canary’s is not quite as bad as mainland Spain but do not be fooled that sellers will not accept offers. Do your homework, be an expert in the properties and region you are interested in and understand the value of properties better than the Agents (not hard to do! 😆 ). See what prices are like with other agents and play them off against each other. Make the offer, keep your nerve and be prepared to walk away and leave it. You may be disappointed but there are always other fish.
Good luck. 🙂
October 12, 2012 at 3:25 pm #112767
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