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What price range Elizabeth? As I understand it, high end properties in best locations are supposed to have fallen 30% or so, whilst the run of the mill stuff on large urbanisations have fallen as much as 70%, average falls around the 50% mark.
How much do you know about the Spanish property market and different regions/locations? It’s difficult to point you in the right direction. Whatever you do, check that the properties you’re interested in aren’t also on different websites and at different prices which is common. Maybe try Banks too, private sales are another way, but lots of home-owners are naturally reluctant to reduce their prices because of their over paying in the 1st place. 🙄
What is a realistic valuation? Hugo Navarro of BPA Global Funds in Madrid says about the Spanish market ‘It’s still a very illiquid market & there aren’t many deals going forward at these ‘current’ prices. The real price where sales can happen is still about 20-25% below these valuations’
Agents might say otherwise, but make offers well below current valuations seems to be the way forward 🙄
Just noticed you were asking more or less the same questions last August and October, not made much progress then? 😕
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@angie wrote:
Just noticed you were asking more or less the same questions last August and October, not made much progress then? 😕
A dreamer and time waster by the look of it.
Wants prices at rock bottom, but will never buy anything due to the uncertainty in their mind of when prices hit rock bottom and when they realise they have will be too late as they start rising again. 🙄
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Hypothetical question?
Assuming everyone on here wanted to buy a property in Spain this year and had cash to do it, would you buy a one-off property, or in a small development, where build quality and area was good but prices had only fallen 30% -50% or so, or would you go for the biggest discount 50%-70% or more on a large not so well built development in not such a good area?
If you chose the biggest discounts, but there were 100’s of re-sales as well as development still ongoing would that put you off or would it come down to the what seemed the best bargain? Also, suppose the finances were the same and you could buy more than one because they were cheaper as a result, would this tempt you? 🙄
My choice would always be either the two in first para. 😉
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Generally I’d stay clear of large, empty developments with lots of properties for sale at heavily reduced prices. Unless you intend to actually live in the property you are unlikely to sell it, rent it, or do anything else with it apart from pay fees and taxes on it.
If you want to take “pot shots” with bargain properties then I guess you need to look for areas where demand might suddenly increase for some reason. The problem with Spain is that as soon as there is an upturn in demand anywhere, the developers rush in and create an oversupply. If you can find places where they can’t do that because it’s in a city undergoing regeneration (e.g. because an AVE station has just been built there) or because it is highly protected from over development (Menorca comes to mind) then there might be opportunities (I’m not holding my breath though)
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@mgspain wrote:
Angie:”assuming” that I was going to buy this year, it would be a one-off or small development in the range of 30% to 50% from peak. I’m not in the holiday home market, it would be my primary residence so quality and location are more important.
Shak, I’m not sure what you’re talking about with the whole “good properties in good areas have not dropped in price” You talking about Madrid?
Madrid is over 40% down from peak – even the good areas.
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@mgspain wrote:
@Chopera wrote:
The problem with Spain is that as soon as there is an upturn in demand anywhere, the developers rush in and create an oversupply.
When you have millions of people who simply don’t know how to do anything else, it’s no surprise. Up here we also have the Catalan mentality to deal with, the “I’m not going to drop my price, we are savvy business people” This carries on until the bank takes the property away.
You get it in Madrid too: “no quiero malvender mi piso”, which translates to “I don’t want to market my flat at the price people are willing to pay for it”. You also get people who just stick a price on and won’t lower it because they have no idea what the market price is.
My brother in law bought a house last year – asking price was €250k, they phoned up to enquire and they said they had accepted an offer and were going to exchange the following week, so on the spot he put in what he thought was a silly low offer because he had nothing to lose. He offered €170k. They later came back and accepted it – the other offer they had accepted was even lower! Maybe about €150k. So why on earth were these people advertising their property at €250k when they were prepared to accept €150k? Maybe there were probably people out there prepared to pay €200k but just didn’t bother? Maybe the problem is that people will sell at pretty much any price but have no idea what price to advertise at – so they just make one up!
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@mg Spain: I am not talking about Madrid. I am talking about Marbella/Estepona area. Generally speaking people in the area do not have to sell & they know anything few miles east or West of Puerto Banus is the Knightsbridge of CDS. Hopefully by now the forum users will know that I am not an Agent and have no Agenda of talking up the market.
@Chopera: The area of Bario Salamanca, Arturo Soria &, El Viso have not been dropped in my experience. I am willing to corrected against your better judgement.prices -
“When you have millions of people who simply don’t know how to do anything else, it’s no surprise. Up here we also have the Catalan mentality to deal with, the “I’m not going to drop my price, we are savy business people” This carries on until the bank takes the property away.”
mgspain. You have brilliantly summed up Spain. As the Catalans are comparing themselves with the rest of Spain not much competition is there !!!! as far as business acumen is concerned.
They are sooooo savy that instead of taking the money crediting the account and improving cash flow they hand properties it to the Bank. How savy is that ???
This is a example of a savy business man.
Two shop keepers next door to one another selling Mango’s in a expensive commercial area of Delhi. One shop keeper is selling the Mango’s a penny cheaper than his competitor. Business is brisk. Some one asked him why is he selling cheaper than his competitor and still in business.
His, reply I am selling cheaper but I am selling more in volume so I am breaking even on Mango’s. Due to sales in large volume. I am making money on the discarded boxes. So by default he had become a seller of boxes for recycling. ( This why India is where it is !!! )
The Spanish builders can sell the property cheaper but insist on buying furniture etc from them and make some money there. Valencia, Huelva. Portugal make good furniture & at very keen prices.
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Sorry, I meant mainly on the Costas and not the Cities which I think might hold their prices better but not sure 🙄
For example on the CDS, for permanent living I would have to buy on a small good quality development if such existed, as for a holiday home, I think still a small development.
I don’t know if there are many or any quality (no more than 10 units) on the coast developments that are being completed now, anyone know 🙄 ❓
This will lead to my next point later 😉
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Marbella like Dubai thrives on vulgarity & bling. You can call me a prick, dick head or what ever just give me a Lamborghini. Pleeeeeeesssssssssseeeeeee.
What, class has knightsbridge got to offer, Russians criminals, Arabs royal family until recently in historic terms had been riding/drinking Camel’s milk. The West placed them in their bling Palaces in order to protect its Oil supply & get them to do their dirty in the area.
Wait, Margaret the daughter of a shop keeper with a criminal son also lived there. So I wonder what class are you referring to ??
At least in Marbella its on your face & you can take it or leave it and there is no deception perhaps the only thing/place in Spain where there is no deception.
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@shakeel wrote:
@mg Spain: I am not talking about Madrid. I am talking about Marbella/Estepona area. Generally speaking people in the area do not have to sell & they know anything few miles east or West of Puerto Banus is the Knightsbridge of CDS. Hopefully by now the forum users will know that I am not an Agent and have no Agenda of talking up the market.
@Chopera: The area of Bario Salamanca, Arturo Soria &, El Viso have not been dropped in my experience. I am willing to corrected against your better judgement.pricesFrom what I’ve seen Salamanca and Arturo Sorio are maybe 25% down. The thing with those areas is that there are some relatively cheap properties hidden away that might have dropped by more, while other properties are so upmarket that I have no idea what has happened to their prices, so it’s difficult to generalise. El Viso is the diplomatic part of Madrid – a world apart.
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A poster once said on here years ago that Marbella (based on Mayor Munoz’ plans) was going to be the new Cannes within 5 years, time’s up and it still looks pretty much as it always has apart from being a bit more run down than when this was said 😮 😯 Even The Golden Mile seems less attractive as restaurants close or are less busy, will check out P Banus next week to see if it’s changed at all 😉 😛
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@angie wrote:
A poster once said on here years ago that Marbella (based on Mayor Munoz’ plans) was going to be the new Cannes within 5 years, time’s up and it still looks pretty much as it always has apart from being a bit more run down than when this was said 😮 😯 Even The Golden Mile seems less attractive as restaurants close or are less busy, will check out P Banus next week to see if it’s changed at all 😉 😛
From what I’ve been told Malaga is very nice these days. I went there before the regeneration and it made me think of pre-1992 Barcelona, but I haven’t been back since. Now it’s got an AVE as well it could be one of those “pot shots” I mentioned earlier.
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Angie, leave the lemons at home and when you get to Marbella go for a walk on the newly shining promenade 😀 ; first you’ll go past the NEW cappuccino cafe 😀 (€2mill investment) it will more than likely be packed, then you’ll pass the Trocadero 😀 (200 seater) probably teeming with posh Spaniards dressed in their blingy labels, then you’ll get to the ALL NEW 10 star Sea Grill 😀 at the Puente Romano hotel; WELL Angie, even you’ll be tempted!!; ok wines start at €45 up to €5,000; reckon on €150 a head – bling is not the word; Russians will be vying with each other who has the largest bill!! – Further west you’ll come across builders working themselves to the bone to finish the all new VERANDAH 😀 at Coral Beach, – well, money is being thrown at this project like no tomorrow!!!! then go to the port; well, Angie, all clean and shiny (ok 2nd line at night has the whores but then we need to look after the middle class golfers escaping their moaning wives 😆 😆 😆 😆 😆 ) – Puerto Banus now has the highest concentration of premium labels in the world; YES even more than Rodeo Drive (that’s in LA as in USA not LA in Essex) – I could go on and on!!!!! – Oh yes, most businesses are on the knees but then we are in a major recession but we are surrounded by green shoots – Oh yes, Marbella is being promoted by BA this summer for two months on all international flights!!! in flight movies and in house material !!! – Cannes? of course it’s nicer but there they let you know if you’re common 😉 😉 😉 😉 😉 :wink:pd – Bargains; Yes everywhere, if you are nice to the right agents you’ll get shown the bargains in the best areas at 50% off peak prices (maybe more); yes, the best areas, not Alhaurin or Manilva, or Elviria 🙄 🙄 🙄 🙄
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UBEDA have you ever considered moving in with yourself Paul and eating Durians together? 😆
It’s absolute nonsense for you to compare the US housing stats with those of Spain.
In 2012 there were 1.82 million unsold homes in the States of which only 145,000 were new homes, whereas in Spain the number of unsold homes is around 2 million (although different stats put this at between 1-3 million) Spain seems reticent to post actual figures. However, there are between 700,000 and 1 million new unsold homes in Spain.
The big difference is Spain has a fifth of the US population, so demand to supply is far higher in the US if you can understand figures 🙄 The US housing market’s new problem is ‘Not enough homes to sell’ unlike Spain’s
Later I will give you some facts on Los Arqueros too 🙄
Will check the new Cannes you boasted about some years ago, next week, look forward to it, BTW didn’t The Polo House close recently, hope that wasn’t a lack of trade, will make some enquiries? 🙄 I will give an honest opinion of the new Cannes too, if it looks better than a couple of years ago I will say it does 🙄
Enjoy your Durians 😛
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Well Elviria, and las Chapas was good enough for us. Was good enough for Chris who was head of VIVA too, also for most Spanish professionals.Lawyers, surgeons etc. Golden mile is now a little tarnished, a place for Russians and tourists who couldn’t afford the prices all year round (except for the few Arabs who like to live close the the grand mosque, rich but part-timers.) If it’s sooo good Ubeda why are you looking to move to Javea….sold all those TW properties and can’t afford to live in Marbella
So, the Polo lounge has closed down…wonder who Hewitt will be sponging off next 😆 😆
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@katy wrote:
Well Elviria, and las Chapas was good enough for us.
Completely agree, personally wouldn’t consider living in any other area.
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We ended up buying in Cabopino next to the golf-course, however we looked around Elviria and thought it was a good area to live/own property, almost bought there, one site which appealed was the one at the back but 20-25% had to paid in ‘B’ money so went elsewhere.
Alhaurin el Grande where Viva have now opened a new office is very different, I don’t dislike it, a bit rough and unfinished around the edges plus a gypsy area, but a really interesting good old town centre, and some good properties with fine views, also 2 golf-courses, the number of times we’ve whizzed up and down around that town going from A to B.
Also once considered Ojen as an option, as so near to Marbella, and Benahavis too. 😉
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