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We have found a fantastic flat in Zahara de los Atunes which we have put an offer on and it has been accepted. It is a flat right in the village designed to a v high spec. 10 of the 13 flats have gone and 3 remain. The price has dropped at least 30 % since last year but we are concerned how much more prices might drop.
Are we mad to buy in Spain right now? Zahara has v tight planning so it cannot become as saturated as the costa del sol etc and is a v spanish area. What are people’s thoughts on buying in that area now? Also does anyone have any idea it might be to sell in Zahara further down the line in terms of it only really being populated from May-Sept.
Any advice would be appreciated before we commit.
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A question you have to ask yourself is “Are you buying purely for investment or is it a lifestyle purchase?”
If it is purely as an investment you might be better waiting a year or so. Nobody knows for sure but the general consensus appears to be that prices still have some more to drop.
Alternatively, if you have found a place you like at what you consider to be a good price, why shouldn´t you buy it?
It is your call.
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Exactly.
If you are buying it to USE then it does not matter how much it drops. Any drop is merely notional and remains on paper only – until (if?) you ever want to sell it. The only time this does matter is if you are taking out a large mortgage, where obviously, a significant fall could result in negative equity which is not a happy situation. If buying for cash – or mostly cash – a short/medium term further fall in notional value is not really relevant.
Andy
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