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As it was my first trip (business) to Greece, I can make little comparison to Spain.
Advantages of Corfu (I do not know other places in Greece):
– much more laid back (except Corfu town).
– low rise building which did not destroy the landscapes
– excellent beaches (if one knows where to look as the touristical areas where most Brits go have bad beaches)
– not crowded
– most people speak English
– the purchase of property seem to be very safe,Advantages Spain (say Costa del Sol whose landcape is comparable to Corfu)
– much cheaper to fly
– better infrastructure
– easier to learn the local language (Greek is quite an impossible language)
– cheaper food
– better winter weather (In Corfu rains a lot between November and February).
– Costa del Sol is a year round destination, Corfu is a 6-7 month/year destination.House prices seem to be cheaper in Corfu but nobody buys there. It was a real estate agent next to my hotel and I paid a visit to ask some curiosity questions and
she was so happy that somebody seemed to be still interested about property… -
When we were in Crete this summer , eating out was far cheaper than Spain, and excellent quality too. Many people speak English in Greece because Greek is difficult to learn apart from social greetings maybe.
Corfu is possibly like Majorca in that the latter has lots of rain!! Mainland Spain maybe drier, so too mainland Greece maybe drier.
Charlie is the best one to pass comment on comparisons.
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@Claire wrote:
When we were in Crete this summer , eating out was far cheaper than Spain, and excellent quality too. Many people speak English in Greece because Greek is difficult to learn apart from social greetings maybe.
Corfu is possibly like Majorca in that the latter has lots of rain!! Mainland Spain maybe drier, so too mainland Greece maybe drier.
Charlie is the best one to pass comment on comparisons.
I compared the price of buying food from supermarkets and cooking at home. There is no Carrefour in Corfu Island and prices in small stores is quite high.
An expresso was about 1.70 Euros which I found quite high.A moussaka at various restaurants was about 7.50-9.50 Euros which is not very cheap.
A Fanta/Coke was about 1.7 – 2 Euros which again is not particularly cheap…Maybe Crete is cheaper.
How are the beaches in Crete?
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Claire, if you still wanted to buy abroad, would you now consider Crete as opposed to Spain with all it’s shenanegins?
How do you like it there Charlie, does it live up to expectations and value for money?
I Understand the Cyprus property market has bombed now in both the North and South, plus 70% falls in Dubai and Bulgaria.
Where is the next safe place to buy and don’t all say the UK because the Ernst and Young Item Club have said today that UK prices will not recover to 2007 levels for another 5 years, that the recent activity is a false dawn, and that the property slump will resume next year? 😕
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@angie wrote:
Claire, if you still wanted to buy abroad, would you now consider Crete as opposed to Spain with all it’s shenanegins?
I do not know about Crete, but Corfu market is crumbling, especially due to the British buyers who want to get rid of their properties there.
There was one road going up to the mountains with about about 40 villas with breathtaking views, all of them were for sale by British buyers.As I said, nobody is even enquiring about property over there…
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flosmichael, I get the impression that Corfu is just one of many property markets like those I mentioned that have gone pearshaped, even despite it’s prettier side and nicer looking properties.
Portugal is another that’s suffering. Whilst France is too, at least the properties there have a lot of character.
I don’t think anywhere is now safe for property investment, especially Spain. Apart from the problems and coruptness we all now know about, it’s the sheer costs of completion and agents’ commissions in Spain and other countries, plus poor exchange rates that make these places a non starter.
It really is ‘Buyer Beware’!
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I think the British have fallen out of love with buying property abroad. Maybe just a few for “lifestyle” choice. I wouldn’t buy in a foreign country again even though we have done fairly well out of our purchases. If you don’t visit frequently you can get a couple of luxury holidays each year just for the price of the community fees. Our Florida property is now on a long let and we may possibly sell it. We do still go to Florida (love it) but stay in nice hotels. Everyone I know who has a second home in Spain seems to spend most of their holiday in DIY or supermarkets or repairing the house. I like to be waited on for holidays.
The last time we bought property in Spain was 1998 and I don’t think there has been a good time to buy since then.
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You’re absolutely right katy, the British and others have fallen out of love with 2nd homes abroad and even sometimes the lifestyle, you can have too much sun and learning a foreign language is important but difficult too for many. Plus all the ways and things that you’re not accustomed too.
Quite a few people I know say the same as you that ‘why tie up large sums of money abroad on property and then have all the upkeep and worry about it’s condition and safety, when the money or interest (normally) will buy continuous holidays abroad in different countries?’
Even now you can get 4% on money in the UK which on £200k say earns £8k enough for a holiday or two.
I also think Mark’s website has at last opened the eyes of naive and even the braver buyers to so many overseas property scams.
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katy/angie
I think a few years ago the rising prices and rent potential in Spain along with very cheap flights and the UK economy seemingly strong meant many people felt they were in a good position to buy, and if it didn’t work out they could sell easily enough and put it down to experience. The corruption/lack of regulation and justice issues were only known to a lesser degree and not thought of as such a danger. How the times have changed! It obvoiusly doesn’t add up now to buy like it did then. I think people mainly just want a few weeks a years of relaxation, being looked after, and as little hassle as possible, not a few weeks of DIY, and worrying about community issues, falling prices issues, cost of living increase issues etc etc. Those already sorted and happy will no doubt carry on much the same and a few will always buy whatever happens?, but it’s a long while since I heard anyone say they are seriously thinking of buying in Spain. We have two lots of friends who have bought in Turkey.I think that could be much the same soon? Flights are expensive, though cost of living’s very cheap. Seems to be losing its shine though?
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@goodstich44 wrote:
kthinking of buying in Spain. We have two lots of friends who have bought in Turkey.I think that could be much the same soon? Flights are expensive, though cost of living’s very cheap. Seems to be losing its shine though?
To buy in Turkey really was a royal con… The cost of 3 star hotels over there is about
£6/person/night (yes 6 Pounds per person).To fly there costs at least £200/person round trip and there are plenty of holidays to be had now at around £260/person including coach transfer. So much better staying in a hotel than renting…
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Hi Angie,
In answer to your question, would we buy in Crete? The answer is No. We probably will never buy a foreign property now. If we were much younger, maybe, My husband retires in just under 3 years. I’ve been reading the difficulties ex-pats in Spain are having now with many returning to the UK. What a shock that’s going to be for them!
If we want a few months of sun, we would rent somewhere, then lock the door and leave without any worries at the end of the break.
We were really wanting to buy somewhere in Spain for ourselves and our children and close friends if they should ask. Not for investment, not to rent out. It just wasn’t to be, sadly.Flosmichael,
I didn’t really go shopping in Crete, so cannot comment. Drinks etc were reasonable enough. We were lucky to be staying with friends, but we ate out everyday and it was very good value.
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i have observed the forum for a few years this is my first post being an ex property owner on the cds i am glad i sold a few years ago !! yes i made a nice profit.i agree with the couple who are selling up and living it up a bit. i have noticed the various vested interests on the forum anyone in their right mind who regards a purchase of a property on the cds as an investment are out of it. does anyone know of anyone who made any money out of renting a property?.sales agents are the pits (lies come easy ) if you want to holiday in the cds rent haggle strongly on the price if you want winter long stay you will negotiate a very good deal. if you really want to buy a property do not go near the asking price do not buy offplan go and rent something in the area you want to buy,this will give you an insight about living in spain ,learn the language,make spanish friends they really are wonderful people its amazing what you can learn from them. we all love spain, the climate, the way of life,speak to people who have lived there for a long time,they will keep you right regarding lawyers etc do not listen to sales agents. remember you have the money !!
” the golden rule” those who have the gold make the rules -
Claire, although you had a very stressful situation for a time I think it has all turned out for the best. 🙂
We had a spanish property for holidays when the children were young. Some years would spend all the summer holidays there. When they became teenagers they were less keen to go and that continued. When I told my Son and Daughter we would be spending most of the summer in the UK their response was, great now we can go somewhere else for our holidays!
Does anyone know Elviria Hills? I know 3 different couples (3 different nationalities) who have sold there but continue to visit and rent in the same block. Their opinion, less hassle and works out cheaper.
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According to Marks news section Almanzora properties have sold 5 million euro of property in the past 3 months 😮 To be fair it does say publicity below…I thought it was all fools day 😉
Says someone sold a villa in Mijas to buy there (it’s a dump, maybe he has sunstroke!). He is retired but got a mortgage 🙄
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Claire,Katy,Goodstich et al
On this theme of whether to buy abroad or have good hols without the hassle that buying often turns out, one Winter we rented a 1 bed apartment on a Spanish Golf course for 8 months at all in cost of 450 euros per month.
Whilst this was cheap and we had a mild winter it did show us many other faults with some of these developments so a good reason not to buy after all, and we met many Brits who had bought on this and similar devs. who’d wished they hadn’t and were now desperate to sell.
Paper thin walls, it was like having people living in, poor noisy and smelly drainage, beds creaking, car park issues even though there were so many empty spaces, an over zealous bullying Liverpudlian community chairman, an elderly couple who liked nude sunbathing causing arguments and families to hide their kids, overexpensive golf despite the downturn, noisy weddings until 4am from clubhouse, barking dogs, burglaries (because no security guards), views ruined by half finished development and dreadful dangerous roads.
And this was still being touted as a luxury golf development.
If anyone is remotely thinking of buying, the moral is, rent first for at least 6 months! 😉
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Katy, have just read this PUBLICITY article by Simon Coaker their marketing manager.
What a load of tosh, if anyone gets taken in by this they must be mad, too much sun and booze methinks.
The trouble is these marketing people never learn, his predictions for the future growth in Spain are ‘pie in the sky’, they just revert to type.
Figures can be easily distorted by marketing people especially in Spain.
Buyer Beware!!!!!! 😡
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Hi everyone some very interesting points raised here seems everybody regrets purchasing or would not do it either now or in the future.Can i just ask for the people who have bought why did you do it in the first place?.The media and talk “down the pub” a couple of years ago was how well everybody had done from there purchases .Yet a recession later and a collapse in the value of sterling and it is all a nightmare.Seems to me when the going is good people are happy and dont complain,however when things take a turn for the worst the roof literally caves in.
I really do feel for people who have bought poor quality developments in poor areas it is terrible to see your dreams turn into a nightmare i know i have lost thousands myself through a unscrupulous company.Just to let you know and no doubt some people will take pleasure from this i bought a franchise fully researched it employed solicitors to check it out they were registerd with all the relevant franchise bodies and had 15 franchisees operating succesfully yet it still turned out to be a con Guess what business i am in? yes property sales but i have nothing to sell here and do not have interest in the spanish market other than to buy at some point who knows when in the future.
Speaking from my side of the fence this business is corrupt end of story ,there are good agents about and a lot of the cowboys have now gone.i now deal with investment property with proven returns and tenants in place.To be frank anyone who thought they could buy a property and just rent it out and make money whilst popping over for relaxing weekends has always been in cloud cuckoo land .Yes it is possible but takes a lot of work
People should dare i say it take a look at themselves sometimes .The standard of development in Spain and europe is sometimes shoddy to say the least and a lot of the apartments look like car parks and will never sell either now or in the future.You would not buy a property like that over here so why do it in Spain or any where else for that matter
Fact is you would be better saving your money in these situations and varying your holidays. my properties have no holiday rental value whatsoever and i would not want to go to the same place every year.A lot of people bought to make money and did unfortunatley they did not see what was coming, how i dont know property has never kept rising in value.
Spain is a great place but like everywhere its better when you have money for me i will be buying but not in the near future.Sorry if this has gone on but i wanted to get it of my chest!!
Finally please do not jump all over me for being a agent all my clients are very happy due to the fact that i am honest with them ,I am not defending this industry fact is i am stuck in it at the moment!!!
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