- May 24, 2013 at 8:53 pm #57506
Ramón Pérez, President of the Aempic developer and investor body in the Canaries (pictured) says that “we could soon see a rebound in prices,” despite the dreadful economic situation at present, with resale properties on offer below their replacement cost.
Demand is growing, he says, despite the lack of financing. “The increase is still moderate, but it is growing.” Property is now a refuge from uncertainty, and a profitable one at that, given how far prices have fallen.
It’s obvious that this chap has a vested interest in what he says, so he might not be the most impartial voice 😆 . But when he says that Spanish property is a safe investment compared to financial products like the preferente shares that were missold to lower-middle class Spaniards, who have seen their savings vaporised as a consequence, well, he does have a point.
You have to see this from the point of view of ordinary Spaniards with modest savings. For them, property is becoming an increasingly attractive option. They get nothing from savings accounts, they don’t trust the banks, and there are no Mayfair-based hedgefunds they can turn to. What else are they going to do with their money?
- May 24, 2013 at 9:43 pm #117018
Oh dear! I worry about you Mark, you are beginning to sound like Glenda in Private Eye 😉
- May 25, 2013 at 8:08 am #117026
I feel we’re in the midst of a rather desperate sales push 😆
- May 25, 2013 at 8:12 am #117027
It does not surprise me in the least. Its nearly June in UK and in eastern England recently its been more like February -than nearly June. The Canaries have guaranteed sunshine and where heating costs are minimal or no existent. This winter was very busy in the Canaries particularly since ‘Arab Spring’ has diverted many tourists from Sharm & North Africa to the only place where there is guaranteed sunshine for North Europeans. Prospective buyers are from Scandinavia Germany Eastern Europe Russia and even China. The Canaries are not Spain -its a unique destination.The only downside is you have to fly. The only way to go by ship I can think of is to buy a cruise ticket and abandon it half way-I have thought when I get veryold I might have to do this but I am hoping a less expensive option will arise in due course. There is the ferry from Cadiz run by Acciona and one could Eurostar TGV quite a bit of the way to Cadiz but its rather slow and rather expensive intended for motorists primarily.
- May 25, 2013 at 8:38 am #117029
Oh so it’s all about the weather. As much as I like to get a bit of sun now and then I can get it without throwing hundreds of thousands of pounds in the Canaries. Most of the tourist areas are like Benidorm over built with ugly blocks. I have been to Tenerife, La Gomera and Lanzarote and disliked them all.
- May 25, 2013 at 10:25 am #117053
Maybe to emphasise ‘sun’ is not making myself clear – it is a warm temperate bordering sub tropical climate in Canaries particularly in the south of the islands -it is AFRICA if in the EU . Indeed you can need some air cooling when calima comes usually 3 days at a time when winds fall light or blow sand from the desert.This makes it good for older people who need warmth. I also feel safer personally. At the moment much safer to walk about day or night and whilst the young local people can look trendy they are usually much better behaved and friendly. All the time when I walk around where I live people smile and say hola.Its not like UK ! . But whilst there is plenty of concrete there is not so much rising damp ! Also if you buy outside the tourist hot spots you can sometimes get somewhere quieter and something with more character. It is not correct to depict the Canaries as all concrete. But my own experience tells me whilst selling through an estate agent has is pluses -I think its better to buy privately if you can. The sun is out today in Kent after 10C maximum yesterday -spring may be just round the corner !
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