Its not unusual for vendors in La Linea to lose track of reality (lots of drug smuggling round these parts) but surely the above has to be the most overvalued property in Spain.
Yup, all good, concrete examples (‘scuse the pun) of how detached from reality prices have become. That said, if you hunt around, you can find more reasonable prices.
I guess we need to start another thread ‘Is this the best priced property in Spain?’. See if we come up with anything.
Funny thing is, if you read the housepricecrash.co.uk forum, they seem to think Spain has experienced a big crash, however, we know a lot better I think. There’s far more expensive dross knocking about than bargains, thats for sure.
I could find you lots of deluded over priced sellers in this neck of the wood, they seem to think people will pay the price, it’s completely mad.
Ian
Go ahead Ian, post them, we can watch them drop over the coming months.
From my experience, quite a lot of the old folk who are downsizing have extremely unrealistic views on how much their properties are worth, also there’s a lot of greed and people are close to going underwater into negative equity. And of course we have the effect of the press hype who are constantly trying to convince that the property market is in a lull and about to bounce back… Its NOT. Those lending days are LONG GONE.
Most Spaniards have totally unrealistic views of the value of property. If you really want to find a bargain look at ex-pat owned properties, especially the ones who bought before cerca 2002…they can afford to reduce if they really want to sell.
It was the Spanish philosophy of putting the price up every subsequent year if a property hasn’t sold that always got me! Are they still doing that?
Yes, around here some are still doing it, One property I looked at in 2002 , which has never sold , was 138,000€, now they want 480,000€. It’s still empty.
Being as this is stickied, I thought we could use it to track the number of properties on fotocasa..
Thu Dec 16, 2010: 419.176 Pisos en venta en España
Sun Jan 02, 2011: 416.505 Viviendas en venta en España
Wed Jan 19 2011: 422.483 Viviendas en venta en España
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