December 22, 2009 at 1:07 pm #55350
Currently on the CDS on a holiday/viewing trip. Thought I´d share some impressions on here.
From what I have seen of the coast thus far (Malaga to Motril) things are very, very quiet. A lot of businesses, many of them long I have known to be long established, seem to have gone to the wall. Others which are normally open at this time of year appear to have decided to take long holidays rather than stay open and run at a loss.
Prices in general have come down. It is possable to eat/drink out more cheaply now than any time I can remember in the past few years. Despite this most places are pretty empty. I have yet to find anywhere busy.
There is a noticable drop in ´some´ property prices. In the town where I am based, Nerja, I was told categorically in Feb this year that I would not get a two bedroom apartment for €120k. There are now a number available. Most properties, it has to be said, are still over priced.
What I´d advise anyone looking for a property over here at present is to be very careful/choosey of the area they buy in. Yesterday I found myself driving in a newly developed beach resort area near Motril. Whilst the beach front itself was very well done and the old town, some 2km away, remains charming. The development itself was a ghost town. Out of what I imagine were some 20k units I doubt more than 1k were occupied.
Yes it was a cold, wet day in mid-winter but the place was spooky. It may manage to turn things around but I can envisage the whole place eventually being abandoned as vandalism and lack of maintenence come into play. I certainly wouldn´t buy there even if prices were 25% of what the agents are urrently asking.
It is not all doom and gloom. Some of the towns retain a great charm and character. That which has attracted visitors for decades will continue to do so for many more to come. Business, whilst much of it is clearly struggling will survive as it always has.
To anyone thinking, like myself, of buying I´d just say do your research and be very cautious.
December 22, 2009 at 2:27 pm #95763
Let’s not forget that the weeks before Xmas are always quite; even glamorous Marbella is like a ghost town !!!!! but Brian you are right – i’ve been down that part of the world(malaga – motril) twice recently and the word is spooky – 50% of business’s have gone bust and the towns are deserted – the fact is these were never viable business’s so they have just been wiped out by their incompetence and lack of funds!!!
for property buyers it is still frustrating as most vendors will not budge on their 2005 price making it quite difficult to acquire a decent place at a decent price……… the remaining agents seem to have run out of steam and really are not pro active at all ……..I’m finding Idealista.com quite a good place to compare prices ………..
patience is what is needed for the buyer but bargains can be bagged in the best places if you do your homework as Brianlic says –
The forum ‘Real Estate Topics, News & Discussion’ is closed to new topics and replies.