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According to this article Spanish property has scarely fallen in the last quarter. Infact only 4 provinces saw a fall and prices have actually risen in the others 😆 They have now got a new method of calculating (er..faking) the indexes 🙄
For non-Spanish speakers subir is rise and caer fall.
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Everywhere I go, whoever I talk to, I see that prices are tumbling, yet the new official index comes up with this twaddle. I was hoping that the new index would be more useful than the deluded Ministry of Housing figures, but no.
For more info on this new index in English see http://www.spanishpropertyinsight.com/buff/?p=251
Mark
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Until they really DO stop the underdeclaration, no one will know the true price of a property actually paid and completed and therefore will still have to guess in the dark!
Makes a mockery when the valuation companies even knowing the purchase price, value much much higher!!! Yet lower than open market asking prices!!!
Work that one out!
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Does anyone know this set up – The Right’s Group (TRG)? I wonder if there are any wolves in sheep’s clothing amongst them.
One of them, Mark Wilkins, has written a piece for typicallyspanish.com.At least he’s written one true statement: “Spain, let’s make no bones about it, is suffering as a result of various issues that are special to itself”.
http://www.typicallyspanish.com/news/publish/article_18259.shtml
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….and while we’re on the “no panic” subject 🙄
typicallyspanish.com also reports:
Spain has registered the largest increase in unemployment seen anywhere in the European Union during August.
The unemployment rate here now affects 11.3% of the active population, compared to 8.3% just a year ago.The average rate across the European Union comes in at just 7.5%
The numbers come from Eurostat which names Spain as the EU country with the highest unemployment rate, followed by Slovakia at 9,9%. -
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@charlie wrote:
Does anyone know this set up – The Right’s Group (TRG)? I wonder if there are any wolves in sheep’s clothing amongst them.
One of them, Mark Wilkins, has written a piece for typicallyspanish.com.At least he’s written one true statement: “Spain, let’s make no bones about it, is suffering as a result of various issues that are special to itself”.
http://www.typicallyspanish.com/news/publish/article_18259.shtml
Would it be:
http://www.therightsgroup.com/index.htmI think I have seen something from this guy on another forum that is full of ambulance chasing Lawyers/agents.
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I’m guessing that most, if not all, posters in this thread have existing property holding(s) in Spain. If, like me, you haven’t (the clue’s in the nickname), things look a little different and whilst Mark Wilkins might have spent a little too long in the sun, I’m not sure his views should be dismissed entirely.
Sure, if you’re thinking of buying a two bedroom apartment in a new-build block achieveable prices haven’t dropped anywhere near enough yet to be remotely interesting.
But if, like me, what you’re after is a good quality, established villa in a good position within walking distance of the coast somewhere decent on the Costa Brava, I’ve got a feeling we may be close to the darkest hour just before the dawn.
I’ve been following a couple of properties meeting my requirements. One vendor, with no ostensible need to sell, has kept the asking price unchanged, though to my certain knowledge a deal was available 17.5% below. The other (possibly because two brothers inherited and want to sell) has cut the asking price by 20%.
It’s tempting to think they’ll keep on going down – and maybe they will go a bit further – but sometime soon the scarcity of such properties will become a factor again and I could easily miss the bottom.
And this is where the points made by Mr Wilkins about yield and family use become relevant. They’re a useful reminder that property isn’t just an investment. It’s also about connection with a place and opting for ownership rather than rental.
There’s more than one property market in Spain, I think and you have to make sure you’re following the signs in the segment you’re interested in.
Or then again – I could be wrong!!
Costacraver
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I think the problem is that too many get drawn into the notion of property as investment first home second. I have only ever bought houses that I wanted to live in for a long time. Its nice if they appreciate in value but I would never expect that as a right especially over the short term. My advice is always – research, visit and buy to live not buy to let!!
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I agree with both of you if it is to be a property to live in. If only to be a home to be used a couple of months a year I would wait. Unless the property felt like an absolute bargain.
eg. someone who is 60 and is retiring to Spain in a few months…if they see a property they really want and can afford it, why wait. Many rental properties here are unsuitable for permanant living. Life is for living not looking if everything is a good investment. If it drops by another 20% in the next 2 years…so what! you will have had the pleasure (hopefully) of living how you want.
Real bargains are going to be usual reasons, divorce, health, death. Otherwise every one has their own bottom line. Two properties I know that have been sold over the past year and have been bargains have both been for one of the above reasons. Interestingly, both have been bought by Spaniards, tapping into the grapevine and knowing the circumstances of the seller.
I do know a few people selling who have said they will reduce slightly from the asking price but they have an attitude that if they don’t sell they will just keep the place.
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