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I was in Almeria again on Friday. Down by the coast there are cranes as far as the eye can see, bristling on every horizon. It’s a construction boom of epic proportions, which is unfortunate given that the market appears to have gone very quite. The anecdotal picture I’m getting is that sales in the first quarter of this year are less than half of the level of last year. That’s a huge drop, though I have to say I also know of projects that are selling briskly, on the strength of outstanding quality. Anyone out there with more information on the level of sales this year?
Mark
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Can anyone throw any further light on the situation of Marks posting?
As Mark confirms we still appear to have rampant building in areas of Spain for example Almeria in this instance.
Now either these properties must offer exceptional quality and extremely low prices or developers/banks and many forecasters must have it very wrong somewhere.Regards
Jim 😕 -
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Yep !
Just done that,dont think I am confused 😕
Seems like a bloody big problem stacking up for the developers/banks/investment houses and the economy of Spain or they see it different to the many of us.
As Mark says it would be interesting to get info and perhaps from several sectors to see what the crack is.Regards
Jim 😀 -
@glassman wrote:
Now either these properties must offer exceptional quality and extremely low prices or developers/banks and many forecasters must have it very wrong somewhere.
I know this has been mentioned before, but there is a time lag of several years from developers buying land and gaining permission to build before the cranes move in. I would guess the developments currently being constructed had the land purchased when demand was strong
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@glassman wrote:
Can anyone throw any further light on the situation of Marks posting?
As Mark confirms we still appear to have rampant building in areas of Spain for example Almeria in this instance.
Now either these properties must offer exceptional quality and extremely low prices or developers/banks and many forecasters must have it very wrong somewhere.Regards
Jim 😕Re. Almería. The apartment that I’m purchasing (not ACC, but in Cuevas del Almanzora) is 3 beds 2 baths plus solarium, 90 square metres, good quality (subjective), and was priced at €115k 18 months ago.
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On the western side of Costa de La Luz
1. The extranjero market for “Touristic Homes” is so significantly down “huge drops” seems an apt description. Whilst sales have dropped prices have not as the developers, for the obvious commercial reasons, keep increasing the new build prices despite the lack of sales.
2. The Spanish market for “Touristic Homes” is down but not so significantly. The significant drop off occurred during the last two years. Today resale prices are down and whilst not yet a tidal wave “fire sales” are now easy enough to find on Spanish language property and classified ad web sites or by word of mouth.
3. The market for cheap residential homes based in the towns around the tourist areas seems to be stable despite the thousands of new homes that have come on to this market in the last couple of years. Thousands more are being built. I suspect in the short to medium term this may mean supply will soon significantly outstrip demand.
Best
Loco
@mark wrote:
I was in Almeria again on Friday. Down by the coast there are cranes as far as the eye can see, bristling on every horizon. It’s a construction boom of epic proportions, which is unfortunate given that the market appears to have gone very quite. The anecdotal picture I’m getting is that sales in the first quarter of this year are less than half of the level of last year. That’s a huge drop, though I have to say I also know of projects that are selling briskly, on the strength of outstanding quality. Anyone out there with more information on the level of sales this year?
Mark
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I doubt that anything being built on the Costas is of “outstanding quality”. Probably it is just their marketing that is “outstanding”. There is still a demand for things such as location (said here recently I knew someone who sold in 3 days). Some of the older type quality urbanisations are scarce on the market, people have kept them because they are happy. The type they used to build eg 6 houses/single 2 story apartment with pool etc.
I visited someone who has just bought in Mijas Costa (advertised off-plan with luxury fittings) and thought it was dreadful finish. The entrance and lift area resembles an entrance to a multi story car park. All the tiles/marble are bad quality and the kitchen units el cheapo. There also seems to be over 100 units for one pool
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@katy wrote:
I. All the tiles/marble are bad quality and the kitchen units el cheapo. There also seems to be over 100 units for one pool
That’s the gripe of so many people who have bought off plan in recent years.
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Regarding Marks post, I think there are still some areas of Spain with capital growth. It depends on how the area is moving forward. take for example Murcia Costa Calida. Property in the region is still relatively cheap compared to CDS. Also golf courses were in short supply until Polaris World began their 7 projects and most importantly of all a large new INTERNATIONAL airport, I emphasise international because that implies tourism on a large scale.
It all adds up to region moving forwards and consequently is still attracting inward investment.
When you compare it with the CDS, there are few if any more avenues left to go and as a result things have slowed almost to a standstill.
The analysis is plain to see, where there is more potential to come, there will continiue to be interest shown.
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Charlie
Fire sale is when sh-t is about to hit that fan.Could be a company going out of business and you get shot of stock /propety before the liquidators move in.
Could be a business trying desperatly trying to raise some cash on either stock/property.
Usually means all else has failed and to system or entity is in deep SH_T
Hope this helps
Regards
Jim 😀
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Ah – so basically the same as a ‘distress’ sale – like Rocca is probably feeling damn distressed having to sell his yacht…..
(Jim – reason I was confused, do you remember a few years ago a guy who had just bought an old chapel in Dartmouth with no possibility of getting planning permission? So he burnt it down one night – well, dynamited it actually. Trouble was the traces of dynamite were found by forensics…..)
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Ashtondav, where on earth is there room in Frigiliana to build another 3000 homes???? 😯
We are going there in June & September. We usually go at least once in the summer. We have several friends there. They all live in the old town area. (Maybe you know some of them?? 😉 ) I think they will be horrified by that news. It is so beautiful as it is. What a shame to spoil it. Had we got our money back sooner we wanted to buy in Frigiliana. Now it has got very expensive. 🙁 -
Charlie.
Good memory.
The chaps name was Paul and I know him well.
He ended up doing over 18 months for that and he is out and still going.
Not quite the same gal as this was a case of he saw money,the planners didnt agree so he sort of tried to make them.
He has a mate called Pete that went into printing money on is home computer(about £30K and thought he would he would try to get rid in London.
Well he went to get petrol in Exeter 16 miles from his home and was caught as the paper he used was like wallpaper and did 3 years.
Well we are from Devon I suppose so what do you expect. 😕Regards
Jim 😀
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How do you define “quality”?
If in your definition you also include the quality of the area surrounding the property I might partially agree with Mark.Even top quality properties lose attractiveness if they are surrounded by a jungle of asphalt and concrete.
So… once you buy your “quality property” make sure nobody builds around you 😀
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Claire
Nobody knows, but i think it could be anywhere and everywhere between the motorway exits and the Torrox road. I understand its possible because they have reclassified Frigi from a “village” to a “town”. At least where we are we no longer have any cranes – for the first time in 3 years.
A great pity, but at least they can’t do anything to the old parts of the village.
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Price pain in Spain drives Spaniards to look for investment property abroad
With property prices now sky high, Spain’s 10-year real estate boom is starting to cool and fears of a downturn are causing even Spanish investors to cash in and move out. Analysts expect Portugal and Germany to benefit from the exodus. More at: http://www.landsnatch.com
Regards,
Magellan -
Magellan – an interesting link. This is not the first time I have read recently how Portugal has been stagnating but set to see a bit of a boom/adjustment upwards – and is interesting to read that it seems this is where even the Spanish are now looking to put their money.
Does anyone have any opinion/knowledge on the Portuguese market as opposed to the Spanish one?
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charlie, I know of quite a few people – Spaniards and Brit expats – who have cashed in recently in Spain and gone to Portugal. Not so much the Algarve – which is no cheaper than coastal areas of Spain – but further north, where property is considerably more affordable. Obviously if this trend continues, and the Portuguese economy continues to recover it would seem logical that property prices will rise – by how much is anybody’s guess.
Regards,
Magellan -
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Link viewed on EOS.
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