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My name is Tushar Devi and I am 18 years old, I was born in Spain (Barcelona) and lived there for 13 years until 2010, then I moved to England, my parents had a small business and invested in many properties back in 2006 (They bought properties in Barcelona and in a town called Vic that is 60 km from Barcelona), However, you now in 2008 recession hit Spain really badly, and properties were dramatically dropped in price.
After the financial crisis, my parents are very worried, and we are just praying for Spain’s economy to go up, so we can sell our properties.
I think it will take many years for Spain’s economy to go up, or maybe it will end up like Greece (Hopefully it doesn’t), However, We are thinking to sell our properties right now in 2015-2016.
My question:
As I read in an article from this website saying that the buyers are shrinking. So are we taking the right decision to sell our properties now, or we should wait for the economy to rise? Or do you think that the economy will never rise, but will happen the opposite.
Thank You
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Hello Tushar,
Without the benefit of a crystal ball I can’t tell you what to do. But I can give you my thoughts.
The economy does seem to be improving in places like Barcelona and Madrid. And I have seen with my own eyes how the property market is recovering in central Barcelona, especially the segments that attract foreign buyers.
Assuming there is no new global crisis, and no Spanish political crisis, I would expect the property market in Barcelona to continue recovering. Demand is picking up, though it depends on location and type of property. It’s quite easy to find out today’s market price for property in Barcelona. If you want to wait for a higher price in a year or two you might achieve that if the recovery continues, depending on what/where, but of course there are no guarantees.
Vic is another story. I don’t know anything about the property market there, but I would guess it is depressed and could stay that way for years, though I could be wrong.
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