I read in the papers today that Banco Santander is now selling flats in the infamous Seseña development in Toledo from just €65,000, down from €180,000 at the peak. That’s a discount of 64pc.
Seseña is not for me (or anyone in this forum, for that matter), but I believe that one day it will be finished and occupied.
The other day I watched a Spanish TV programme of a young couple buying there now. They were delighted with what they were getting for their money. Not so delighted those who bought back in 2007 🙁
Yeah I saw that in “El Mundo” I think. While a two bed flat with pool and parking for €65k sounds fantastic, there is now the worry of who else moves in next door. However hopefully they’ll get that “critical mass” of people to attract a few shops, restaurants, etc to open up there. Also if they start slashing prices of this type of flat it’ll be interesting to see what happens to the prices of “pisos de protección”.
I understand the banks imperative but they are simply creating new ghettos for the future. Unfortunately generally speaking cheap property usually attracts less than desirable neighbours. That combination prevents an urbanisation from improving and moving forward, community debts mount up the environment suffers deterioration and reselling becomes impossible.
I understand the banks imperative but they are simply creating new ghettos for the future. Unfortunately generally speaking cheap property usually attracts less than desirable neighbours. That combination prevents an urbanisation from improving and moving forward, community debts mount up the environment suffers deterioration and reselling becomes impossible.
At this time its only people with money and a job that are buying so these could be classed as yuppie flats the area will go down hill when stability returns and the owners move on and rent them out to the less well off
I understand the banks imperative but they are simply creating new ghettos for the future. Unfortunately generally speaking cheap property usually attracts less than desirable neighbours. That combination prevents an urbanisation from improving and moving forward, community debts mount up the environment suffers deterioration and reselling becomes impossible.
At this time its only people with money and a job that are buying so these could be classed as yuppie flats the area will go down hill when stability returns and the owners move on and rent them out to the less well off
Yes you are right. Poor people can’t scrape together 65k anyhow. The worry is though that it gets to cheap and people buy to let.
I read in the papers today that Banco Santander is now selling flats in the infamous Seseña development in Toledo from just €65,000, down from €180,000 at the peak. That’s a discount of 64pc.
Seseña is not for me (or anyone in this forum, for that matter), but I believe that one day it will be finished and occupied.
The other day I watched a Spanish TV programme of a young couple buying there now. They were delighted with what they were getting for their money. Not so delighted those who bought back in 2007 🙁
Looks like you were right Mark. according to this article prices have rebound in the Toledo new town. Prices rebounding from 65k to 78k in just 3 weeks.
Looks like Seseña is trying to re-invent itself. It’s going to position itself as a centre for tech entrepreneurs, and provide things like free offices and accommodation for the first 6 months.
Biggest problem with that I see, a lot of geek entrepreneurs don’t generally want to be hidden away – they prefer to be in cosmopolitan cities like Barcelona or London.
From memory I think Seseña is about a 45 min drive from the centre of Madrid (if you are lucky with the traffic). But what’s the point in living somewhere in the middle of nowhere with no public transport and nothing to do? It’s not that far from Toledo, which has far more attractions and also an AVE that will get you to Madrid in half an hour, and for a reasonable price. Obviously some people are buying there – but I don’t think many of them are “tech entrepeneurs” 😉
From memory I think Seseña is about a 45 min drive from the centre of Madrid (if you are lucky with the traffic). But what’s the point in living somewhere in the middle of nowhere with no public transport and nothing to do? It’s not that far from Toledo, which has far more attractions and also an AVE that will get you to Madrid in half an hour, and for a reasonable price. Obviously some people are buying there – but I don’t think many of them are “tech entrepeneurs” 😉
agreed its properly the actual tech nerds who just stay in doors all the time playing on their computers writing new programes that are buying if anyone from the tech industry are
Property sales will go down and down. Another 2.7% lost their jobs in January,(132,055 persons) that makes the unemployment rate about 28%+. Madrid was one of the highest job shedders!
Never mind, they will all be able to get jobs for the summer when the tourists come back for three months 🙄