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I found this article (Yorkshire Post) written in March 2004 (when off-plans had already become a ‘bad buy’).
Guy Tolhurst states:
“Just five years ago anyone buying Spanish property off plan, before it’s even built, would have been seen to be taking a huge risk. Today, however, buyers can purchase with the same level of security that exists in the UK’s property market.”How interesting that the five years ago (1999) he is talking about is the year I keep reading about as the period when people who bought off plans did make a killing by buying, then selling before completion.
He added: “Access to a golf course is very important because it is good for all round year rental”.
Isn’t it just these type of properties (on or by a golfcourse) that there is a glut of, and no-one can get rid – with or without an LFO!
As for all year round rental……
Just shows you that it is not only some REA’s in Spain that talk rubbish!Article below (Yorkshire Post) dated: 25 March 2004
Region’s buyers hungry for property in sunny Spain
Greg Wright
A STRETCH of the Costa Del Sol will soon have a Yorkshire accent.
Yorkshire buyers snapped up £12m of Spanish property over a three-day convention.
They bought 58 villas and apartments in towns such as Duquesa, Casares, Nueva Andalucia and Elviria without even visiting Spain.
Leeds-based Hunters Overseas Homes sold the property during an exhibition at the Harrogate International Centre last month, run with Costa del Sol agent Viva Estates, which attracted 4,200 visitors.
Guy Tolhurst, head of Hunters Overseas Homes, said: “This exhibition demonstrates how attitudes towards buying property have progressed.
“Just five years ago anyone buying Spanish property off plan, before it’s even built, would have been seen to be taking a huge risk. Today, however, buyers can purchase with the same level of security that exists in the UK’s property market.”
He added: “The exhibition’s success also disproves the myth that Yorkshire people are happiest at home, with a hand tight on the purse strings.
“Instead, people across the region are showing their confidence in the overseas property market and putting their money on the table.
“These people are attracted to Spain’s laid-back lifestyle and are certainly recognising the financial benefits and earnings potential of properties in Spain, especially in key locations such as the Costa del Sol, which continues to boom.”
Prices in the Costa del Sol are rising six per cent faster per year than those in the UK. On average prices start at £75,000 for a two-bedroom apartment.
Mr Tolhurst said Spain was attracting more buyers from the 30 to 50 age range, who regarded property as an investment.
He added: “Access to a golf course is very important because it is good for all round year rental.
“The advent of budget airlines means you can get to your home in Spain quicker than you can get to London.”
25 March 2004Maybe the exhibition’s success is due to the verbal ******* that these Yorkshire people were fed??
I wonder if any of those 58 purchasers now visit this forum needing help!Barbara
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I really don’t know how people involved with selling this concept sleep at night. I suppose it’s down to us though to do more of our own research but often the rental companies give a fee for recommendations so they too get customers from the source that sold them the house in the first place and they all sing the same song about what a great investment it is.
From what I have read so far I think we all have to realise that Spain may well still be a good investment but only in the long term. It’s the people who didn’t even like Spain, bought 2 or 3 properties with the plan to sell them and make a killing which has contributed to the problems the housing market seems to be facing in many areas now. No matter who is involved and no one person or profession is to blame, it’s generally pure greed that has taken things to where they are now.
As you say Barbara it’s sad that this still goes on but let’s hope more people get to hear about this forum!!! -
http://property.timesonline.co.uk/article/0,,14052-2357239,00.html
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@Bopsy wrote:
It’s the people who didn’t even like Spain, bought 2 or 3 properties with the plan to sell them and make a killing which has contributed to the problems the housing market seems to be facing in many areas now.
I totally agree with you Bopsy that many of this type of investor fuelled the market.
However there are many thousands of people – often retired – that simply wanted to invest their life savings/childrens’ future inheritance in either a holiday home, a permanent home (as in our case) or simply a home to retire to in the future.It is this group of people I feel so sorry for, as many are facing losing most of their money at best, and all their money at worst.
People who maybe knew they were stretching it a bit financially to achieve their dream, and made a ‘badly-advised’ decision based on the REA’s carrot of all-year round rentals that could ‘help pay a mortgage’.
Barbara
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Charlie, you were thinking on the same line as myself when you found the old Yorkshire Post article. All of the newspapers then were running little more than advertisement articles on the theme of making around 30% profit in a year (and some are still writing glowing reports about other countries) Remember all the hype about Dubai, lots been burnt there).
These very same newspapers are now talking the market down. I would also put todays article in these catogories (sorry Mark)Just one point in the todays Times “An attractive villa in Mijas at 450,000” Hello? Has this person got a dose of the sun? Someone stated a few days ago that the only (habitable) villa they could find below 600,000 euros refused their offer of 550,000 and they were looking in that area.
The only property anyone will find reduced by 30% is the ones priced similar to MFI stores that advertise big reductions i.e. It never actually was that price anyway.
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As I have mentioned previously the root of most of the problems in Spain come from the exhibitions held in UK and Ireland.
The agents/developers hosting these “conventions” are abusing the UK consumer act. The fact that one visits them without coercion leaves the senario open to mismanagement
Until people start complaing to their MP’s ,writing to newspapers, seeking organisations like Watchdog or CAB who will use their strength to encourage the Government to tighten up the rules…worked for timeshare scams…then the problem will carry on.
Problem is most folk cannot admit they have been duped for fear of losing face.
Am totally fed up with the number of times I have read and heard “this is how it is in Spain ” .
Bladderdash !!
The only reason in Spain, or anywhere else, this attitude abounds is because people won’t stand up and face the truth and be prepared to fight for their rights like Barbara et al. -
Me too Barbara, the ones who used life savings etc are the ones I feel so sorry for and it’s sad when it’s talked about by some as a “fool and their money etc” because I know of many people, doctors, professionals who have been duped and to be honest had most of us been given the same information, we would have been duped too!
Again it’s the greedy ones who are largely to blame the ones who were only in this for the money in the first place and not the change in life, weather etc.
Spain is such a beautiful country that it’s also a shame that it is now getting a bad reputation when what’s going on only accounts for a small part of the whole country.
Bopsy -
melosine
while i agree with you to a point, i do feel that many people are standing up for themselves, but are being abused by a system that sometimes does not use common sense or honesty? to grant justice, as in the david Dorrell case, i think claire summs up what i’m saying below. I think many of us feel that money is still doing far to much talking on the CDS.
Hi David,
I am so sorry that you lost your case against the developers. When you consider the number of people they have misled/ conned/let down…whatever,( screwed is the word I really want to use!) it makes me realise that we will never win in Spain. I don’t understand it. How bad does it have to get before we get justice? -
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😡
Guy Tolhurst is talking a load of B
t, he’s totally misleading the public with his comments and for that reason ‘I won’t be investing in these off-plan Spanish developments, whether with Viva or anyone else’To any new purchasers, please read the comments on previous pages here to say just how many of these agents even UK ones in association with those in Spain are just ripping people off, it’s them who are the greedy ones, fuelling the markets there and other countries now.
What does the Spanish Gov’t do to control it, sweet FA, because they too are only looking at their huge revenues earned from property.
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Possible changes in EA regulations
http://www.lainmobiliaria.org/noticia332.html
Can anyone enlighten us as to what the changes mean and possible implications. ❓
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When I read in this article:
“Yorkshire buyers snapped up £12m of Spanish property over a three-day convention”.
I started trying to work out what a ‘reasonable’ commission for Hunters would have been on all those sales. Started getting confused with all the zeros!
Whatever the figure, am sure it was not bad for 3 days work.
The propect of all that money is enough to make even the best of salesmen talk ‘bladderdash’.Good one Melosine 😆
Any of you out there who were at is exhibition in Yorkshire back in 2004?????? Would love to hear from you…
Barbara
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It basically means the government is aware that due to lack of regulation in the estate agency sector there are incidents of estate agents committing fraud, taking deposits and doing a runner with themn and charging more than 10% commissions.
Its proposal is to create an official regisry where all estate agents will have to reegister and prove they have
1. No criminal record
2. Adequate insurance for public liabilityThe intention is to provide some sort of consumer protection and ensure the dodgy estate agents are ousted fromt he profession.
There is more but thats the nuts and bolts of it
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