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Any thoughts!
http://www.999today.com/property/news/story/3656.html?rss=1
I guess the president of the Spanish Mortgage Association (AHE), must know his onions eh.
Jim
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Well, suprise suprise..its in Property News The spanish are very good at trying to talk up the figures. They refer to the drop in the UK market…what drop? They also infer that immigrants and first time buyers are keeping the market stable 😆 😆
We all know you are an agent Jim but you don’t have to insult intelligence this far.
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The main factors of the yet-to-be-halted rising property rates have been the arrival of large numbers of immigrants, the addition of women to the workplace and an increased presence of young buyers in the market.
Hate to say it but these 3 points are true.
The level of immigrants has increased dramatically only the last few years in spain. They’re not all poor morrocans you know. That’s why outside of madrid you have towns suddenly having construction sites for 30.000 apartments.In spain women only gained legal equality in 1978. That’s not much over a generation. So yes, more women are entering the work place all the time. Which is more money per family and thus property spending power.
In combination with equality we have lower birth rates. So fewer children per family, yet more wealth per family. So young people (with assistance from parents) are increasing in buyer numbers.
I don’t think there will be a property market crash, unless worldwide, but there will be a slowing down over the next 2-3 years.
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Most of the people who walk into our estate agency near Valencia are immigrants. They are usually from Rumania, Bulgaria, Morrocco, and Peru. They are desperate to buy, but sadly, do yet have sufficient job security to enable them to obtain a mortgage.
But given time they will get permanent job contracts and they will escape the rental trap and buy. Large numbers of immigrants buying properties in a given area will probably have a knock-on effect as the local Spanish residents will then sell and move out to less ethnically mixed areas.
And so the housing market will receive an injection of fresh money and Spain’s cities will strech further out alongside the motorways.
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@Fuengi wrote:
out of curiosity the ones that have jobs, etc… what is there spending power like?
on this site somewhere…. it said that that the migrant workers do buy properties at around 178.000€.
From you experience is this true? is it more, less?The vast majority of immigrants we see have very low and very unrealistic budgets. Generally under 100.000 euros.
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I would agree with Rawlins. The majority of Eastern Europeans are looking below 100,000 and if possible 80,000. They dont have enough to put a 10% deposit down let alone pay the legal fees, so they have to go to mortgage brokers who get them “Better” deals.
I know a lot of Rumanians/Bulgarians and Czechs and most are pretty hardworking decent people – they just dont have huge amounts of money yet. On the other hand I also know a few who do have money – but they are as rare as rocking horse S**t.
Vince
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I guess getting a mortgage here is easier than it is in CDS. Although most banks insist on certain criteria being met some of them dont even check your pulse. Some of them will go on the fact that you have been paying money into your account for 6 months and therefore have some kind of history. Others dont even care
Like I said Brokers get them “Better” deals (for better read dodgy)
Vince
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@katy wrote:
I would be very suprised if the majority of immigrants get as far as having a work contract to obtain a mortgage. Contracts are like gold around here, even for the spanish.
Agreed. Getting a contract isn’t so easy. Most of the immigrants who are doing well are self-employed and confident Spanish speakers.
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