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For all the talk of a property crash – property prices in the Costa Blanca are still rising. Most have predicted a modest 7% rise this year in this area but I see properties that last year were selling for €200,000 selling for €250,000 this year.
Perhaps the Costa Blanca is a lot cheaper than CdS and people are coming here from there – who knows – but prices are still rising. How long for is anyones guess.
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Hi Dorothy
this isn’t a quote from anyone else – this is based on what I have seen personally. It also depends very much on what kind of property you are buying or selling. 2 Bed apartments are in abundance even here on the Costa Blanca – but 3 beds are so scarce they go as soon as they come on the market.
2 bed villas are also common place though still selling whereas 3 beds are not and therefore are popular. Town houses 2 years ago went like hot cakes not no-one wants them – but they do come round again.
Also you have to remember that the Americas cup is having a big effect on prices here – Valencia is less than an hour away and it is being co-hosted with Gandia – 7 kms away. So a lot of people are looking for houses and apartments close by. As they will be here for 7 months in 2007 it is still cheaper to buy an apartment here than to stay in a hotel room for that time – and of course you will be able to sell it on afterwards.
Also many buyers who come to the Costa Blanca are – funnily enough – Spanish – primarily from Madrid. They have seen their own properties rise exponentially in the past few years and are cashing in. They may have had an apartment owned by a family member and realised its capital and now buying a place by the beach. 70% of buyers here are still Spanish (I speak about the North Costa Blanca and Costa Azahar not places like Benidorm, Javea etc which are very English and don’t get many Spanish living there)
So I wouldn’t be so dismissive about prices in the Costa Blanca just because an agent has said so – after all who else would know better what the prices are doing
And by the way I am not an agent – my full time profession is a writer and musician. I just don’t personally see this being a bubble that is going to burst. It looks as though the market has slowed certainly but people are still buying for whatever reason and prices are still rising – 7% is a very modest rise compared to recent years – my own property has risen from €60,000 to €220,000 in four and a half years – that’s not a modest 7%, but that’s also not sustainable.
Whether the current rises are sustainable I don’t know – I would imagine not unless the developers cut down the amount of development – probably unlikely without government action – but hey even that is happening. Madrid have just announced plans to buy all the undeveloped land on the beach in Denia so it cannot be built on, and have also announced similar plans for the whole Valencian region – what do you think that is going to do to prices?
The CdS is – from what I have seen of it – very overdeveloped – in comparison the Costa Blanca is green (though in my opinion still too developed) but it looks like something is being done about it. Also the land grab law L:RAU – the subject of many a scare story – is finally being put to rest. The new replacement LUV has gone back to the rewriting stages to incorporate the 100 or so points raised by the EU to protect the rights of property owners. Again what do you think this is going to do to property prices?
Finally – I believe and someone on here may well correct me if I am wrong – a lot of off plan investments in the CdS are bought by speculators who wish to resell before completion. This is the very cause of potential property bubbles as speculators are willing to pay any price knowing that the chances are good they will get their money back.
But up to 18 months ago it was difficult if not impossible to find a developer here who would allow this in the CB. Most if you tired this would ask for the difference to be paid for them – it just wasn’t entertained. Not so now of course as many developers have realised this is a lucrative way for them to fund a development. But there are a lot less speculators buying off plan here in the CB than there is in CdS. Mostly people who are buying off plan here are Madrileños looking for a long term holiday home. This is a sound basis for a sustained growth.
However these are only my opinions which I am expressing based on what I can see around me – not what estate agents are saying and I could be very wrong. However I have heard about the property bubble in Spain for some 2 years now and as far as I can see it isn’t on the horizon just yet. People still seem to be buying – it is just that the emphasis is less on the UK market – as it is in CdS and more on other property buyers.
Opinions are like a*&holes – everyone has them.
Regards
Vince
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Dorothy et al, interesting article in the S. Times property section of the impact on property markets abroad particularly Spain, France and Italy caused by the slow UK market, the constant bad publicity etc in Spain caused by various Agents and Developers, and that prices are generally ‘overpriced’ there now.
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Dorothy et al, interesting article in the S. Times property section of the impact on property markets abroad particularly Spain, France and Italy caused by the slow UK market, the constant bad publicity etc in Spain caused by various Agents and Developers, and that prices are generally ‘overpriced’ there now.
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Dorothy, it makes me cringe when I see so called reports of price rises on the Costas, then people get suckered in again. Just anyone try and sell their re-sale and more often than not the picture is completely different. Many of these ‘predictions’ appear to be agent led and has been often said on this site, these so called rises often look good because it is the agents’ fat commisssions that are loaded on the price that make it look so good. Often it is only the agents that make any money and not the sellers!
Don’t forget too that many agents are more interested in selling off-plan, not re-sales.
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Dorothy, it makes me cringe when I see so called reports of price rises on the Costas, then people get suckered in again. Just anyone try and sell their re-sale and more often than not the picture is completely different. Many of these ‘predictions’ appear to be agent led and has been often said on this site, these so called rises often look good because it is the agents’ fat commisssions that are loaded on the price that make it look so good. Often it is only the agents that make any money and not the sellers!
Don’t forget too that many agents are more interested in selling off-plan, not re-sales.
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Well, in my opinion there are no signs yet of a down fall in the property prices in Spain and particularly in Málaga (Costa del Sol), and further more: it doesn’t seem it is going to happen in the next future.
I base my opinion in my everyday work, as I do conveyancing and give legal advice in property law mainly in the Málaga Province I can confirm you that prices are stabilised at the moment given to a steady demand from all over Europe , and Spaniards aswell, wanting to retire in this new “California of Europe”.
Mind you: in the government or official (also in big companies dossiers) estatistics it shows that prices are still going up slowly in the Málaga Province and they insist that they will not go down in the near future.
In few areas of Europe you can have what you find in this corner of Andalucía, and I am not talking about the weather,and the Andalucian Government has made a tremendous bid for the future of the Costa del Sol and has approved key projects to inprove the infraestructure over here.
Despite the negative opinions that we hear in this forum about Spain ,
I have hundreds of happy clients in my office who have succesfully bought their properties and are quite happy living here ,( well, actually most of them just love it here). But as we say in Spain “la excepción confirma la regla” which can be translated like “the exception makes the rule”.I hope this opinion gives you another point of view….
Learn Spanish, adapt yourself to the Spanish Culture and enjoy Spain
Kind regards,
José María Sánchez Alfonso
Lawyer / Abogado
Fuengirola / Málaga
jmsalfonso@inicia.es -
Well, in my opinion there are no signs yet of a down fall in the property prices in Spain and particularly in Málaga (Costa del Sol), and further more: it doesn’t seem it is going to happen in the next future.
I base my opinion in my everyday work, as I do conveyancing and give legal advice in property law mainly in the Málaga Province I can confirm you that prices are stabilised at the moment given to a steady demand from all over Europe , and Spaniards aswell, wanting to retire in this new “California of Europe”.
Mind you: in the government or official (also in big companies dossiers) estatistics it shows that prices are still going up slowly in the Málaga Province and they insist that they will not go down in the near future.
In few areas of Europe you can have what you find in this corner of Andalucía, and I am not talking about the weather,and the Andalucian Government has made a tremendous bid for the future of the Costa del Sol and has approved key projects to inprove the infraestructure over here.
Despite the negative opinions that we hear in this forum about Spain ,
I have hundreds of happy clients in my office who have succesfully bought their properties and are quite happy living here ,( well, actually most of them just love it here). But as we say in Spain “la excepción confirma la regla” which can be translated like “the exception makes the rule”.I hope this opinion gives you another point of view….
Learn Spanish, adapt yourself to the Spanish Culture and enjoy Spain
Kind regards,
José María Sánchez Alfonso
Lawyer / Abogado
Fuengirola / Málaga
jmsalfonso@inicia.es -
Message to Swansea. It is true that many Madrilenos are buying in the Valncai and Costa Blanca region. You could try putting your property on at http://www.Segundamano.es – it is free for the web edition and an advert lasts one month which you can renew. If you want it in the prointed edition you send a text which costs €1.05 or so. Many Madrilenos will read this.
However they only buy properties within walking distance of the beach (and not much walking at that) within about 2-300M – there would be little point in coming all the way from Madrid to go beach side only to find you are actually 10kms inland.
There are many other places you could try and many things you can do to help yourself, and I did write a repsonse to someone recently from this forum about what she could try to sell her house. I think I still have the reply and can forward it on to you.
Hope this helps
Vince
PS if you want a free account on my website – then drop me a line and I will set one up for you. -
Message to Swansea. It is true that many Madrilenos are buying in the Valncai and Costa Blanca region. You could try putting your property on at http://www.Segundamano.es – it is free for the web edition and an advert lasts one month which you can renew. If you want it in the prointed edition you send a text which costs €1.05 or so. Many Madrilenos will read this.
However they only buy properties within walking distance of the beach (and not much walking at that) within about 2-300M – there would be little point in coming all the way from Madrid to go beach side only to find you are actually 10kms inland.
There are many other places you could try and many things you can do to help yourself, and I did write a repsonse to someone recently from this forum about what she could try to sell her house. I think I still have the reply and can forward it on to you.
Hope this helps
Vince
PS if you want a free account on my website – then drop me a line and I will set one up for you.
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