- This topic has 14 replies, 7 voices, and was last updated 16 years, 7 months ago by
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Is this the Telegraph talking up the market, or is this article a year too early.
“A downturn in Spain means there is value to be had. Zoe Dare Hall asks how to spot a good investment.”
Full article
http://www.telegraph.co.uk/property/main.jhtml?xml=/property/2008/06/10/pspain110.xml&page=1
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Mark quoted for the article. I thought it was a good piece and was reflecting the situation in Spain as has been mooted around on SPI. It showed a big drop in prices on some properties, from the 1,000,000 euros price bracket downwards. From recollection , I think it said a good place for bargains was from Las Chapas along the coast to Estepona. Probably because so many are illegal! 😕
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Yes, they do believe it, the same as when the very same Telegraph told readers how they could make 30% by buying off-plan.
The (few) buyers who come are then disappointed. All the rubbish about investors snapping up beachfront properties…these still go at inflated prices as there are still many who have the money to pay for location.
Not to say there won’t be bargains…when I hear of one I shall let you all know 😉
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@ralita wrote:
“Is this the Telegraph talking up the market, or is this article a year too early.
“Those people are mostly armchair investors.
Peter, what’s you opinion from the frontline?
As reported in an earlier thread ralita, there is still a small flow of actual buyers, this is of course compared to virtually nothing in the previous 5 months.
Still mostly buying resale to live. Only one new-build request since my last thread (no sale).
I suspect this is as good as the buying season will get. None of my clients are from my website, all have been passing trade only.
Offers on everything from 20%-40% off the already lowered prices.
Most vendors will drop 30% whether they are going back to the UK or not. But anything over that is likely to be refused. Some vendors can be persuaded to go to 35% off for several reasons. If they are going to the UK, with a 20% benefit of the exchange rate then effectively they are only dropping 15% and also have the option to make an offer there too.
There is also very little interest in mortgages, due largely to the Euribor. It seams people can find the cash if they have to, particularly those buying for lifstyle change over 50´s. In the past they would have taken a small mortgage to leave some savings, but they seem to prefer less savings and no over inflated mortgage repayments.
The dominating conversation is always that the clients are “totally sick of the UK” . I think the desire to move abroad is still as great as ever it was in the boom years. I have come to the conclusion those who are the most tired of the UK are prepared to leave at any price, even knowing that now is not the best time to try. Assuming that is, that they can get their furniture past the hauliers blockades in Barcelona!
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I think most of us can understand the desire to leave the UK. It was certainly uppermost in my mind when we came to Spain.
I do wonder if more of the UK escapees are now moving to other European destinations instead of Spain. If so, where?
We are toying with the idea of moving to other parts of Europe, but I doubt anything will come of it in our case 🙂
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“We are toying with the idea of moving to other parts of Europe, but I doubt anything will come of it in our case :)”
Visit those places during the winter. I was in Romania 2 weeks ago and the weather was fantastic.
But I know that in January it can get to -20 Celsius which is not so nice.
After living in Central and Eastern Europe for about 25 years and in Miami for 4 years, I found the overall weather in UK to be very good (mild winters, no hot summers, nice breezes, fresh air). I do not mind rain.
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El anciano wrote:I didn’t mind the cold or rain in the UK. The thing that did depress me with the weather was how grey the sky is most of the time.
Getting back to the article, in the Telegraph, certainly two years too early I expect the journo had a free week end break from one of the agents, filled up with cheap booze and then wrote this tosh, who said “history does n`t repeat itself.” We have all seen it before, journos writing tosh for a free weekend somewhere. Mark I do not include you in this, you are nearly as pessimistic about the next two-three years as I am.
She obviously has n´t studied economics, 2 million properties chasing say 1 thousand buyers does not equal a market where prices are likey to rise.
These journos bandy figure around ,they quote some guy saying how well he is doing getting 275 pounds a week rent, bunkum he might get it for four weeks in the year, but I was always told there are 52 weeks in a year, what about the other 48?.
I have warned on this forum many times beware estate agents bearing gifts, journos local or international, radio stations . They would all sell their mothers for a mess of potage or in their case an advertising slot.
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