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Having read this latest newsletter i see no mention of the impact of our increased bank rate hear in the UK with regard to driving the sales of foreign property. Surely the recent increases sustained here in the UK must slow down the purchase of properties abroad not just in Spain.
Having just returned from Mallorca i can confirm that discounts of up to 20% are available on resale properties. Whilst many estate agents are putting a brave face on things they accept that there are far fewer serious buyers around, and that is a story i have heard all of this year.
Based upon these facts what impact would a withdrawal by UK residents on the Spanish property market have i wonder. If as your letter suggests we account for 40% of the market surely this would impact in a very serious way surely. I can understand why the Spanish goverment is trying to talk the market up or at least keep it afloat based upon their reliance of our investments within their country.
I also wonder how long the Spanish Goverment can condone the black & white payments made for Spanish property based upon their entry in to the European Union, surely this would be a good topic for a future newsletter?
Regards,
Keith Ward.
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Keith. I think your comments are quite valid even to the point that there could be a ‘bursting’ of the bubble in the Spanish property market soon, yet agents are still pushing new-build in a big way and yet not moving-on the investors’ re-sales.
There also does not seem to be any regulatory body in Spain monitoring the ‘dodgy’ agents, the Spanish Government seems to turn a blind eye to this problem, probably because of all the taxes they receive on property.
It could all end in tears.
Paul
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@paul wrote:
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Keith. I think your comments are quite valid even to the point that there could be a ‘bursting’ of the bubble in the Spanish property market soon, yet agents are still pushing new-build in a big way and yet not moving-on the investors’ re-sales.
There also does not seem to be any regulatory body in Spain monitoring the ‘dodgy’ agents, the Spanish Government seems to turn a blind eye to this problem, probably because of all the taxes they receive on property.
It could all end in tears.
Paul
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I’ve just received an e-mail from Viva Estates talking the property market up in Sthn Spain which is completely at odds with the Economist magazine and other analysts and reports which clearly say the market there is so over-priced that it is a bubble waiting to burst. I ‘m sure some agents there are just not telling the truth.
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