- This topic has 16 replies, 10 voices, and was last updated 12 years, 4 months ago by
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From yesterday’s Daily Mail 🙄 :
Could this be a real ‘turning point’ for the worst? It seems worse than even some of us thought!
Should people be selling and quickly if possible, or should they be buying and potentially losing their shirt? 🙄 😯
I did not write this BTW 😉
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One of the biggest problems with keeping real estate during such a long down period is that the costs will deffinately rise in Spain either because of higher taxes or living in developments where you are fewer people that will share the costs because some people go bankrupt. It all comes down to personal circumstances though. If you are allready on the brink of bankruptcy why even bother? I would just hold onto my stuff since selling would not get me out of the situation. If this was not the case I would try and sell for basicly whatever price. This will not ofcourse be good for the rest of the economy but in such dire situations you look after yourself and your family.
As a private person I could care less if I owed the bank or tax authorities 500 000 euros or 50 million. I would still not be able to pay my debt off in the forseeable future.
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The article only really sums up what has happened, not what will happen as it portrays.
IMO we are at or near the bottom of the crash. There is hysteria on a rising market with everyone believing it will never stop rising. The reverse is also true on a falling market. Almost now into 6 years of decline and good 2 bed properties can be picked up for 50~80k Euros. Contrast that with £250k (300k Euros) where I live in the UK, the land of continuous rain.
If I wanted a holiday home in Spain and had the cash I would be looking to buy now.
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‘IMO we are at or near the bottom of the crash’ says Richard.
To summarise the article written by one of Spain’s leading economic consultancies:
800,000 houses still on the market
Developers are sitting on a further 700,000 completed units
250,000 homes are currently being built
300,000 homes have been foreclosedI don’t think so Richard 😮
The article was not about weather, but that said, Spain has had awful floods and fires this year, Australia experiences 3rd wettest year on record etc etc! 😉
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Apparently Ireland has reached bottom price for their property. It says today in the papers that it’s risen four months in a row. Maybe to beat the budget? But, a few local houses which are small and need doing up were on the market for 40/50k and now all have ‘sale agreed’ signs up.
Maybe people are becoming more positive here (I love it by the way, I don’t care if it’s a bit grey….. there is always the ‘holiday home’ 😉 flat back in Spain to catch up on some sun).
Maybe Spain is 2/3/4 years away from reaching bottom when they have sold a few more of the glut?
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I chanced upon this site in a free newspaper, all in Russian.
http://www.maymar.com/wordpress/
I think we must be very near to the bottom of the market in Spain, and since the country has realised its salvation won’t come from the UK or Germany, it has turned its efforts to some far away places.
I wonder if it will work?
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Wonder on Rocker, do you really think the Russians and Chinese will be buying up the 2 million unsold properties soon in order that the bottom of the market has been reached? 🙄
BTW, when Sareb the bad bank takes on the $77 billion worth of Spanish toxic property, economists expect it will push prices down even further 🙄
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The article is based on the same RR de Acuna & Asociados report that was referred to by AEP in his recent Telegraph article. There’s a link on another thread, but I can’t find it. RR de Acuna & Asociados are particularly bearish and I have no idea whether they will be proved right or wrong, but they certainly know how to draw attention to themselves.
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All people with an interest in the Spanish property market, of which I am one, are waiting anxiously to see what the ‘bad’ bank will do with the toxic assets placed in it.
Common sense tells me that central government will insist that it can’t just throw the whole lot on to the open market, but over the years to come some of it must find its way there. Depending on how it is handled and what happens in the meantime with demand from new investors in the Spanish economy, it could be a benign solution to a cancerous problem.
Very few economists will know when the bottom of the market has been reached, it’s unpredictable, you just need to study the last six months rise in the Spanish stock market, who could have forecast that after all the doom and gloom which has befallen Spain of late?
Poor old Barak Obama, the most powerful politician in the world, has had to cancel his Christmas holiday to try and balance America’s books for the next year. Anything can happen if he fails, and the negative media attention towards Spain could cease, it’s about time it did.
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Poor old Barak Obama, the most powerful politician in the world, has had to cancel his Christmas holiday to try and balance America’s books for the next year. Anything can happen if he fails, and the negative media attention towards Spain could cease, it’s about time it did.
1) There is negative media attention about Spain because the situation is dire for Spain and the euro. It is unlikely that anything that happens in the US will displace the media attention for too long.
2) Is the Mail UK a credible source? Didn’t they claim that smoking just one spliff will cause schizophrenia and permanent memory loss?
3) I wouldn’t feel too sorry for Barack Obama. His brilliant strategy is destroying the Republican party, which is a good thing. -
Rocker, you say that ‘very few economists will know when the bottom of the market is reached’ yet you seem to know more than them because you keep saying you ‘think we’re near the bottom’, (based on what though?) you discount the hard facts summarised in the article which the Daily Mail have not made up. You admit you have a ‘self-interest’ having property in Spain as well as being great friends with one the the Coasts largest estate agencies. Even if a ‘turning point’ comes which is the topic of your recent post, how long do you think it will take to get back to normal, 10 years, 15 years or what? For any further evidence from an expert, I give you Mark Stucklins recent report:
http://www.spanishpropertyinsight.com/buff/201 … new-homes/
Are you going to disagree with Mark as well as the economists? 🙄
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Some of you can rubbish the Daily Mail but the fact is the story was copied and rewritten from the Telegraph the day before. The Telegraphs source was a named Spanish expert. Things must be bad if a Spaniard says, so they have been pretending there isn’t a problem for the past 5 years…it’s a national pastime. It’s a train crash right now.
If America hits the skids then Europe will go under 😐
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For more than five years now I have witnessed the Spanish housing crash and I agree with the causes, now well documented. I have consistently warned people not to buy in Spain at this time and have commented on the madness of people who buy into a falling market.
My advice still stands, the market is still falling. All I have stated recently is that the bottom may be reached sooner than expected and it is likely to be missed by most people, me included.
My reasons are quite simple: all of us commentators and the news we read is ‘westernised’, but I’ve noticed the Spanish government recently, and surprisingly, turning eastwards, in a big way. In a massive way, with trade delegations in Moscow, St Petersburg and Beijing extolling the virtues of living in Spain, and even offering residencia to any immigrants from the east.
Russia and China are massive countries which most western commentators pretty much ignore, and their citizens would find it nigh impossible to come and live in the UK or Germany, or anywhere else in the EU, but Spain is offering them a welcome with open arms.
If Spain’s promotion of their country succeeds in the east, and even if it only attracts a tiny proportion of immigrants, then that tiny proportion could still run into many millions and Spain’s housing problems would be solved overnight.
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You’re back to your rude self UBE, name calling, I could be visiting again soon 😡 I don’t think eating lemons is practical advice in solving the problem portrayed in the article but perhaps you know otherwise 😆
BTW were you aware that despite the UK weather, it is said that 45% of British home owners in Spain are hoping to sell up, why would that be, perhaps they can see through the same old hype and they’re concerned about the situation too? 🙄
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I think the high percentage of people wanting to sell is more likely they need to sell because they bought when times were good and are now in over their heads with repayments they can no longer afford.To me spain is still the place i want to go i have put some of my money where my mouth is and booked up a villa for the summer.Who knows my booking might of meant the owner could afford to keep their place in the sun.I still believe we have some way to go before the market bottoms out and i believe that because of the area i want to buy in i will miss the bottom as the best areas will recover first.
Many will have a bitter taste in their mouths after it all sorts its self out but it won’t be from eating lemons,it will be from believing estate agents hype and lies and letting themselves believe they could afford the dream and now find their everyday lives blighted by this. -
A very perceptive post dartboy, I don’t think you will make mistakes because of how you see things, and not through rose tinted specs. 😉
Just because one or two have a real vested interest on here and choose to ignore the facts is no reason for them to be rude rather than put their side to the debate properly, after all, much of what’s said comes from reports and not written by the messengers 🙄
Spain will always be a draw for Northern Europeans especially, for holidays, and one day for cheap property, it’s just got to get real for regulation and sort out it’s lack of transparency, plus overcome some of it’s catastrophic current problems. 😉
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