Reply To: Impact of UK property slowdown on Spanish market

#59279
Anonymous
Participant

I have a friend over from the UK and he is looking to invest in a property abroad. He falls into neother of the two vcategories – he doesnt own a proeprty in the UK nor does he wish to leave in the very near future. However he is looking at Bulgaria and Turkey because it is so much cheaper to buy there. He considered Spain and is still doing so – but he has a limited budget based on what he has saved and has the choice of a property in Spain with a mrotgage or a property in Bulgaria with a straight cash purchase.

Peraps this is another factor influencing the Spanish property Market.

Also I know of at least 3 people who fall into category 1 who have been waiting over a year to sell their UK property in order to move to Spain. They have all lowered their prices in the UK but cannot sell their house. Therefore 2 out of the 3 have decided to stay put for a while and ride it out. The other just wants to move so badly they are willing ot rent out their property in UK and get a Spanish Mortgage.

There is a definite influence here and people now seem to have less money to spend on property – which would probably put them in the second category. This means they will either look elsewhere or go back and regroup until the time is right.

The net effect will be less UK buyers, But whether this will affect the market in total bearing in mind many Spanish, Scandanavians, Dutch and Grmans are coming back to the market remains to be seen. But the UK buyer either is becoming a rarer beast or has less money to spend on the property they will buy (but still expect to get a 3 bed villa with a pool overlooking the sea for £100,000)

Regards

Vince