Reply To: Mark Stucklin seems to think property prices are


No problem as I break glass everyday
Some say the market is overvalued by 30% ????????
I just completed on an apartment purchased for 300.000 euros and say 330,000 inc fees etc internal 135m2 ,total built 196 m2 excluding parking I have up until now only had 30% invested i.e. my deposit.

Now I take an interest only mortgage for 3 years and have rentals which will pay towards the payments, I also have a great place for holidays but if I were to sell today I would be happy with 365,000 euros, however I am going to stick for now (probably no choice anyway)
Now there is an apartment in the next block that wants 445.000 euros for the same property< so what is over valued by 30 % (get my drift)

Now as the market has hit problems I either do what I am doing or as m.g says I treat it as a 5 year investment(which everyone should have been prepared to do) or loose money by dumping it.
The real losers in the investment game are those that were in it for the short term gain and they took the chance many with no finances to complete and they all played a part in the game and lost,(some went for multiple purchases and really not a lot different views to some of the developers ie GREED)
The poor souls that got caught up in this mess we all have sympathy for but reality is that the problem for them is not going away and it just may be helpful if they can see how some have chose to deal with the situation.(How many of these didn’t think that this will be a lovely holiday home and didn’t take on board that they would make some money as well) BE HONEST?

As Drakan states, it will be back for the next cycle and the future problems may be in countries that he pointed to ( the question is when, reality no one really knows and can only put forward their opinion much like the Investment managers in the stock market

“Can someone in this fine country with morals tell me what happened with the pension fiasco when many lost everything?(who were the sharks and conmen here)
“Can some in this fine country tell me what happened to the endowment scandal?
“Can someone in fine country tell me that if the domestic property bubble bursts if interest rates climb again young couples could loose the lot due to negative equity?
Read the news, this country has nothing to brag about, almost everything revolves around religion and greed.much the same as the rest of the world

As Inez states he wakes up in the COSTA DEL SOL every morning happy with his lot and so do 100s of thousands of others

Maybe down for a while but all the reasons that everyone bought, including investors or those purchasing a holiday home are still there i.e it’s a great part of the world.