Spanish Property Insight › Forums › Spanish Property Forums › Real Estate Topics, News & Discussion › Looking to buy around El Rompido, Punta Umbria and Portil › Reply To: Looking to buy around El Rompido, Punta Umbria and Portil
They say that Spanish property is going to drop in value by 30%, but they also say that property on the CDL is 30% cheaper than other costas.
If you have a budget and you want that Spanish property now then I’d say that CDL is a great idea. Of course there are fewer Brits but they are there. I don’t know your circumstances but if I wanted unspoiled beaches and authentic Spain and I didn’t have to borrow I’d go for it.
So do the maths. Surely that means that the prices on the CDL are about right, and the prices in other areas will be dropping to nearer CDL levels.
Well, I wouldn’t agree with this. I think it’s probably 30% cheaper because the area has not been developed to the extent that the CDS has been in order to cater for tourists. People pay more in Benalmadena because they want fish and chips and proper beer and there aren’t enough sophisticated expats to fill the other areas of Spain so it probably deserves to be 30% cheaper than the CDS. All in my opinion.
For what its worth I have lived on the CDL for years and have bought a new house this year. Prices are holding, sellers are not accepting offers on their properties like they are on the CDS. For a good property it is still the seller that dictates the terms.
I lived there for a couple of years. When asked if I was interested in property I told the corredor to tell me when he had something decent in the region of €50K and he laughed in my face. €50K is five times the average annual wage in that area so if that is ridiculously low then there are troubles brewing there as much as anywhere else in Spain. As an aside, by putting €50K in an English bank I will be earning €2875 euros in interest each year which is exactly what I was paying in annual long term rent so you can afford to wait if you think prices might soften.
Of course local wages may increase to match the property prices but I don’t see what work will be available that will give the locals wages that high. I’m pretty certain it won’t be construction.
If you do go to CDL make sure you like Spanish food as there will be very little alternative without driving, it’s not like British cities where you can quite easily access any national dish you wish