Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › Spanish property market 2008: soft landing or train wreck? › Reply To: Spanish property market 2008: soft landing or train wreck?
Two things to add
Some of you will know the development but down here in Costa del sol you can buy a 110m 2 bed apartment for say 220000 which was getting a bank valuation of 348000 which means you could borrow 100% and costs and move in for nothing, interesting now the valuers have been knocking the value back to around 300k ie 3000 psm and these units are built to very good standards but if you buy at 220k thats 2000 euros PSM so how much further are those units going to fall, i hasten to add that the final phase is trying to be sold at 280k but thats just one example of one new development.
Also I have a friend who came over in september found his ideal town house near Benalmadena Pueblo with a view to moving to live here this January but surprise surprise he cant sell his house in the UK which will impact on quite a few more people IMO
Its the usual story of people who have money will probably make money and nows not a good time to get n a financial mess