Duquesa, by your name I’m guessing that we don’t live too far apart.
I really do think that the argument that if you buy quality in a good location you will be spared from the downturn is seriously overplayed.
This was the last argument used by the estate agents when they dared pretend that spanish property was still an investment, and while they still refused to admit the severe downturn in the market.
It seems to me that the few buyers that there are won’t touch anything overpriced with a bargepole at then moment. They read the papers and know to hold out for lower prices.
Let’s face it, if you wanted to sell your property within the next six months regardless of what area you live in, you would have to ask for a price significantly lower than you did in 2005 & 2003. Now if you wanted to put your property on the market in the one million to one shot that some sun stroked foreigner would pay over the odds for it -that’s a different matter.
Take a look at the Majestic Hills development down the road from you. Good location and it appears to be a good quality build. The vast majority are empty and unsold three years on. If you had bought one of those over the last five years and were now forced to sell, you would have lost a considerable sum of money.