Reply To: House prices in Spain down 30 percent in some areas


@Peter Good wrote:

In summary, and speaking as an agent, the best way to buy a bargain is to go direct to the owner and drive a hard bargain for yourself.

Wow Peter, an honest agent at last. You are a rare breed indeed. Very refreshing honesty.
I have now decided that the Spanish market is much too uncertain right now to invest. I have looked at zillions of places with both agents and sellers in the last few months and I am shocked at the unreality of everyone. Perhaps they don’t read the FT or watch Bloomberg and only listen to the ‘expert’ down the local bar but there’s a slow train coming.
I am based in SW France and here the market is real and sustainable simply because the greed of the last few years in the property market never happened to any extent.
The Spanish market has to decline to ‘fair value’ in relation to other EU countries.
For example a new 2 bed condo in the costal midi region of France will cost you about 120-130k depending on the M2 space, view etc. That has been the situation for many years with a steady 5% rise in value.
In Spain the price can be literally anything depending on the area.
My point is within the eurozone ‘fair value’ in markets is the key to price stability. Until folks in Spain and the UK wake up to the fact that a house or condo is somewhere to live or have a holiday and not to make megabucks the better it will be for all concerned.