This last post by Peter Good has the ring of authenticity and reflects the state of things far better than the previously upbeat comments.
I am an investor and follow markets. It’s my profession and I need to be in touch with the actualities whatever and wherever they are. I am interested in investing in buy to let and other projects in Spain.
However I will not even consider properties marked up to an asking price which relects over 50% above the actuality or ‘fair value’ in the current market state. I feel very aggrieved towards agents who wasted so much of my time this year. I made it clear in advance my requirements. They said they understood and had done some research on my behalf. It became clear they had done nothing. I came to Spain not on holiday but for my business. I would never choose Spain as a holiday destination. Not my scene.
In the end I came to the conclusions that my plans were sound but needed to be put on hold until the market bottomed. Nothing has happened since March to change my mind. Save that Spain is likely now to fall in my view at least 60%. Who in their right mind will buy into a falling market? You just have no real idea how far it has yet to go.
Property markets across the world are in a state of collapse. It’s a cyclical correction that’s long overdue especially in UK. Spain will suffer more because of it’s dependence on an artifical market. By that I mean buyers from other countries seeking vacation homes. Plus folks like me seeking to exploit whatever markets exists there. Without a market there will be no investment.
I don’t usually give advice, but I suggest Peter Good that you cast around for another form of employment. You are going to need it.