Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › Spain and UK seem to be competing for biggest fall in ’09 › Reply To: Spain and UK seem to be competing for biggest fall in ’09
I do agree that it was investors and speculators who drove theprices up and staarted the boom. I will also concede that foreign investors helped topush the prices up, but I still say that the majority of buyers were Spanish. Even the spculators.
I can only talk from experience (and that means this small area of La Safor and Marina Alta) but of the developers I know locally (3 of them as friends) I would say at least 6% or more of their clients were Spanish investors. One in particular (a fairly well known local builder with a good reputation who is now diversifying into Bio fuels) had his developments sold out before the paper was dry – and all from hgis contacts of people. Mind you each of his developments was no more than 30 apartments
Of the bigger ones in Denia and thereabouts I would certainly agree a lot were sold to foreigners – but still maintain that the majority were Spanish buyers
The difference being I think is that the Spanish investors are in here on the ground floor and will put their money into constructions at the outset (usually due to links with the developer) whereas most foreigners do not have this luxury. But not always
Anyway this is purely my experience here in this small zone and I am know it is a different world down on CDS (I spent a month there in December/January) so will agree to differ on this
Best regards and nice to see you are still active on here