Re: inspection trip with M**, arenal golf

#58732

Anonymous
Participant

Hi Royce,
As a resident in C. del Sol, who bought property “off plan” several years ago, I would recommend you think long and hard about buying off plan. The reason I say this is because Spains property market is going through a difficult spell at the moment, with supply far far exceeding demand. The old days of,make 30% profit by buying off plan are well and truly over and there are many hundreds of people who recently bought this way suddenly discovering that they cannot sell there apartments.
In the last few weeks alone I have seen several 2 bed apartments advertised in Arenal for sale privately at cost price, which suggests to me that Arenal is not going to be any easier to make a profit on or re sell later.
If of course you are buying purely to keep as a long term investment and not to sell, I would also say , please do not buy if you would need to rent the property to pay a mortgage, there are no guarantee’s of rental anywhere and again there are also thousands of people trying to rent there apartments out here and many remain empty for long long periods.
I am sorry if this is a very negative reply but I feel it’s better for people to be armed with the reality’s of property here to enable them to make a choice based on there needs.
The reason I feel slightly qualified to offer this advice is because I did buy off plan (to live in , no mortgage to pay) SEVERAL YEARS AGO , and for a long period of time I have been watching the property market and have seen the start of a property slump, even I am having difficulty selling a very decent property and have been reduced to trying to sell at just above a break even price. So do please be careful .
I wish you all the best in whatever you decide.