Anyone buying now and for the next 3-5 years without a proper reason — ie buy to let, speculators, topping up the pension etc — has rocks in their heads and absolutely deserves what is waiting for them.
The only excuse for buying in Spain is security of tenure for the medium to long term (which I say is dangerous due to tax residency reasons, lawyers etc..) and the ability to change things to how you like it — all other reasons are fluff.
If the stress and nonsense about property issues was removed or minimised in retirement, just imagine how much better retiring in Spain would be.
This should be the official advice of the British foreign office to all British buyers in Spain.
Its time to say the un-sayable and that time is now.
Sorry, but thats the way it is.
Spains property market will not pick up thanks to British buyers. It will take years for British to regain their confidence in the Spanish market. It will be other foreigners and spanish themselves who will start to purchase, or who already are starting to purchase. (This will probably kick in by mid 2012, so I don’t mean now)
The problem is that by the time the British want to start purchasing in Spain again, the bottom will be on its way up and it will be history repeating itself all over again… British paying ludicrous prices for properties in unwanted locations. Between the back end of this year and into 2012 will be the time you will see the best bargains out there and from reading lots of other forums and headlines it is reaching a bottom if it hasn’t already.
I don’t think British will be buying much in Spain in the next few years to be honest. But other europeans and spanish themselves will.