Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › How much have Spanish property prices actually fallen? › Re: Re: How much have Spanish property prices actually fallen?
Chris is probably right about getting stick.
You paint a nice picture of Aiguablava, a completely different area to the overbuilt and highly corrupt Southern Costas, and a much better long term investment, much prettier part of Spain and far less overdeveloped.
However with the massive oversupply of guestimates ranging from 1-2 million unsold newbuilds, plus huge numbers of resales, many of which are shoddy construction, mass urbanisations, many illegal, poor exchange rates for Brits, exhorbitant completion costs, a still unregulated property industry(agent, developers, lawyers) your advice if aimed at Brits is barking at this time. 1000’s of Brits and others stuck in property that has halved in their perceived value, that they can’t sell, many half way up mountains in little villages or in huge ghettos along the coast, no work, pension going nowhere, and drink is their main solace if they can still afford it, they tried their ‘life in the sun’ and it wasn’t all it had been cracked up to be!
Yes there’s huge wealth in the world but not for the masses like those duped in to buying in the previous Spanish property boom and bust debacle, the masses now don’t have the wealth you talk about, and if they did, would they want to buy that unsold crap which scars the Southern Costas now they know about the scams? It will be a very long wait for that lot to be a good investment, it needs bulldozing and a regulated and better quality build to replace it.
You’re right it’s not the first property slump in Spain, but as sure as hell, it’s the worst and the largest Spain has ever had!
Having had my rant, there are a handful of reasonable agents in the South as well as some good developments in areas that will hold up but you really do have to do your homework and should you buy, don’t expect a quick return, go for a lifestyle change.