Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › Naughty Spanish Banks Hiding the Truth, well Lying really! › Re: Re: Naughty Spanish Banks Hiding the Truth, well Lying reall
@Chris McCarthy wrote:
Logan I think you’re being a bit harsh – especially on DBMarcos
Oi… what about me!
Jeeze, surely listening to our resident billionaire, know it all, investor type – oh sorry we actually don’t really know anything about him at all do we – would be at least a bit less interesting without me trying to put an argument here and there about actually why people do buy and always will buy homes in Spain.
OK you as well then 😉
(There’s probably a bit of history here that I’m not fully aware of)
I’m well aware that people are buying homes in Spain. I bought a flat here in Madrid 18 months ago, and I know others who have bought as well. Personally I “knowingly” bought into a falling market, but I wouldn’t advise anyone to do so in general. It was the combination of tax breaks, the attraction of holding a mortgage as a hedge against a possible currency devaluation, a young family and the fact I ain’t getting any younger that pursuaded me to buy a modest flat in Madrid. It also meant I had some cash left over which I was able to move out of Spain, again as a hedge against currency devaluation (I get paid in Spain so I’m exposed) and hopefully which I can use to bag a cheap holiday home on the coast in a few years time.
So that’s why I recently bought a home in Spain. However I suspect most people who look at this site do not share my circumstances. Furthermore I expect they need to be made aware of the downsides (real and potential) of buying, since any potential buyer will inevitably be told by people with vested interests that now is a good time to buy. For most people the main issue is the euro – if Spain stays in then personally I don’t think now is that bad a time to buy, provided you really know a genuine bargain when you see one (I suspect there’ll be more bargains next year though). However if there’s a risk of Spain leaving the euro then itreally is better to wait.