I’ve said to Fuengi that there is value to be found now, however I don’t think anyone can say that prices ‘are not going to fall any further’ with certainty Rocker. How does anyone know at this stage that Spain’s finances worsen, it has been muted that Spain might exit the Euro and revert to the Peseta, what then for Spanish property prices in relation to other currencies?
No-one has predicted the bottom of the market for the last few years accurately not even that expert who came on here in 2009 saying prices would rise 10% per year then (how wrong was he?), it will come sometime but unless you have a crystal ball it’s all guess work still and why would anyone believe the Politician, an economist and a journalist, 3 people amongst many who are not as bullish? 🙄
Lastly, who is going to buy up all of the unsold stock which the Spanish Gov’t have revised their figures upwards from 680,000 to 900,000 whilst others say it could be between 1 and 2 million, that’s just the new-builds nationally, again there are no true figures? 🙄
I can’t answer those uncertainties, nor do my personal experiences matter on the wider picture, but if economists with brains the size of countries can’t get it right, I don’t mind having a go.
A house in my street went up for sale at 320K, it was German owned, an elderly couple from Berlin had owned it as a holiday home for more than 20 years. They weren’t bothered about making a profit, they had gotten too old to enjoy their house in Spain and went along with the valuation by a Spanish agent.
It lingered on the agent’s books for ages, at least a couple of years. Walking past the house one day, I noticed a new Se Vende sign and happened to speak to the husband who was on one of his short visits.
He said that he had reduced the price to 220K, but was not going to go any lower, the bottom had been reached. It’s sold now to a French couple with a BMW X5 in the drive.
A meaningless story? Maybe, but I don’t have a brain the size of a country, not even a county, but I walk around with my eyes open. I don’t have a BMW X5 either, but I own a Picasso.