Spanish Property Insight › Forums › Spanish Property Forums › Real Estate Topics, News & Discussion › Will people rent or stay away now the boom is over? › Re: Re: Will people rent or stay away now the boom is over?
The Spanish property boom is over, and we are heading into the unknown. We might be heading for a soft landing, or maybe we are bound for a crunch with significant price falls, high levels of foreclosures, lots of property companies going bust, developments left half finished, etc. It’s still too early to be sure, but I don’t subscribe to the soft landing scenario.
Assuming the market takes a dive, and prices fall significantly in 2008, then you have to assume that holiday-home buyers will disappear completely. But what do you think the Brits and other foreigners who dream of moving to Spain will do? Will they still come and rent instead, or will they stay away and sit tight until they think it’s a good time to buy? Or will they just abandon their Spanish dreams? I had a heated discussion about this last night, so I’m interested to know what others think.
Depends what bracket the buyer falls into, ive just sold the deal of the century a villa in Marbella for 550k euros valued at 1.2m but the client had the funds to buy it, so I see the market for a certain type of buyer offering fanstastic opportunites but its a horrible and terrible time to sell.
The biggest problem for a lot of brits isnt property prices but its now the cost of living here compared to that of the UK imo.
You can still buy brand new 2 bed apartments in costa del sol for 210000 euros with all the mod -cons but when i came here in 2002 cost of living was about 35% of what it was in the uk but with the current exchange rate its now about 80% of where I came from in Brighton.
People who can afford to come will still come and my advice to them would be rent unless they can get a fantastic deal where somebody has to sell
Anyway its all about opinions