The train derailed some two years ago and everyone (agents, greedy owners etc) has been in denial.
Bernard might sound a bit of a Cassandra but he is right, except for blaming the architects. Architects follow developers instructions and budget – design the cheapest, spec the cheapest materials etc …
badly located new builds (Manilva, Mijas, Alhaurin to name just a few) would be lucky to lose only 20% of the off plan purchase price 5 years ago. On top of it these flats were so badly built they are now suffering from damp, bad light and water connections and generally in a shocking state putting off any potential viewer. Hardly any of them have a running community so the public areas, pools etc have gone/ are going to pot.
exaggeration? not really – i know many who bought blocks in these “developments” who are now to mortified to own up to their act of folly. they can afford to lose all the money unlike innocent lambs to the slaughter who believed the “sales pitch” from a bunch of spivs and crooked developers!!
Apart from the unstoppable inexorable meltdown that is happening on the coasts of Spain affecting second home owners, the national market is also now in the grips of a”train crash” with the central goverment desperate to cover up the current state until the March election is out of the way.
I don’t know about other areas of Southern Spain but the commercial property market has also just crashed in the Marbella area with tons of premises coming on the market for sale or rent at prices well below the bubble highs. Business’s here are closing by the day, employees being sacked in droves !!! train crash ? no, much more serious –
buy only in the best areas, the best quality and best location – avoid the 50% market reductions – that’s only close to the real price !!