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mishmumkin
Joined: 01 Sep 2007
Posts: 929
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 Posted: Mon Mar 17, 2008 8:29 pm Post subject: Long-timers Who Have Made a Life in Spain |
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| So has anyone on this board purchased property in Spain and made it his/her long-term home? I've read that the prices in the housing market are dropping as of late. |
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El_Che
Joined: 13 Feb 2007
Posts: 34
Location: Spain
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| Posted: Mon Mar 17, 2008 8:59 pm Post subject: |
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i sold up in london three years ago, and bought a place in valencia.
in valencia (the city, not the comunidad), the property market is starting to even out, but it's certainly not falling. in fact, property prices in the better parts of the city are still increasing, sometimes matching london prices! it's true that many estate agents have gone out of business as a result of property not selling, but it's very rare that owners are willing to drop their asking price.
i don't know if this is the case in other cities, but i expect it's the same in madrid and barcelona?
it wouldn't surprise me if prices are falling in the holiday home market, though. in areas such as torrevieja, the supply far outstrips the demand and many brits who haven't adapted to spanish life in these areas are having to cut their losses because people would rather invest in new property than used. |
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mishmumkin
Joined: 01 Sep 2007
Posts: 929
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| Posted: Mon Mar 17, 2008 9:35 pm Post subject: |
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| That's good to know. In the next couple of years we were thinking of buying property in Spain, ideally as an investment. I suppose I'd like to be able to rent it out to holiday-makers. From your experience, el che, is this not a good market to get into right now? |
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El_Che
Joined: 13 Feb 2007
Posts: 34
Location: Spain
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| Posted: Tue Mar 18, 2008 9:00 am Post subject: |
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| mishmumkin wrote: |
| That's good to know. In the next couple of years we were thinking of buying property in Spain, ideally as an investment. I suppose I'd like to be able to rent it out to holiday-makers. From your experience, el che, is this not a good market to get into right now? |
i don't have any personal experience with buying property in spain for investment, but i do know that many astute people invested heavily in valencia (the city) in 2001 when property prices were low. needless to say they have made a huge profit.
the holiday home market is a different beast. i'd personally be very wary in investing in the current climate. the popular areas are saturated with empty property, and the construction industry in spain is in decline. renting out property can also be problematic. providing you can find someone, you need to be very wary who you rent to. it's essential that you have a very strong contract in place. on top of that you have the obscene urban corruption which takes place in many parts of spain (the valencia comunidad and andalucia being prime examples). try googling and you're sure to come up with some depressing cases. |
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barmadu
Joined: 03 Feb 2003
Posts: 43
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| Posted: Fri Mar 28, 2008 1:38 pm Post subject: the housing market |
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It was inevitable, but things are really slowing down now. I'm not sure if that means that prices will come down any, but if you are looking do buy as an investment, think elsewhere. I own a house far from the concrete coasts and have written a blog about the experience if you care to check it out.
http://troyshouse.blogspot.com/ |
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