So why are we seeing the price of Property in Spain Plummet?
Costa del Sol property has seen huge price falls over the past couple of years. With many property owners cutting their losses and selling up fast. That's if they managed to Sell. Those that have not sold yet, are reducing their property prices further and in some cases , almost to give away prices.
We have many property owners still with property to sell, asking us if they should reduce the price of their property further.
Our answer is we simply don't know.
Of course reducing the price of a property has big appeal in the normal property market especially if the home was a keen price to start with. But what we are experiencing at the moment is not the normal. The Property we have for sale are all very well priced. For example we have modern Villas in Coin for sale for up to 300,000 Euros less than they were 4 years ago.
Townhouses for only 99,000 Euros and Golfing Townhouses for just 230,000 Euros. Potential buyers are looking at our website (
www.swinglescasas.com ) with interest in Properties valued between 200,000 and 300,000 Euros but most feedback suggests they are prepared to wait a little longer before taking the steps to buy that dream home in Spain.
However inquiries are up and we are all set for the summer rush. 2011 also sees the retirement of millions of
WW2 baby boomers millions of retirees all looking to buy a property from us. ( Well, we hope 1 or 2 at least )
So what's effecting the property market?
1 ) The Euro is currently hovering around 116 to the pound, many feel this could go up soon and with no urgency to buy a holiday home in Spain, buyers can wait until it does.
2 ) There is a recession at the moment with most countries feeling the pinch. With talks that the U.K could slip back into recession soon .
3 ) Most homes sold to the overseas market are bought as second homes or holiday homes. This is a luxury item many are putting on hold for the time being.
4 ) Bad Press, Spain has been in the News for the wrong reasons. Illegal Builds and Property Scams. Not good for those who wish to sell their property ( we hold current escrituras on all our Property Listings and all properties are fully legal )
5 ) Its a buyers market and at present the buyers are waiting to see what going to happening with all of the above.
So what are we as estate agents doing to help?
Low Commissions
We ( Swingles Casas ) already have one of the lowest commissions on the Costa del Sol. Most estate agents charge 5% commission or more for sale of property and some charge just to list your property. We charge no fees for listing property and all properties get promoted the same way. Our low commission means properties can be marketed by us for a lower price.
Internet advertising
Our promotion covers a wide area. We list all our properties on internet property sites throughout the world attracting visitors to our website ( www.swinglescasas.com ) form over 30 different countries. This also includes Blogs like this one, and many others on various internet sites
Paid advertising
This includes internet ads ( those annoying pop ups for property in Spain )these ads are free to us until you click one. we pay on average 0.45$ per click.
News Papers, we currently have ad campaigns running in UK news papers.
Flyers . We all hate them and most go in the bin, But when they come through your door and catch your eye or are of interest to you, you read them . That's why we post on average 3000 printed flyers per month. If you live in the Costa del Sol area, you have probably had one in your letterbox .
Free ads
this includes twitter, Face book and other forms of free advertising.
If you would like to follow us on twitter or send us a message you can at:
http://twitter.com/swinglescasas
http://twitter.com/property1spain
or join us on Face book
facebook.com/swinglescasas.
Contact Us
If you would like to contact us you can do so via our website
www.swinglescasas.com
Or email us at
property@swinglescasas.com
If you would like more information on Buying or Selling a Spanish Property or would like to know more about us at Swingles Casas, Visit the Swingles Casas website at
www.swinglescasas.com
Thanks for your time.
Glenn Swingle