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Price pain in Spain drives Spaniards to look for investment property abroad
With property prices now sky high, Spain’s 10-year real estate boom is starting to cool and fears of a downturn are causing even Spanish investors to cash in and move out. Analysts expect Portugal and Germany to benefit from the exodus. More at: http://www.landsnatch.com
Regards,
Magellan
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This is a copy of part of a Newsletter I received today from Barclays Bank
Spain economy booming
Latest statistics from the Spanish government show that with economic growth at 3.9% (a six-year high) and a budget surplus, investors in property can foresee a healthy future, with 700,000 new jobs in the country, increased demand for homes and growing property rental opportunities. 1
Spanish government announces property figures
A national average rise in property prices of 9.1% has been reported by the Spanish government. Central and northern Spain did best overall, with Lugo in Galicia top of the table with an 18.5% annual rise. Jaen, Seville and Castellon were also among the best performing provinces. 2
Younger buyers look abroad for first home
Some 40% of younger people would consider an overseas home as a first step on the property ladder, according to insurance company Hiscox. Respondents to their survey cited high UK house prices and a complicated housing market as their main reasons for looking abroad for a first home.
RICS 2006 Overseas Property Report also had a positive result for Spain
So the opinion seems to be from the stats that Spain is still a good option if you use the right people
any further info from Brian Rowlands BSc FRICS e-mail rowlandsbb@aol.com
PS or send a PM!
This message was last edited by rowlandsbb on 4/18/2007.
This message was last edited by rowlandsbb on 4/18/2007.This message was last edited by rowlandsbb on 4/18/2007.
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Nice to hear that R, we have had enough of the scaremongers passing their unqualified and biased opinions
John This message was last edited by johnone on 4/18/2007.
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Dime con quién andas y te diré quién eres.
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Are you people really so short-sighted?
Do you think the world revolves around England?
Yes, of course the Spanish property market looks great if you can sit there and rip off more English people. But how long are the "dumb" English going to keep coming? There has to be a limit somewhere. I grew up in Spain, I speak fluent Spanish and English.
I live in Portugal - that alone should tell you something!
Regards,
Magellan
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And I guess that must be why the Dutch, Scandinavians, Russians, French, Americans, Belgians, Croats, Icelanders, Chinese, Indians, Austrians, Germans and just about Uncle Tom Cobbly and All are still buyers in Spain at the right price - dont get me wrong Portugal is great but there are still good deals to be had here if you look around.
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That's a relief, I'm not short sighted or dumb, I'm welsh. Hoorah!!!!
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I hope Magellan bought in Portugal some time ago. I'm afraid the property market there priced itself out of the reach of ordinary people a long time ago. Going inland in Portugal or to the deserted coastal area is cheaper, just like Spain, but places like the Algarve are sometimes double those on the Spanish popular areas. Anyway, I prefer the Med to the Atlantic. And with a record 380,000 Brits leaving the country each year to (in order of popularity) Australia, Spain and France, the demand should be quite high for some time to come. The Germans are leaving Spain and other areas in droves because of the 42% tax their government has levied on second homes abroad. If Gordon the Grabber gets wind of this, it might happen in UK as well but I imagine most people would give up their UK homes first and settle permanently in Spain. And, anyway, most of these threads of doom and gloom are aimed at those trying to make a fast buck by buying and selling quickly in Spain. Those of us who want to make a home there (now or in the future) should not be worried about these things. Just pick the place you want to live in and enjoy it.
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Megellen, you are starting to sound like an estate agent in Bulgaria, trying to cause doom and panic in the minds of prospective Spanish property buyers.
These reports are at best over stated and at worst totally inaccurate.
There are big slowdowns in the market here in Spain, but there are hundreds of thousands of Brits every year still coming out here to buy.
A drop in the Spanish market does not deminish British peoples dream of "Living in the sun"
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I'm still coming! sooner the better,
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Despreocupado
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I think Magellan is on a mission....
Yes, the market is slower than it was and yes there are many horror stories. When we bought nearly 4 years ago there wasn't really a lot of independent information out there to guide us along. These days it's very different and people have so much information to hand to make informed decisions.
The fly-by-night investors have moved on but Spain will always remain many people's dream. There will always be a "healthy" market for second-home buyers and for those wishing to move to Spain permanently. There are still opportunities for investors too, it's just that they're no so obvious now.
Most of us should really welcome the "slow down" in the market to ease the crazy buying and selling of the past few years. I hope it will bring some stability to the market and weed out those who have made the buying experience unpleasant for many.
Just my 2 cents as they say.
Justin
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The banks have not crashed...!! BBVA has gone down 71 cents in the last 2 days from 18.70 euros to 17.99 euros!! Banco Santander is actually up today and has also just announced it is part of a consortium offering to buy ABN Amro.......Real estate stocks have crashed but the banks are just fine.
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gillespie you couldn't stuff a chicken. and I'm still coming!
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Despreocupado
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Justin,
It´s true the market will benefit from a slowdown. We need to see UK house prices rise for a few more years to get things near to the old ratio. At present Spanish property is virtually the same price as UK property like for like. Back in the boom Spanish property was at least half the price.
We will never see that ratio again, and quite honestly there is no need for Spanish property to be half the value of UK property. The EU funding and UK investments into Spain has massivly improved the infrastructure, there is far more choice of shopping, flights, entertainment. Spain is no longer the poor relation to the UK, and in many ways is now superior, especially it´s weather. Should the next Spanish property boom happen, I think it will see Spanish property prices higher than the average UK price for the first time.
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Business advice and consultancy - Visit www.calidain2business.com
Calida in2 Business - Spanish Property Clearance.
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Hi all,
I really can,t see what all the fuss is about,yes the market is slower and no there are not the massive capital gains to be made ,so what!
If anyone can name one country that is as appealing to Brits as Spain was, is ,and will continue to be then i will eat my hat, and that includes Great Britain.
As i have said before this is the real market and not the get rich quick scheme it once was,there are still genuine investments but you need a little bit of savvy to find them(how it should be)that's where the skill comes in.
When the markets crashed in the UK and the bottom fell out the housing market did everyone wake up and say "right pack your bags kids we are off to bulgaria, we'll make more money there!"
Spain is a great place to live and will continue to attract people regardless of the market's rise and fall because it is a BETTER PLACE TO LIVE!!
My advice is too ignore the man who sits in front of a screen allday watching prices rise and fall giving advice on where to live as he gazes into his crytsal ball and grab some quality of life rather than spending it all worrying about what may happen tommorow.
Right,step down off soapbox and go to beach to calm down for a bit.
Regards
Georgia
I
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still here after all these years!
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Gillespie,
For starters I'm not particularly keen on Bulgaria either - but joking apart I refer to what I said in a previous post.
You say: "A drop in the Spanish market does not deminish British peoples dream of "Living in the sun"
I say: Is Britain the center of the known universe? Did the Brits cause the boom nationwide? Were they the ones buying in Madrid, Barcelona, Bilbao, San Sebastia, Gijon...etc? The answer is no.
What the Brits do is only a minor part of a much larger equation that is based on some very rickety funamentals.
Regards,
Magellan.
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