Latest house price news from Spain

Poppy I am being benevolent as it's the end of the world today and hedging my bets hahahahahahahahaha

But seriously I do hate ro hear of people being ripped off by greedy assholes!

I hate hearing about stories like this too Poppyseed.  When buying a home, people can get emotionally attached and forget their due diligence.

I hope things have turned around for Norman/Harry.

@Harry - Georgia is closing 1 property a week - perhaps he could update us as the current state of the market in Algorfa?

The recent documentary on the collapse in Spain would suggest no absolute buy. 

Sorry Harry I missed your posting - I know you're not Norman lol.

Harry - Georgia is closing 1 property a week - perhaps he could update us as the current state of the market in Algorfa?

You & John will just have to start being nice to him if he returns & stop producing all those weighty statistics !!!!

moncapitan

"I hate hearing about stories like this too Poppyseed.  When buying a home, people can get emotionally attached and forget their due diligence."

whoa there son

steady on judging something you know nothing about and i am assuming by your statement you know nothing about it.

the priors had a fully legal house and it still got knocked down.

thousands of people did their due dilligence and for thousands it was fine.

but then when the credit crunch came the devlopers with a previously good track record for delivering./

sure there were people who bought on a him but there was also many more that ticked every box they should have and still came out losing thier money.

 True Harry - i will lay off the facts for a while.

I am wondering if the 10% VAT will cause prices to rise or fall in Algorfa.  Time will tell i suppose - i will check Kyero and see if the prices increase or decrease.

The problem for Norman and others was that they were locked into a sort of pay as it grows situation, so putting the deposit down was followed by stepped payments.  I think Norman had put a lot down (remembering that 'a lot' varies as to an individuals situation - so I am talking maybe 100000 euros or pounds, which I think is a lot for most people) - and then building was stopped.  But at the end of the day, he will not have 'lost' more than he would have done had he completed, but of course he did not get a house to enjoy.

 Thanks for clarification Roly2.  Terrible situation for him.  certainly that is a lot of cash to lose without getting the house at the end.

Mundy - i am not judging, but believe it is still emotion driving that situation though to go through with such a scheme stated by Roly2.  ie taking a risk to buy an off plan property without segregating your payments in escrow until completion and transfer of said property to owner.

With respect Mundy, Moncapitan is 100% correct on that one !!

I really do sympathise with Norman  as I had a similar experience having built a home by the Lake in my home country in 2000 and then in 2004 realising the market in USA was heading for trouble.  I   therefore decided put my property on the market as I  hated living back in the old country anyway and was ill with a cancer, that wasn't diagnosed until I returned to UK.  Eventually I "gave " a 3,000 sq ft house away with a loss of €150,000 in 2005 which stung at the time.  But I am grateful to have sold when I did as if I had hung on for a better price it would still be rotting there.  I am even more grateful to have had the finest treatmenr in the UK at the Royal Marsden.  Let;s hope there is a silver lining for Harry.

Lots of sad stories with property investment !

Yes Harry and while we're on the subject of losing money and tough times, maybe I was a bit intolerant of eggcup  who is obviously under considerable pressure to unload her properties and how stressful that must be for her.  I just really hope she is coping ok coming up to Christmas with all the pressure  and  uncertainty.

Very tough on anyone compelled to sell in this market. But, better to face reality & avoid delusion.

The market could still fall another 30% - 40% & not stabilise for up to 8 years. I respect that others including Moncapitan may have a more bearish view.

Anyone arguing an absolute buy is "peeing in the wind" - little wonder our friend Georgia complains about losing business.

"Let;s hope there is a silver lining for Harry."

Hi Foxi,

I am guessing the "silver lining" has to be for poor Norman since I have not lost my pants yet ??

You mentioned you have some property in Spain - how do you see the market panning out over the next few years ?

Harry

ooops sorry a typo, yes I eas referring to Norman. 

The apartments I have in BCN were an inheritance and will remain so for my son.  They are on long term lets so I have no intention of selling.  I prefer to keep my powder dry in London with 2 investments and was actually looking to buy in Spain and make it my main residence, but due to the Irish experience I have been overly cautious and, a it turns out I am pleased I didn't rush in to buy a bargain.  My personal view is I think many parts of the world, Europe in particular will take perhaps a decade to fully recover.  This is mostly due I feel to the EU which I have always been opposed to and pleased that the UK have hugely resisted too many demands.  I think Spain will recover more rapidly if they default and leave the eurozone and re value their money and become self sufficient once again.  Spain is a massive country and has all the resources to sustain itself.  I have been looking at India as a possible place to buy and spend winters, but we will see.   The world is such a precarious place right now isn't it?  Also, doing the math and at my age, over 50 I think it would make sense to rent wherever I wash up.  I have always adored Spain, but this may be the rose tinted glasses syndrome, as I spent quite a few years living in Spain when I was very much younger, BCN and Villanova.  Oh to have a crystal ball eh?  But, as many have said if you are certain you want to make Spain your home, then the finance of the situation is immaterial.  The finance for me is relevant as I hate to lose, but when I looked into the medical aspect that was the clincher for me as I do need medications and am not getting any younger.  I know the UK has its problems with the NHS but I live in a fairly well heeled area and therefore no shortage of funds in my postcode.  These are all factors I take into the equation, which does often prevent me from making decisions.  So I think the decision will be to keep my home here in the UK and move to another country for 6 months in the winter.  But I doubt this will be Spain.  I am however popping over in April with my sister for 2 weeks to celebrate our birthdays at her villa in San juan de los Terreros, which is a nice area  Sorry for the war and peace lol.

 San Juan is just up the road from me.  And one of those rare places where properties are still being built, and sold to the Spanish market.   Strange but true!!!

 ** EDITED - Against forum rules **,

I have just come back on to say please do not keep sending me emails and private messages threatening me one minute and begging me to come back the next.

I can nearly taste your tears in their tone.

You are obviously a very sad little old man with nothing better to do with your time but fortunatley i do have.

As i have said before if you want to threaten me please come to my office when i will be more than happy to accomadate your needs,i have passed your email onto an e-marketting company i know so you should get enough mail to keep the loneliness away this christmas.

grow some and get a life please sad little ** EDITED - Against forum rules **.

End of!

happy to accomadate your needs

I know,   doesn't it just make you so mad !!!!!