House Purchase

Can't find the post about the area losing out because the Brits won't buy now we have the 90/180 rule.

Press report today states that Chinese, Belgium, Scandinavian and Dutch buyers have filled the gap left by the British. In the Alicante Province, there have been 34,000 properties bought by those nationalities and house prices have risen 15% this year due to the demand.

I mentioned in a previous post that, of the 4 properties for sale by agents on my community, 3 had been bought by Brits - 2 permanent buyers and 1 holiday home. The other one has still not been sold but the price being asked is, IMHO, way above the market value. Only people that we have seen viewing the property are Brits. 

Two other properties for sale by Russians who we haven't seen for 2 years now. I think the travel restrictions are hitting them hard but they only have a hand printed sign with a number on it and, when you dial it, it says number not obtainable.

Mariedav ... don't believe everything you read about the property market in Spain as it's usually written by Estate agents with a vested interests in selling property's and it's not just property that's effected it's also big ticket items likes new cars that the British are not buying ..all you need to do is look around the usual British & Irish haunts along the Costas and you can see for yourself that they are void of customers spending money like it was water ....so don't kid yourself no other so called EU country spends money like the Brit's and the Irish ..  stupid EU rules are crippling future holiday home sales  with Taxes ..and only allowing only a limited access to the property that you own... it's early days yet  the Spanish being a Sovereign country within the EU has the powers to over rule the idiotic EU 90 / 180 day rules that is badly effecting the second home owners that have already bought pre BREXIT and any future purchases of second homes...ask yourself this why haven't the EU / Spain not reciprocated with the UK with the 180 days straight or 180 days spread over 

any 365 day period ...that the UK allows the EU citizens to have when visiting the UK...over 1 million Brit's own a holiday home on the Costas that's more than all the so called EU countries put together. .. only around 200,000 Brit's like yourself live full time in Spain legaly ..so the us and them Brit brigade are out number  by the 1 million holiday home owners ..that contribute a vast amount of money 💰 into the Spanish economy and don't ask the Spanish government for anything other than fair play...if the Spanish don't reciprocate with the UK..then you can bet that the British will do the next best thing and that is vote with their feet..just like they did back in the BREXIT vote.

I've heard about this problem. For example, in the United States, there is no restriction on purchasing real estate as a foreign national. This applies to resident aliens who may want to buy property for primary residence depending on where they currently reside in the United States or non-resident foreign investors who want to buy property for vacation or investment. But then what do you do when none of the buyers get in touch?

I think Windy has it correct. The EU 90/180 rules is bound to put Brit Non residents off buying, they just want to come and go as they please. Of course the 90/180 rule has always existed, but never implemented prior to BREXIT, it is still unknown if Spain will continue with the usual blind eye lack of enforcement.

I suppose estate agents have their finger on the button when they say other nationalities are queuing up to buy every property available and property is now selling at twice the price of pre 2008 prices (before the crash).  

The biggest challenge when it comes to invest, it's obtaining accurate information regarding the place and fair evaluation of the return of investment (if your plan it to rent out your property) . Currently, I am visiting properties and creating an elaborate investment report on properties located in Costa Blanca. Adrian Bulgaru Business investment advisor (LinkedIn) 

The apartment below ours was sold just before the pandemic as the owners were moving back to the UK for health reasons. It was bought by UK buyers. They have since sold to new UK buyers and have themselves purchased again over the road.

Mark

The two across the road from us, one Dutch guy who bought nearer the town and a Brit who split up and divorced, have both been sold. The latter one within 3 weeks. 1 Brit moving over permanent and 1 Brit for a holiday home. 

That's 8 houses in the last 8 months which have been sold and all to Brits, just 3 of them permanent. 

Prices are almost up to what the original buyers bought them for back just before the bank crash in 2008 or thereabouts. The one divorced has actually made money on it with the exchange rate since then as he's going back to UK. (bought in 2008 for €190k so about £140k back then. Just sold for €180k (10k less than he was asking) or about £150. Not much profit in over 10 years but at least it is profit although more due to exchange rates than anything else.

10k seems to be the monthly profit in UK at the moment. 

More like zero profit when you factor in the c. 12% costs/taxes that are associated with a purchase.  In fact the seller has actually made a loss.

Interesting property market at the moment. Seems the trend is on the up. 

Since Christmas 6 properties in my area have sold. 15/20 km inland . None on purpose built developments . All with  minimum of 4 bed. One property sold for €500k the others iro €350k.

Except for Brit golden visa purchase have no idea of nationality of buyers.

Hello, thank you for sharing these statistics with us here. In European countries, common real estate prices keep growing every year, so if any of you are thinking about a good investment option, I would suggest you invest in real estate. You can invest in stocks if you don't have enough money to afford to invest in real estate. Investing in stocks requires less budget and can give you even more profits, especially if you get good stocks. Before buying anything, I suggest you consult the proper broker service like Equity Release Hull and find the best option for yourself.

I don't see how Spain can turn a blind eye to the 90/180 day rule now that UK passports are stamped with entry and exit dates.

You are probably correct John if they actually do stamp all UK passports with entry and exit dates. But what will be consequences of over staying, blind eyes can vary, 10€ fines or 1,000€ fine and banned from Spain. Forget the rule book, let’s stick with reality.

you could get knocked back from entry if your last exit stamp doesn't match up. I've been in and out 3 times sine January this year. Alicante. They checked the dates on the passport stamps every time.

Quite right, you could get anything. Until the Spanish authorities demonstrate what game they want to play we are all left guessing.

British mother and her son are left homeless after Spanish officials secretly seize and sell their £280,000 home for just £24,000 to settle ex-husband's £3,500 debt

Piece of reading in the Daily Mail today, if you can believe it, and if its not just the media talking and hyping it up, worth a read though.

Victoria Jenkins was not the owner of the property, not on the deeds or legally related to the owner. She had lived in the Costa del Sol property rent free for 22 years. Maybe the property was sold to the ex-mayor Angel Nozal brother in law.

As for new properties buyers on Mar Menor Golf Resort Murcia  many new listings are selling in weeks if not days, many sellers have been there years and are now moving back to the U.K. for all sorts of reasons, partners have died etc etc . But 90% of the new buyers are Brits and simlar story. So even though many Brits are selling plenty are still buying.

Where is am seeing a big change is British are not buying bars and restaurants like they used to because of the Brexit 90 day rule . Hard to run a bar if you can't stay for long term . Thousands of these bars of gone since Brexit. And will never return, unless rules are changed. 

I agree with the majority of what Newworld is saying...properties are selling pretty quick but not to britst in  my location ...I sold my Villa on Camposol during Covid  to a French couple...my friends on Camposol also sold  only 3 months ago they sold to Norwegians at my new location on the Costa Blanca on my gated community  6 villas have been sold in the last 2 years by Brits to other EU nationalities leaving only 3 British owned properties out of 160 from what I am hearing very few Brits are buying in Spain due to the 90/180 rule ..I am also aware that it's  virtually impossible for a Brit to open or take over  a business like a bar in Spain ..this is plain to see by the number of British bars  / restaurants  that remain up for sale or have closed  down completely  ...this can be put down to the EU rules that Spain has to abide by ..the Spanish government must be loosing a fortune in Taxes  ..from brits that go on holiday  to Spain for a fortnight  and come back to the UK with the key's to a bar LOL ...the vast majority of these establishments either close down or change hands  between daft brits within 2 years  ...but not anymore due  to EU rules  hence the reason the Spanish government are loosing a fortune  from the brits that take a load of money  that they earned in the UK over to Spain and blow it all on a failed  business venture.