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Spain 2011, To Buy or Not to Buy? That Is the Question!

Published on 3/2/2011 in Investing in Spanish Property

I am going to leave Statistics to the Statisticians and concentrate on what the statistics don't tell you about the Spanish Property Market for 2011.

To be reading this you must have at least a passing interest in Spain and Spanish property. Why wouldn't you, it is a beautiful country steeped in history, art and culture. The food is great and the people are warm and hospitable. You can find it all. The country has everything from large cosmopolitan cities to sandy beaches and high mountain ski resorts. Yes, I am a Fan! I am going to look at whether to buy a property in Spain from the perspective of a British property buyer, basically because I am one myself.

Buying with a Mortgage

Well I think that this covers a large number of us when we look to buy a property.

In Spain right now you can obtain up to a 100% mortgage for the purchase of new build Spanish Property direct from major Spanish Banks and lending institutions. You won't find that in the U.K., if you can, let me know where!

This might at first glance seem like Lunacy, on behalf of the Spanish Banks and on the part of you the potential buyer!! Surely careless lending and high loan to value mortgages were part of the cause and effect that led to the worldwide property and financial crisis!?

Yes all that is true but, and it is a big but, what needs to be observed is that:

* The Spanish Property Market has undergone a significant downward adjustment in prices and is, in my opinion, bottoming out, certainly for the better properties.

* Availability of Mortgage Finance up to 100% as the Spanish Banks look to sell their New Build Property Stocks. So what appears to be lunacy and a lack of short term memory is in fact a pragmatic approach to the Spanish Banks' problem of having to take possession from Spanish Property Developers of large numbers of developments and in turn sell them on. So with UK mortgages requiring ever bigger deposits someone looking for a property investment you can enjoy for years to come Spain is a compelling proposition.

* The maxim of Location, Location, Location is to be paired with Timing, Timing, Timing! The best properties will sell first so waiting to the last minute will leave you with what is NOT WANTED

You need to consider that even if in the short term prices fell a few percentage points the opportunity that exists for you to secure that Spanish Home is at hand because as any British property buyer will tell you 100% mortgages do not exist and certainly not on new build properties. Combine this with record low interest rates and low prices a smart new Spanish home has become a realistic affordable option for you!

Buying with Cash

Cash as ever is King so no need to drum on about that, what is good to know is that if you are buying with cash you have a window of opportunity to extract a further price reduction, perhaps not the headline grabbing kind of 2010 but Banks are willing to enter sensible negotiations for serious cash buyers.

If "That" is the question What is the Answer?

Spain is a definite buy for me with all it offers combined with up to 100% mortgage finance available and properties from city apartments, beach, mountain and country homes. I have been looking at coastal properties with pools and near beaches for as little as €65,000 I don't think opportunities like these will be around forever and judging by the rate Spanish buyers are purchasing I sense the best buys will continue to sell well in 2011.

British buyers who like property as a medium to long term investment and are fed up with the British Banks and Mortgage Companies' inflexibility regarding lending should take a serious look at Spain where there are many second home opportunities and rental investments.

I also feel that savvy first time buyers who are saving for deposits could look to make an investment in Span taking advantage of the ability to borrow and use a Spanish property to form part of their plan to build a deposit over a 3 to 5 year period and have all the enjoyment of owning a home in Spain with easy access via low cost airlines. Renting the property out during the periods it is not in use should in my opinion contribute to the cost of the mortgage.

In conclusion 2011 is a year of opportunity for Spanish Property Buyers, I certainly will be looking to take advantage of these favourable conditions for buyers.

Written by: Robert Evans

About the author:

Manager Basico Homes UK a Division of Basico Homes Gestion SL Spain

Robert Evans

http://www.basicohomes.co.uk

robert.evans@basicohomes.com

http://blog.basicohomes.com

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Comments:

Jose Luis Hernandez said:
Tuesday, November 22, 2011 @ 3:56 PM

And here in Polaris World we are so good, we still sell houses like pancakes. No crisis is big enough for us.

John said:
Wednesday, April 13, 2011 @ 2:18 AM

Have prices bottomed out in the Costa del sol - or will it take another year

John said:
Wednesday, April 13, 2011 @ 2:16 AM

Have prices bottomed out in the Costa del sol - or will it take another year

John Scott said:
Tuesday, March 15, 2011 @ 10:17 AM

Blimey, I can't believe it ! no counter attack ? no denial of the facts ? could be, just maybe, I have touched a raw nerve.

John Scott said:
Saturday, March 12, 2011 @ 11:07 AM

How very sad that a lot of contributors here, feel they have to go for the jugular, when it comes to property agents. It seems to me, a large number of you blame us for your mis-fortunes. Worse than this, some of you seem to categorise all agents as grasping, greedy, individuals, with no morals and ethical standards. Well, poor deluded you, if all agents were as devoid
of basic honesty as some of you suggest, then do explain, how in Gods name, some of us survive, particularly in todays challenging invironment ? Of course some property agents are less than honest, a bit like bankers, Catholic priests and any other occupation you can dream up, but please do not tar us all with the same brush. An awful lot of problems were caused by buyers who thought tomorrow would never come, people who bought what they could not afford, signed up for a mortgage that they had no realistic chance of paying, backed by the assumption that they would get a well paid job, in a country where they could not even speak the language. Come on guys and girls, own up, it would take some kind Super Salesmen to
persuade poor innocents to buy unless they really wanted to.
Carry on knocking our industry if in makes you feel better,you
may however one day just have to admit you are over 21, and it did take two to tango, and as of yet, I have never seen a gun held to anybodies head when signing the contract. Can I just confirm, if a buyer has the cash, and if they have enough money
to holiday on, or enough savings and or income to be in Spain without expecting to be given a job, or receive some kind of income support, then I can assure you, a happy healthy life style
awaits. Or am I a liar cheat and thief too ?

John Scott said:
Friday, March 11, 2011 @ 5:37 PM

How very sad that a lot of contributors here, feel they have to go for the jugular, when it comes to property agents. It seems to me, a large number of you blame us for your mis-fortunes. Worse than this, some of you seem to categorise all agents as grasping, greedy, individuals, with no morals and ethical standards. Well, poor deluded you, if all agents were as devoid
of basic honesty as some of you suggest, then do explain, how in Gods name, some of us survive, particularly in todays challenging invironment ? Of course some property agents are less than honest, a bit like bankers, Catholic priests and any other occupation you can dream up, but please do not tar us all with the same brush. An awful lot of problems were caused by buyers who thought tomorrow would never come, people who bought what they could not afford, signed up for a mortgage that they had no realistic chance of paying, backed by the assumption that they would get a well paid job, in a country where they could not even speak the language. Come on guys and girls, own up, it would take some kind Super Salesmen to
persuade poor innocents to buy unless they really wanted to.
Carry on knocking our industry if in makes you feel better,you
may however one day just have to admit you are over 21, and it did take two to tango, and as of yet, I have never seen a gun held to anybodies head when signing the contract. Can I just confirm, if a buyer has the cash, and if they have enough money
to holiday on, or enough savings and or income to be in Spain without expecting to be given a job, or receive some kind of income support, then I can assure you, a happy healthy life style
awaits. Or am I a liar cheat and thief too ?

John Scott said:
Friday, March 11, 2011 @ 4:41 PM

How very sad that a lot of contributors here, feel they have to go for the jugular, when it comes to property agents. It seems to me, a large number of you blame us for your mis-fortunes. Worse than this, some of you seem to categorise all agents as grasping, greedy, individuals, with no morals and ethical standards. Well, poor deluded you, if all agents were as devoid
of basic honesty as some of you suggest, then do explain, how in Gods name, some of us survive, particularly in todays challenging invironment ? Of course some property agents are less than honest, a bit like bankers, Catholic priests and any other occupation you can dream up, but please do not tar us all with the same brush. An awful lot of problems were caused by buyers who thought tomorrow would never come, people who bought what they could not afford, signed up for a mortgage that they had no realistic chance of paying, backed by the assumption that they would get a well paid job, in a country where they could not even speak the language. Come on guys and girls, own up, it would take some kind Super Salesmen to
persuade poor innocents to buy unless they really wanted to.
Carry on knocking our industry if in makes you feel better,you
may however one day just have to admit you are over 21, and it did take two to tango, and as of yet, I have never seen a gun held to anybodies head when signing the contract. Can I just confirm, if a buyer has the cash, and if they have enough money
to holiday on, or enough savings and or income to be in Spain without expecting to be given a job, or receive some kind of income support, then I can assure you, a happy healthy life style
awaits. Or am I a liar cheat and thief too ?

Ben said:
Wednesday, March 9, 2011 @ 2:47 PM

If you want a holiday home, Spain is ideal. Too many people look at property in Spain as a speculation or short-term investment. Those days are over. It's now time for people to buy and enjoy the property. Perhaps actually pay off their repayment mortgage. Even in the UK - your home will now be a roof over your heads and not a means of making money.

Karl Svensson said:
Wednesday, March 9, 2011 @ 8:23 AM

Economically Spanish property is still over priced according to every International report. Best country on an affordability level is Germany. Best country in International Confidence survey...Germany. So putting aside the investment argument as there is none, (Spanish property is a lousy investment and to borrow money for a loss making asset is sheer stupidity), why are we all reading about this. Well either we have property in Spain or we are considering a property. Look at the UK and Germany if you want a decent build quality and you suddenly realise WAKE UP. I bought a nice front line sea villa in Spain many years ago because it was pocket money cost. A villa by the sea for the price of a 1 bedroom flat in Manchester or similar UK town. Once these villas became worth the price of a well built detached house in Birmingham I realised it was simply mad and got out. In Scandinavia and Germany most people are comfortable to rent. It has no stigma and I recently rented a delightful property in Valencia for peanuts. Then I decided to spend some time in Asia so I am now renting a seriosly fantastic place for €500 Euros a month including the electric and broadband etc. I have agreed to 3 months and will probably then return to Spain. The world is my oyster as a renter and I know that even the Marbella Club properties (Guaranteed to go up in value!!) are massively discounted now on the sales market so my money is nice and safe in an Aussie bank giving me 6.4% yield with a full government depositor guarantee. By the way I was recently spruiked by a reputable spanish agent offereing me a property that he "Guaranteed would go up in value and the bulder has conservatively estimated a 48% increase in cost withing 2 years". So I pointed out that A) This was absolute BS and asked B) Why were builders still ruining Spain with shoddy golf ghost towns when there are 1 million empty properties going damp already? He was quite upset!

Sanchez1 said:
Saturday, March 5, 2011 @ 5:12 PM

An estate agent saying it's a good time to buy in Spain now. Who would have thought it?!!

Hazel Mead said:
Saturday, March 5, 2011 @ 1:27 PM

What the predominantly doom-and-gloom views expressed here proves is the recovery of the housing market will not get any boosts from the UK any time soon. I'm an optimist and consider myself knowledgeable enough on this matter to venture the view that the market will recover much sooner than most contributors to this discussion so far think.

I invested in Panama 5 years ago and accurately called the market there at a time when most pundits were predicting a Dubai-style collapse. (I invite readers to do their own research to know exactly what I mean about this little Central American Country). With a similar degree of confidence I predict that most of the Spanish housing market will be in a much better place by 2013. I must stress "most of", as there are so many different sub-market out there.

I bought two properties near Murcia 5 and 7 years ago and the only thing I regret is not having waited for another 5/6 years (hindsight is only an illusion!). I'm fortunate enough to be getting a yield of 7% on my original investment, plenty to cover all the bills and more, not to mention the benefit cheap holidays for us and our family.

Text said:
Friday, March 4, 2011 @ 5:33 PM

At all times ask someone who has actual had long term, practical experience -
Remember :-

* Always take legal advice
* Never buy "off-plan"
* There is a huge difference between the ideal "holiday" and”permanent” home
* Be very cautious about living in an urbanisation
* Spaniards are always noisy - and neighbours are a (changing) lottery
* Living out in the "campo" is not a good idea if you are elderly
* In the present economic climate it is much more sensible to rent

Around our way people are renting out detached, three bed room villas with private pool for 500 euros a month - long term! A far, far better proposition than sticking your hard earned cash into something you may never be able to sell!

And renting also gives you the mobility to discover different regions. Over the years we have bought houses (and lived) in Valencia, Marbella, Torrevieja, Murcia and Almeria – all quite different and none of them perfect - but in those days we had “mobility” simply because it was easy to sell and move on.
Now it is NOT easy to sell – but luckily we have found a great place to live!

isabel said:
Friday, March 4, 2011 @ 2:31 PM

In Spain right now you can obtain up to a 100% mortgage for the purchase of new build Spanish Property direct from major Spanish Banks and lending institutions. You won't find that in the U.K., if you can, let me know where!

SURE????? Please....this happened in 2006, 2007....even in 2008...but now this is completly imposible.

Spain's image is damage enough for include lies in this kind of articles.

Ray Doughty said:
Thursday, March 3, 2011 @ 6:29 PM

Okay, some parts of Spain's property market are in dire straits!! As always, if you are interested in buying in Spain (as with anywhere else) DO YOUR HOMEWORK BEFORE YOU COMMIT!!

See the article in this issue of EOS re theme park in Murcia. This should(?) keep the market on the Costa Blanca moving as this development progresses. Possibly, a good short term reason to buy in this region.

My own experience having bought a holiday home in Torrevieja (3years ago), is that the rental market is still bouyant (if you give your clients what they want for a good holiday) - indeed, with the troubles in North Africa and middle east recently, and with current cash shortages due to job uncertainty, etc. many holiday makers are looking once more at Spain for 2011/12.

Also, northern Scandinavians are currently buying properties on Costa Blanca, taking advantage of low prices.
Viva Espana

Greg said:
Thursday, March 3, 2011 @ 2:28 PM

There are some very good comments on here - in my opinion, Roy, Graham, John W are bang on the money. I totally agree with Monkey Boy's final words 'I do think Spain is a great place to live if you're retired or if you're looking for a holiday home and can actually afford it without having to rent it to pay for the mortgage, but buyer beware, just wait wait wait and this time you have the opportunity to do all the due dilligence that you need to do, don't believe these sharks.'
As for me, I bought a big apartment on an urbanisation in 2006, did extensive due diligence and went in with eyes wide open. Even knowing then that market was in decline, we still wanted to buy a family holiday home for the long term (not solely as an investment) and still have not regretted it. I negotiated hard on price, paid what I thought acceptable and now don't bother about current prices as don't plan to sell.

We all know prices have crashed but, and it's an important but, this burst bubble is long overdue and hopefully may take Spain back to where it was before - a great holiday destination for people who can afford it - whether renting or buying - not a speculators dream for property investors to rush in again and make a killing (albeit they time it right). I can't suggest a solution for the oversupply as in my opinion, some developments will end up being bull dozed.
As for now, IF you are in the market for a holiday home, then I believe from my experience (supplementary rental income) and the local prices being offered, I would not hesistate seriously looking with confidence to buy. My caveat would be - do your home work well, get a good lawyer and take your time. This window is not likely to close soon. Good luck

Text said:
Thursday, March 3, 2011 @ 9:34 AM

@DJ

Agree with everything you write. There are many factors that will keep the Spanish property market in the doldrums for at least another ten years - not least the hopelessly corrupt banking system and Spain's stinking international reputation.

There could be as many as 1 million unsold properties standing empty - but half of these are so badly designed and built that within four or five years they will have either crumbled into the ground or be in need of urgent demolition.

Meanwhile Spanish citizens (mostly youth) discontented by the poverty created by corrupt banks, developers and town halls could begin long-term rioting … and periodic anarchy will make Spain an even less attractive place to live.

Which is all very sad because Spain has some of the finest people and by far the best climate which should have made it into the European California instead of the hopeless African dictator, basket case nation that it is becoming.

Q: Who owns most of Spain’s corrupt banks? A: Politicians!

to be demolished

DJ said:
Thursday, March 3, 2011 @ 12:56 AM

Barking!!!
Market will collapse by another 30%+ minimum over the next 18 months.
Could easily reach another 50% fall.
Consider this, to date Spanish banks have wriggled and done everything possible to avoid repossessing whenever possible and to avoid showing potential bad debts on their balance sheets.
Far more properties seeking owners than potential buyers.
These comments are specifically aimed at low to medium market sectors not the top end which may have a certain immunity.
Next the Spanish banks have to refinance themselves during 2011/12.
EU central bank will force marking to market and disclosing all dubious/troubled loans.
Next we have the questions of whether the euro will survive and the sub question of whether Spain will remain within the euro?
Spain has 20% unemployment and this is much higher in the lower age ranges.
So in short, pathetic attempt by another bloody agent to breath life into a dead market.
Wake up, smell the coffee and read the economy pages to fill your time between the phantom potential buyers ringing your phone.

Miguel said:
Thursday, March 3, 2011 @ 12:13 AM

What a Blatant effort to drum up a Hopeless market.
If you buy you will loose.
If you want to rent you CANT
Best to just make a Donation the POOR sales Guy

Text said:
Wednesday, March 2, 2011 @ 9:47 PM

We have lived in Spain for fifteen years and have bought around 15 houses and apartments to either rent out or renovate and sell.

In the good years (1996 – 2006) anyone could make money in Spanish property market – rents were good with a plentiful supply of people (Spanish) who made excellent tenants.
Then came the “crisis” and people began to lose their jobs and could not keep-up with their payments.

Two years ago we managed to get rid of our last rental property – but we are still stuck with a fully renovated two bed two bath house which no one wants. We sometimes think that if we stood in the street and offered it to people for 20 euros there would be no takers!

The Spanish property market is dire.
Never buy on an “urbanisation” as this is likely to go into decay as a result of people failing to keep up with their community payments. If you are looking for an apartment buy in a block of no more than three – this will reduce the possibility of you getting bad neighbours. Same with houses try and buy detached away from big concrete developments.

Spain can be a VERY noisy place to live and nowhere is perfect...
Say you have a budget of 150.000 euros consider buying TWO places.
A small flat in the centre of a town – and an old small house in the country (no more than an hours easy drive away).

This way u once you get fed-up with the noisy town you can escape to the peace of the country. Or vice versa.
And YES both can now easily be bought for 75,000 euros each OR LESS!

John Wolfendale said:
Wednesday, March 2, 2011 @ 9:42 PM

My own recent blog post on this subject:
Who do I ask if I really want to know the state of the property market in Spain?
Posted on February 25, 2011 by ecovida

Well don’t ask an estate agent. Take them for a pint instead. They make great company. Estate agents are always positive. Now is always the time to buy and they are busy tucking away the deals. They see the world through rose tinted eyes: so forget estate agents for a balanced view of the state of the market.

So if you can’t ask an estate agent then what about national statistics? Rather you than me quite frankly. There’s just far too much math involved. And in any case you know what they say…………. “lies, damned lies, and statistics”!

You could well ask Mark Stucklin. He is the only commentator I know who looks at the raw data and draws his own conclusions and. He’s about as impartial as you can get. He’s skeptical about the statistics and he’s cautious: which is the right way to be in property investment. You can always afford to miss a good opportunity because another one will come along. But at all costs you want to avoid making a mistake.

Mark says “my feeling is that we are slowly reaching something of a bottom, at least in transaction terms. Barring any macro-economic shocks, 2011 will be the same or slightly better than 2010 for the overall market, though nothing to write home about.”

You can see his report here:

http://www.spanishpropertyinsight.com/buff/2011/02/16/spanish-property-market-grows-5pc-in-2010-turning-a-corner/

So what else can we say about the state of the market? Well, in addition to advising people to let a good deal go if there is any risk of making a mistake, I have a couple of opinions which I will share with you.

One is that national statistics are pretty meaningless because there are big regional and even local variations. Yes we know there is over supply nationally but what is the supply situation in your locality or indeed for the particular type of property you want? Sea views for example are restricted in supply. The local situation is far more important than the national situation.

Another opinion of mine is that most of the over-supply is complete rubbish: swathe upon swathe of identikit apartment blocks in the middle of nowhere with no supporting infrastructure. I think a lot of it will never be occupied. I agree it does have an effect on price but not as much as say flooding the market with oil does (or Mars bars for that matter). Property is not homogenous.

A lot of what has been built in Spain in the last twenty years is built to very low standards. Architects were instructed to spend as little as possible and make the developments superficially decorative so they sold well. People put up with it because prices were going up all the time. They thought they could always sell at a profit so they weren’t too fussy. Now those days are gone do they really enjoy hearing their neighbor having a pee because the sound insulation is so poor or having the mid July sun pounding into their living room because the architect gave no thought to the orientation?

There are plenty of pretty villas but not many of them are well built. And there is a dearth of well designed, well built, energy efficient property. As for demand….. we shall see. Energy prices dont look as if they are about to fall!!!

Author: John Wolfendale

monkeyboy said:
Wednesday, March 2, 2011 @ 8:55 PM

graham couldn't put it better myself

monkeyboy said:
Wednesday, March 2, 2011 @ 8:52 PM

Talk about self promotion.

Obviously another estate agent looking to fleece the UK public to support their cocaine habits. If you were trading in the UK, the FSA would have you with regards to advising FTB to invest in Spanish property...madness!!!!
Spain is skint, even the bank of Spain is making the cajas merge, and when talking about debt levels, the caja debts are never included in the figures.

Just one developer has an outstanding loan off 1.2 billion

If you take into account the average salary in spain - not that many are employed, you'd have to say the banks should be lending on affordability. In my book the max average house prices in Spain should be around 65k with the wind behind it.

You'd also apply this to the UK. Does anybody remember the days when banks lent 3 times your salary?

policymakers in europe don't want to take the hits but it will be a long slow decline in prices over a period off 20 years

In the US, the policy makers have taken a different stance, and have taken their medicine. The prices have gone down by 75% in areas. Prices are now below build cost. At least you can get yields up to 30% on investment properties, please let me know if you can guarantee that in Spain, I'll be glad to invest. I've just bought 10 properties in a coastal town in florida with prices starting from 30k dollars with yields of 30%, whilst the euro is still so strong against the dollar, I'm thinking it's best too get my money out in case it turns. What is happening in Libya is the geopolitical that could tip the scales towards recession or even depression, you just never know, especially if it kicks off in the worlds powerhouse, China, then we all might as well throw in the towel. The town in the states that I've just invested in has just created 10,000 highly paid medical jobs. Where is that happening in Spain?

I do think Spain is a great place to live if you're retired or if you're looking for a holiday home and can actually afford it without having to rent it to pay for the mortgage, but buyer beware, just wait wait wait and this time you have the opportunity to do all the due dilligence that you need to do, don't believe these sharks.

Graham said:
Wednesday, March 2, 2011 @ 8:51 PM

Economic uncertainty at home (UK) and in Spain is what is keeping most UK people out of the Spanish property market.

The media is still full of stories about the Euro zone problems, of slow or non-existent growth, high unemployment and stories of woeful expats returning from Spain having lost life savings, their jobs and even their homes. "Homes from Hell" continue to show families amid the ruins of their dreams, it may not be Spain but its just a reminder of the pitfalls of any "overseas" property investment where even "Caveat Emtor" has to be translated into a foreign language !

Two stories have gained headlines in the UK. One, the land grab laws in parts of Spain that allow developers to seize part of your property with little recourse or compensation. And second, the corruption by local officials in selling building licences on protected land that left thousands of expat home owners fearing that their villas would be demolished at any moment. The thinking and fear here is that if the Spanish authorities can allow this to happen then what else? What next? Where is the security?

The Family move is a thing of the past if there is no prospect of work. Low cost and 100% mortgages will be looked upon with suspicion particularly if interest rates rise in the near future. Some will remember what happened in the UK when rates got to 15%. Add to that the Euro ups and downs and no one knowing which direction its going means that GB Pounds sourced income could leave you with a nice home in Spain but not enough money to enjoy it. And now, a possible oil crisis in the Middle East prompting huge increases in fuel surcharges on flights will make travel to your sunny Villa need a mortgage of its own. This could also knock-on to increases in costs of cooling/heating your Villa and pool and food costs.etc...

That leaves well healed singles (Bankers?) & cash rich retired persons as possible buyers. Simply put, there are not enough of these to make a dent in the Spanish property surpluses any time soon. I have the cash and I am looking but I am not sure yet if I have the courage or confidence to make that leap of faith.

Denis said:
Wednesday, March 2, 2011 @ 8:22 PM

Just be careful. Don't go near Huma Mediterraneo who are selling properties for the banks. They stole £ 100,000.00 from me and go to enormous lengths to move assets out of reach of the courts. They actually stole millions of Euros from investors in property on a site called Al Manzorra which they never built.

Roy said:
Wednesday, March 2, 2011 @ 6:59 PM

Its just the way the market is at the moment and it is a good time for people to buy at low prices and 100% mortgages. Those of us who bought a few years back at what now seems ridiculously high prices will just have to learn to live with it. There's no point being bitter about it.

Christopher Gamble said:
Wednesday, March 2, 2011 @ 6:52 PM

Unfortunaely, 10/20 yearswill be impractical for many.
Yes, the market traders shot them selves in the feet and the whole bloody mess needs a great big shake up still and I've lost a lot of money too.
But theres a lot of benefit in encouraging a recovery BUT no benefit in disguising the true teasons behind the crash. = GREED!
FHowever, on a positive, its a chance for first time buyers to get into a market.
Truth is the whole market is being devalued still further by this bank stock so the sooner it is flushed through the better but sadly some of the sharks are back swimming around it as we can see already.
In the USA the society of estate agents are working togetrher, in UK the Government is involved....in Spain?
What can be done? There's a lot of very bitter customers out here!
Without any concertive collective effort prices could concievably just keep going down and down!
So a way needs to be found to expose the bad, explain it all and then rebuild TRUST in the market.

Foxilady said:
Wednesday, March 2, 2011 @ 6:16 PM

Vested interest or what? Anyone thinking of buying in Spain would need his/herr head examined. Spain is broke, plain and simple and a property at any price isn't worth it. Haven't enough people suffered by this stupid seductive shpeel already? I guess there will always be "mug" punters at anytime and the writer is banking on that !!!!!

90% mortgages are available in UK through Northern Rock, government owned, a desperate government as well!

I think we have all seen the last of property profits for many many years to come.

Wae should all sit tight for the next 10/20 years.

Ellie May said:
Wednesday, March 2, 2011 @ 5:55 PM

I read this thinking what a blatant attempt at trying to woo more innocent victims into the Spanish property market by someone with an obvious interest in doing so. I would still advise buyers to stay away, there are far too many unresolved issues before anyone can buy with confidence.

harvardu said:
Wednesday, March 2, 2011 @ 5:22 PM

Do not be seduced by another grossly optimistic view of the Spanish property market. Under no circumstances should you buy in the medium term future. Spain is skint, and may yet have to be rescued by a mix of loans from the EU and the IMF. Any prospective buyer should wait for perhaps several months before making a life-changing decision to buy. Without exception, real estate agents present a glowing picture. One can understand why. Without buyers, they are dead in the water.
So my advice is wait, wait, and wait even longer. Do not, repeat, do not 'invest' in this very sick market unless you have done some very serious homework and can afford the loss of at least part of your capital.

Christopher Gamble said:
Wednesday, March 2, 2011 @ 4:26 PM

That's the first dedicated marketing set-up carefully thought through branding and very convincing pitch to try and jump start the market and move on the volume of stock the banks are sitting on. You have grabbed the bull by the horns! Well done!
But why wouldn't you want to share your CV? Isn't it possible that the latent market is waiting because they simply do not trust anymore given the bad press and situation in the Spanish market?
The key issue may not that properties are available at incredible low prices with fantastic mortgage deals...what people surely want to know is detail. They need to know WHY these properties are available and that they can TRUST the market and those that opertate within it. Brilliant deals as they are, the very nature of the incredible bargains perhaps generates waryness and doubt in its own right. as terrific as your pitch is perhaps it requires in depth reassurances and supporting evidence rather than statistics as you suggest.
Why is the market afraid of airing its dirty linen in public if this is going to explain what went wrong and why it won't happen again?
Your tactical approach is taking advantage of a narrow market opportunity in a narrow focused manner but it ignors the need to bring total credibility back to the overall market.
Not your problem maybe or collectively or everybodies' problem?
People really need. that's They ithear is about the end of the bad days and the beginning of a new future based on integrity and openness. Surely the market does not need a 'stack em high/sell em cheap' market stall approach and I think your Basico doesn't do that which is excellent but beware, buyers will dig deep. Make it easy for them to find out about you and trust who you are as they are vnatuarally suspicious of any possible fly by nights and it would be a shame if you missed an excellent oppportuntity to stand the Basico brand away from that inherrent market perception.
Great article. Great branding and pitch.
Good luck!

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Spain 2011, To Buy or Not to Buy? That Is the Question!

Buying with a Mortgage

Buying with Cash

If "That" is the question What is the Answer?

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