Spanish Apartments

MikeJones57

I often read that the Spanish property market is suffering and that now is a good time to buy. I want an apartment but can't find any bargains, Rightmove/Atlas/Polaris prices still seem high. Can anyone tell me where I should be looking please?

spuds_2

I think you just have to keep reading and researching, Mike. This article from the Times gives a good summary of the current situation:

http://property.timesonline.co.uk/tol/life_and_style/property/overseas/article5525479.ece

However, I would agree with them that prices have further to fall, if only because they were very artificially inflated in the first place. There will be very little demand from overseas buyers, no local demand, massive oversupply in some areas, plus Spain is in recession.

I would keep watching the market, but if you are keen to buy soon you need to think of it as a long term investment. Another issue of buying abroad for me would be that, as the recession bites, the cheap airlines will start to drop some routes to smaller airports. Ryanair have already dropped many routes that service more remote French regions, leaving 2nd home owners with long drives to reach their houses. I would make accessibility a key factor in any decision. Hope this helps.

MikeJones57

Thanks for your help. Interesting article.

_bankrupted

www.fotocasa.es

I have just sold one of my Spanish apartments through it. It's a very good site, simply type in the town where you wish to buy and you'll get a list of all the private sales.

BTW Tinsa (the leading property valuation company in Spain) expect prices to fall another 20% this year. Spanish unemployment is 14% today predicted to rise to nearly 20% in 2011.

I would hold off a bit prices have a far bit to fall yet. Most Spanish sellers aren't really aware of the impending crisis.