Wed. ITV. 9pm. Spain - Paradise Lost. About Brits/Housing Market in Spain

PasturesNew

http://www.itv.com/presscentre/spainparadiselost/ep1wk25/default.html

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In this new two-part series for ITV1 we see that, for some Britons, life in Spain is a dream come true, while for others the dream has become a nightmare.

In episode one the series shows how the property crash in Spain has been a financial and personal disaster for some, including Wally Tynan, who says: “I wish to God I'd never heard of Spain,” and the Segal family who have lost their dream family home. We also see that there are some Britons who still aspire to a life in the Spanish sun.

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At its peak almost a million homes were built each year, and with cheap prices and limitless credit, it seemed everyone could make their dream of owning a slice of paradise come true.

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Above link is a HUUUUGE read, with details of who is in the programme and their story.

No idea if it'll be any good, but I'll be watching it.

bo_drinker

Those shells will never be finished. The banks were loaning if they had a passport and a pulse the auction woman said. Again it's largely the banks fault, and the gullible buyers who were told they were going to rocket in value better than a pension fund. More misery, worse than Beeney last night. Went to Benidorm once, I wouldn't go back if you paid me to.

ruggedtoast

Poor so-ds. Wonder whatever happened to Avicola.

Pobby

Hope you would post about it PN. I watched it as a regular visitor out there. Friends keep me in touch with what`s happening and they are having a less than easy ride. Just heard about another guy I know who is going to try and get out at any price.

Work mate is reliant on renting out his villa and ex work mate has lost, unless he can sue, £30k on an off plan!

bo_drinker

That blonde piece Mandy was it, she's out there to sha9 some waiters as they do. Dull as they are they think the waiters care but they are after £££

dopester

I'm 1/3rd of the way in to watching this show... ITV Catchup thingy.

The Yorkshire woman, despite her bling and film-star shades, is the most sensible person so far. The Estate Agent tried in vain to promote that Marbella apartment as great value, indicating it was the bottom of the market. "If you were to build an apartment from fresh again, it would cost you more than buying this property at this low price." Yeah right. She was together enough to know more value could be found by patience and waiting for the right opportunity.

Another guy, approaching retirement... wasn't happy how his pension was performing, so bought a place in Spain from a rep who came to his house with a brochure.. signed up and put down the deposit on that pitch..

Cost him €250,000 + whatever in mortgage interest and associated costs. Plans to stay in UK and rent it out.

Now, with him not keeping up mortgage repayments, puts it in for auction, run by a British lady entrepreneur. Thinks he'll be fortunate to get €180,000... and estimates his loss at about 70,000 to 80,000 euros. "Loss of that money, very near to retirement, very difficult at this stage in our lives." Hopes to clear debt outstanding, and just walk away.

Auction day.. his lot..

"Lot 2, Ladies and Gentlemen... .

Approximate bank valuation of 240,000 euros... against a guide of 170... like to start bidding of at 130... 130... 130.... 130

90,000... do i see any interest at 90,000 ... 90..... 90 ..... I will have to withdraw this lot."

Falls to Annette, the auctioneer, to hand the key back to bank. "This key.. for what they've got out of it, they've never used the place, never used a cup, don't think they've stepped in to the place more than once."

http://www.itv.com/ITVPlayer/Video/default.html?ViewType=5&Filter=43785

dopester

Usually I don't watch ITV (way too chavvy, including mostly dumb-downed news-type shows) but this is quite a well-done show.

Those people... feeling someone else is to blame because they made a decision to buy in a few hours. Promises of security-patrols, golf-bookers, and whatever else for the estate of villas.

All those dangerous live cables.. awful sewage in the streets, filthy pools, power-cuts (as developer left big debts to utility companies)... quarter/half-built properties everywhere around them, as the builders just disappeared off-the-site.

chucknorris

This programme is good timing for me as I may possibly end up buying a place in Spain eventually. Without having any deep knowledge yet, this programme confirmed my early suspicions that the Spanish property crash is seriously worse than the UK and it is difficult to see when the bottom will be reached. Obviously I am in no hurry and will be content to sit on the sidelines for some considerable time.

Lotus-eater

V interesting program. The ones in trouble were exactly the type I have been moaning about to friends for a few years. They couldn't really afford what they had, or they bought off plan without thinking about it, or visiting the area.
The good looking couple with the big house (the large chested blonde) were just a couple of rich wannabees, spent a whole heap of money they didn't have and could realistically never pay back.

Pobby

Below I have copied and pasted an extract from a recent e-mail from a ex pat friend in Spain

"ok news, the £/euro thing has killed us all ,reducing pension by 30%. plus prices food etc have gone up, now supermarkets in uk are cheaper than here, [apart from booze] also rates have risen[not to levels of uk BUT weve heard rumours of massive rises due next year, many people would sell and come back to uk, but NOTHING IS SELLING, prices are down 30/50%,"

chucknorris

Pobby wrote: »

Below I have copied and pasted an extract from a recent e-mail from a ex pat friend in Spain

"ok news, the £/euro thing has killed us all ,reducing pension by 30%. plus prices food etc have gone up, now supermarkets in uk are cheaper than here, [apart from booze] also rates have risen[not to levels of uk BUT weve heard rumours of massive rises due next year, many people would sell and come back to uk, but NOTHING IS SELLING, prices are down 30/50%,"

Yes it does look very bleak for owners that have to sell over there, and good news for those that want to buy, but I think the potential buyers should hold back and keep their powder dry