When to buy in Spain

HAMISH_MCTAVISH

armour wrote: »

Hamish - your post suggests that there may be a possibility of buying a repossessed property. Anyone know of any (Spanish property auction) websites?

Just look at any of the Spanish property portals for the tourist areas. Much of what's for sale in most of these markets is bank owned. Certainly most of the newer stuff in big developments.

They advertise funding deals with the properties. Just google 'spanish bank owned property' for sale.

But trust me, it's still too early.

Below the market average were the municipalities of the “Mediterranean Coast” which saw a year-on-year decrease of 10.8%, followed by the “Balearic and Canary Islands” and the “Metropolitan Areas”, which both presented a drop of 9.8%.

In relation to the overall decline since the market peaked, the “Mediterranean Coast ” showed a fall of 34.9% in March;

http://prices.kyero.com/2012/04/10/spanish-house-prices-fall-28-6-since-2007/

and....

An estimated 600,000 new homes, and 200,000 part-completed ones remain unsold, a sizeable proportion of which are in holiday areas.

Estate agents say prices of homes have typically fallen 20% to 50% in different parts of the country, with no sector unaffected.

http://www.guardian.co.uk/money/2011/apr/02/spain-property-prices-collapse

chucknorris

HAMISH_MCTAVISH wrote: »

Just look at any of the Spanish property portals for the tourist areas. Much of what's for sale in most of these markets is bank owned. Certainly most of the newer stuff in big developments.

They advertise funding deals with the properties. Just google 'spanish bank owned property' for sale.

But trust me, it's still too early.



http://prices.kyero.com/2012/04/10/spanish-house-prices-fall-28-6-since-2007/

and....

http://www.guardian.co.uk/money/2011/apr/02/spain-property-prices-collapse

Are you also thinking of possibly buying something over there eventually Hamish if the price was right?

HAMISH_MCTAVISH

chucknorris wrote: »

Are you also thinking of possibly buying something over there eventually Hamish if the price was right?

I'll be retiring somewhere warm and sunny, but it's unlikely to be Spain.

Of course, a holiday place could look tempting at the right price....

But I prefer Italy to Spain for holidays, and if a dirt cheap seaside bolthole on the med is all you're after, I'd be prepared to bet Greece will see cheaper deals than Spain by the time it's all done.

chucknorris

HAMISH_MCTAVISH wrote: »

I'll be retiring somewhere warm and sunny, but it's unlikely to be Spain.

Of course, a holiday place could look tempting at the right price....

But I prefer Italy to Spain for holidays, and if a dirt cheap seaside bolthole on the med is all you're after, I'd be prepared to bet Greece will see cheaper deals than Spain by the time it's all done.

I'm with you on retiring in the sun, although it's probable that we will do a 50/50 split and keep two homes going, at least at first.

But I'm afraid due to being a dog lover that means either Southern Spain or the Algarve so we can take the car ferry to Santander and drive the (approx) 1,000km so that our (family member) pet comes with us. I would never consider putting him in the cargo hold of an airplane.

sammyjammy

chucknorris wrote: »

We are considering the same move in about the same timescale, although we would probably only be over there from late October to late April.

Ahh so you would be returning to the UK for the winter months

chucknorris

sammyjammy wrote: »

Ahh so you would be returning to the UK for the winter months

Greetings Southern Hemisphere fellow forumite, no the thing about the Northern hemisphere is that our winter period runs from approx Dec to Feb (although some years can feel more like from Sept to May)

armour

I'm tempted by this:




http://www.taurusrealestate.com/property-details/54/Sayalonga.html#photo

paddyrg

FT front page this morning - Spanish unemployment is way up - around the 1 in 4 region - and so there will be more forced sales/price drops in the pipes I imagine.

Lovely area, but it doesn't offer a lot besides tourism

Thrugelmir

armour wrote: »

Is now a good time to buy?

Suggest you find out why so many are now returning home. The Spanish retirement dream seems to have evaporated for many people.

Generali

armour wrote: »

what's a FUBAR by the way?

It's an acronym. It stands for F'ed Up Beyond All Recognition. It is a step worse than a SNAFU: Situation Normal, All F'ed Up. I think the origin is military.