Is it the end of the Spanish Property boom?

The purchasers of BG property have been told their in denial about the future for BG apartment resales.

I think therefore with what's happening in Spain it looks to me like therefore that people who have bought in Spain in the last couple of years can join the club of being in denial.

A poster above also stated about the concrete jungle driving from Malaga.

So, it's not only BG that concrete jungles exist.

Rather have my 85k apartment in BG now than investing in Spainish market a couple of years ago or in the Irish market a couple of years ago. At least the most I will lose is 85k and as for Spain or Ireland who knows what I would be losing.

Auto states he has a 'Spainish property to sell if I ever sell it' which says enough about the difficulty in disposing of Spainish property especially as he/she has made such good money in Spain over the years and knows the market so well.
 
Auto states he has a 'Spainish property to sell if I ever sell it' which says enough about the difficulty in disposing of Spainish property especially as he/she has made such good money in Spain over the years and knows the market so well.

In fairness, I'm sure he means if he decides to sell it or not. He spends part of the year living in that property as far as I know.
 
The purchasers of BG property have been told their in denial about the future for BG apartment resales.

I think therefore with what's happening in Spain it looks to me like therefore that people who have bought in Spain in the last couple of years can join the club of being in denial.

A poster above also stated about the concrete jungle driving from Malaga.

So, it's not only BG that concrete jungles exist.

Rather have my 85k apartment in BG now than investing in Spainish market a couple of years ago or in the Irish market a couple of years ago. At least the most I will lose is 85k and as for Spain or Ireland who knows what I would be losing.

Auto states he has a 'Spainish property to sell if I ever sell it' which says enough about the difficulty in disposing of Spainish property especially as he/she has made such good money in Spain over the years and knows the market so well.

Are you now saying that indeed you are (or were) in denial, that you no longer have any faith in BG and expect to lose all(or nearly) of you money.


NB **Edit**

Its getting serious now. Constructions stocks are taking a hammering on the ISEQ. Greater than black tuesday. Banks , despite earnings, are also getting hit.

Black Thursday ?
 
Amarin:

I am not in denial about my BG apartment.

Nor do I expect to lose all or nearly all of my money.

For heaverns sake if I was really worried I could take out a BG 70% mortgage and hand them the keys shortly after. Can you name a country in Eastern or Western Europe where if one bought property in the last 10 years where anyone would have lost or nearly lost all their money. I'm not referring to any particular development within a country. Bar an Act of God or nuclear explosion BG will do o.k

Spain has topped out and BG is in it's infancy.

I know of someone who has made good money on several properties purchased in Spain over the years. He has one he cannot shift for the last 18 months. He told me a year ago that Spain was no longer for him.

I know BG is'nt the new Spain nor will I see the great returns made in Spain
over the years but I do see an uplift over the next number of years - slow but steady.

Budpest:

I am not trying to get at Auto on this but Spain has had it's day.
 
The purchasers of BG property have been told their in denial about the future for BG apartment resales.

I think therefore with what's happening in Spain it looks to me like therefore that people who have bought in Spain in the last couple of years can join the club of being in denial.

A poster above also stated about the concrete jungle driving from Malaga.

So, it's not only BG that concrete jungles exist.

Rather have my 85k apartment in BG now than investing in Spainish market a couple of years ago or in the Irish market a couple of years ago. At least the most I will lose is 85k and as for Spain or Ireland who knows what I would be losing.

Auto states he has a 'Spainish property to sell if I ever sell it' which says enough about the difficulty in disposing of Spainish property especially as he/she has made such good money in Spain over the years and knows the market so well.

Firstly, to clear up about whether or not I ever sell my current Spanish property .. I could sell it tomorrow if I wanted to, its a very desirable home, but I was trying to say that I have no desire to sell it -- its my home for much of the winter months and I love it. At my stage in life, I'm unlikely to want to move again in Spain, but you never know!

The query posed by the OP, as to whether this is the end of the Spanish property boom, is the one that needs to be focussed in on. There is no point in comparing Spain to BG, its like comparing chalk to cheese, two entirely different markets. In Bulgaria (in general, Rachel) we have a situation where a huge spurt in building over a very short time resulted in the sale of high volumes of property to foreign buyers, at prices that were a multiple (sometimes 400%) of what the local market would bear. In addition, these properties had other inflated elements; huge commission layers, and more costs added on to create the so-called "guaranteed rental" element that simply added fuel to the inflationery fire and drove costs even further upwards. All this is in a country that is sometimes marketed as an alternative to Spain, but which has an entirely different climate with much shorter summer season and is far less accessible to northern Europeans looking for breaks in the sun.

In Spain, on the other hand there is a far longer experience of selling property to foreigners, with very good reason. Despite a couple of dips in the market, nost recently in the mid 1990s, the bottom line is that the Spanish market is a sustainable one in the long term. Not because of any very complicated reasons, but simply because the south coast has the best winter climate in Europe. Better than the south of France whcih has a limited enough market for the winter months, and certainly better than BG which has no winter market. Yet wintertime is when the majority of us northern Europeans want to escape these dark skies, so why would we want to freeze in "Sunny" beach when we could be playing golf in Marbella (or whatever floats our particular boat).

So, is this the end of the Spanish property boom? Of course not. Not any more than it was when This post will be deleted if not edited immediately Gill and his friends went to jail in Marbella for corruption, although many doomsayers predicted the end of the Spanish market then too. Now that the Spanish stock exchange is going through a "readjustment", does that make Spain a less desirable destination for anyone in these climates who would like to buy a nice home in the sum? Of course not, and that is why the market is a safe one long term, assuming (as anywhere) that you buy sensibly in the best locations. When the "next big thing" markets of BG and anywhere else that the marketing scammers can "discover" has been superceded by the yet next big thing, Spain will still be there as the number one accessible and affordable sunshine destination for UK, German, Swedish buyers (and yes, even the fickle Irish who seem to bend like straws in every wind).

By the way, look out for some predatory buying of shares in some of the stronger Spanish companies in the next week or so, as investors profit from panic and hoover up slices of very strong companies at good discounts.
 
I am in Spain at present doing some maintenance on our rental villa.
Lot of property for sale and sales slow but rentals very strong as the climate facilitates year round rentals. We book for 45-50 weeks per year and having a private pool with heater is key in this regard.
Definite reduction in new builds since last few years.
I think now is good time to buy and really to bargain down a motivated private seller.
If I had more time on my hands would buy again now but would not touch an appt as so difficult to rent. Villa with private pool always rents here.
 
I am in Spain at present doing some maintenance on our rental villa.
Lot of property for sale and sales slow but rentals very strong as the climate facilitates year round rentals. We book for 45-50 weeks per year and having a private pool with heater is key in this regard.
Definite reduction in new builds since last few years.
I think now is good time to buy and really to bargain down a motivated private seller.
If I had more time on my hands would buy again now but would not touch an appt as so difficult to rent. Villa with private pool always rents here.

So if i read in between the lines what you are saying is that if you already own a villa with a private pool : everything is hunky dorey; othewise your screwed.
 
[broken link removed]

But economists warned that the housing market in Spain is about to implode.

Diana Choyleva, director and chief economist at Lombard Street Research, said holiday home owners who flocked to Spain over the last couple of years could now see the price of their investment fall.

She added: “This is not good news for foreign investors in Spain. The problem is in supply. We have had over investment on a gigantic scale and it has already started a slowdown in house price growth.

“We will definitely see house price growth stop and falls in nominal prices are likely in Spain over the next 12 to 18 months.”
 
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