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Spanish property market

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    Spanish property market

    I've been thinking about moving to Spain for a few years but now seems the right time in my life to do it.

    Only problem is the appalling current exchange rate means I'll get about 30% less for the value of my house (in Euro terms) than I would have done a couple of years back.

    Just wondering if anyone out there knows much about the market over there - i.e. since they are in a worse mess than us, there could be some real bargains to be had despite the exchange rate.

    What with our horrendous budget deficit, it could be a few years until Sterling gets anywhere near where it was a couple of years ago and frankly I don't want to wait that long so I'm just trying to weigh things up and make a decision.

    Any comments would be appreciated.

    #2
    Originally posted by wurzel View Post
    I've been thinking about moving to Spain for a few years but now seems the right time in my life to do it.

    Only problem is the appalling current exchange rate means I'll get about 30% less for the value of my house (in Euro terms) than I would have done a couple of years back.

    Just wondering if anyone out there knows much about the market over there - i.e. since they are in a worse mess than us, there could be some real bargains to be had despite the exchange rate.

    What with our horrendous budget deficit, it could be a few years until Sterling gets anywhere near where it was a couple of years ago and frankly I don't want to wait that long so I'm just trying to weigh things up and make a decision.

    Any comments would be appreciated.
    I have looked into this a bit myself and I have become convinced that the prices of properties have only begun the adjustment. It will be a few years before the prices are at the bottom.

    Due to some specifics for Spanish banking the correction takes a long time.

    Do not buy now. I believe of a total correction of 50% they have only so far adjusted about 10-15% down so far.
    "Condoms should come with a free pack of earplugs."

    Comment


      #3
      Yes, I haven't seen any huge drop in prices there. I've just finished a contract in Alicante where I've been for the past 18 months & prices to me don't seem particularly cheap, e.g. expect to pay around 200k + for a 2 bed apartment in the centre of town.

      The urbanisations full of expats are where the cheap deals are to be found because so many people have been desperate to sell up and go home as their pensions have become so devalued by the fx rate. Can't really see myself living on one of those though; ideally I'd like to use the collateral on my uk house to buy an old wreck in the country and spend a couple of years doing it up.

      Comment


        #4
        Official figures quoted here - spanish property insight site
        Speaking gibberish on internet talkboards since last Michaelmas. Plus here on Twitter

        Comment


          #5
          Originally posted by wurzel View Post
          Yes, I haven't seen any huge drop in prices there. I've just finished a contract in Alicante where I've been for the past 18 months & prices to me don't seem particularly cheap, e.g. expect to pay around 200k + for a 2 bed apartment in the centre of town.

          The urbanisations full of expats are where the cheap deals are to be found because so many people have been desperate to sell up and go home as their pensions have become so devalued by the fx rate. Can't really see myself living on one of those though; ideally I'd like to use the collateral on my uk house to buy an old wreck in the country and spend a couple of years doing it up.
          You want to live in the land of NO

          NO Deeds
          NO Planning permission
          NO clear title
          NO foundations
          NO access right
          NO mains water

          Have fun with that
          Fiscal nomad it's legal.

          Comment


            #6
            Originally posted by alreadypacked View Post
            You want to live in the land of NO

            NO Deeds
            NO Planning permission
            NO clear title
            NO foundations
            NO access right
            NO mains water

            Have fun with that
            Do you have any experience of this?

            Comment


              #7
              Originally posted by wurzel View Post
              Do you have any experience of this?
              Spent some time looking at buying somewhere in Spain, but walked away in the end. Figures didn't add up. I have been told that the Spanish Goverment/local can make-up laws that can cost owners a lot of money. Like they want to put a road past your house £50k please. etc.

              Bought of plans in Egypt. Not sure if that will be any better.
              Fiscal nomad it's legal.

              Comment


                #8
                Originally posted by alreadypacked View Post
                You want to live in the land of NO

                NO Deeds
                NO Planning permission
                NO clear title
                NO foundations
                NO access right
                NO mains water

                Have fun with that
                It' not that bad...

                1. There are 'deeds' or 'title' - I have one it is clear of debt and land surveyed and registered - true the title can be antiquated thus a modern survey to clarify.

                2. Planning Permission can be tricky but it is granted 'existing building plus 10%' without request to local council.

                3. foundations - Buy a stone built house usually built on rock. none of the new build crap

                4. access rights - good, I don't want people driving walking parking picnicing on your land. Buy with access - get the land survey.

                5. water and electric and sewerage can be brought to you at your expense - sometimes if you pay the urban taxes on a wreck the council is obliged to provide street lighting thus electricity.

                I'd say buying in Catalunya is better than most of Spain because they respect property rights and generally more civilised. Valencia and the south is a bit bananas.

                You do need to get advice on how to go about buying - its not straight forward. And there is tonnes of stuff to buy - but buyer beware it could be in a nasty insular village, a dead village i.e you and 3 people over 80 years old, nowhere near anything - transport, markets, pharmacy etc.

                but there are some incredibly gorgeous spots well worth going inland for.

                Comment


                  #9
                  Originally posted by Fishface View Post
                  It' not that bad...

                  1. There are 'deeds' or 'title' - I have one it is clear of debt and land surveyed and registered - true the title can be antiquated thus a modern survey to clarify.

                  2. Planning Permission can be tricky but it is granted 'existing building plus 10%' without request to local council.

                  3. foundations - Buy a stone built house usually built on rock. none of the new build crap

                  4. access rights - good, I don't want people driving walking parking picnicing on your land. Buy with access - get the land survey.

                  5. water and electric and sewerage can be brought to you at your expense - sometimes if you pay the urban taxes on a wreck the council is obliged to provide street lighting thus electricity.

                  I'd say buying in Catalunya is better than most of Spain because they respect property rights and generally more civilised. Valencia and the south is a bit bananas.

                  You do need to get advice on how to go about buying - its not straight forward. And there is tonnes of stuff to buy - but buyer beware it could be in a nasty insular village, a dead village i.e you and 3 people over 80 years old, nowhere near anything - transport, markets, pharmacy etc.

                  but there are some incredibly gorgeous spots well worth going inland for.
                  If the original building had planning permission

                  Post some links, not found any usefull site's that have regular updates.
                  Fiscal nomad it's legal.

                  Comment


                    #10
                    Originally posted by alreadypacked View Post
                    If the original building had planning permission

                    Post some links, not found any usefull site's that have regular updates.
                    if the land is classified as 'urbano' then existing walls plus 10% is your right. yes, you have to submit your plans - they are conservative and don't generally like glass boxes, huff haus etc - they want terracotta and stone.

                    wrecks/cassettas/solars - the good stuff is not advertised and you will never get a good deal with advertised stuff. You have to drive around - identify houses that are unused and ask around to the major of the town/village - it takes time, helps if you have friends there, speak spanish. they sell in a 'latin' way. eventually out of 20 enquiries you will get a response. alot of land/farmhouses/wrecks - the owner(s) are unknown i.e some old granny in Uruguay could own it by inhertance - but they do become forefeit if not maintained for so many years. others are not owned but in continual probate so as not to pay taxes on inhertance. if the offer is right all of this is overcome.

                    the worst thing about spain is neighbours and their sticky beaks

                    Comment

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