What is happening to property in Spain ?

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SunnyDays

It is nose diving, some places near to me have been up for sake almost two years and still no interest. Prices are beginning to slide down as a general recession begins. Youngsters here cannot get onto the housing market due to the over inflated prices of the last few years, but maybe in a short time they will begin to be able to consider something. It is definately not a good time to buy right now.
Property is still being built, but I have seen developments going up so slowly as workforces are reduced as properties are not being sold off plan, so the investment has been made with no whiff of a return, but they have to continue, normally places are knocked up very fast, not any more.
Property is very expensive when you consider the actual costs, the construction method is a cheaper one thatn the Uk, there simply is not the care taken in any building, with nice finished being sprayed on to cover the apalling pointing underneath, if a builder from the Uk was to come out and cost the properties on how they are built, many would see that they are grossly over inflated price wise!
The Valencian and Murcia regions are also bad places to buy, because the land grab issue is not yet resolved and there are still more and more illegal builds being identified through corruption investigations, each week there's a new report in the papers here.....it won't be long before things really bite, and it will be the 'foreigners' who end up being discriminated against again by being penalised by more taxes ......

sunlover

Correct that nothing is selling at the moment. My own house has been on the market for 16 months. However people are still under the impression that property is cheap here, well it's not. You can get cheap deals, but mostly they need doing up. Everyone says the prices will drop, but that can apply to UK too.

Joan el guiri

Well............. The property companies on the stock exchange were deemed to be overvalued so they took a big fall.

Building goes on as usual and there is said to be oversupply but the prices keep going up.

Some promoters are not selling their completed blocks of flats as they benefit from the raising values.

There are great regional variations as in the UK but it seems to be business as usual.

Barcelona Province, an area I know well, has had oversupply for years but the prices keep raising. This is because Spaniards are more likely to take a longer term view than the Brits who want instant gratification. The demand seems to have no end.

derf

There is an over supply of property for sale in Spain

Tufty Porcupine

Nothing much. It's still there.

Ruth P

The developers continue to build, build, build, at least where I am on the Costa del Sol, and goodness only knows who they think are going to buy all these properties. The market is pretty stagnant at the moment with a small slide in prices but nothing drastic, people are still holding out to either make a profit or at least get their money back.

Now is not a good time to buy, wait a bit and prices are sure to drop.

You will find some useful articles on buying property in Spain etc. here:-
http://www.costadelsol-vacationrentals.com/property-buying-in-spain.html

maya

The prices are over the roof! I guess everyone is hoping for rather than expecting a drop. ItÂ´s hard to believe that any price in Spain will go down... except for computers maybe ;)

Anecdotique_76

I agree with lain S.
besos!

john k

The expected collapse of the overpriced Spanish property market has commenced, houses are not selling any were near the expected values and speculators are loosing lots of money, if you are looking for a property HAGGLE you can get tens of thousands knocked off the price, just be very firm. If you are selling, do it quickly before the prices collapse completely.

pizz_master892

no idea

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