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IS THERE ANY HOPE for the Spanish Property Market?
“Yes, there is still hope. We know this because we work in the market and speak to buyers and sellers on a daily basis. We get to see what´s really motivating both groups of people. Here is what we have found:
- There are some superbly priced Spanish properties now on offer, representing real value for money. The prices even compare favourably with pre-boom prices.
- Some of these discounted Spanish properties are being fuelled by British vendors who are eager to repatriate their funds, and thereby gain from converting their euro proceeds into sterling at such an attractive price.
- Buyers from the eurozone are starting to snap up the bargains in Spain – our last 4 clients have been Belgian, Dutch, Irish and French. Even the Spanish are buying again, as they witness falling prices and bargains galore.
- Investors are looking for opportunities. Already, we have received several enquiries from institutional investors, eager to discuss potential discounts for buying in bulk from desperate developers.
And then of course, there are the fundamental factors:
- Over 3 million Brits are looking to buy an overseas property during the next 2 years
- A third of these people say that they have simply had enough of the UK.
- With developers now unwilling to build or invest in future projects, we will eventually reach a state of equilibrium in the market where there is sufficient demand for new housing to meet a much lower level of supply.
Of course, it´s easy for me to say all of these things and to ´talk up´ the prospects of a speedy recovery.
Let me say this - I don´t think it will be speedy at all. It will all take time to unravel, but if you can afford it, and you can secure a great deal in a top location, then investing in Spanish property is probably a wise move as we slide towards the bottom of the market.
After all, as the market slowly recovers over time, the banks begin to lend money to prospective investors and the general economic climate starts to improve, so the very best opportunities will be snapped up by the growing number of buyers that are attracted back into the market. I reckon that many people will simply miss the boat.”
“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”
Warren Buffett
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