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Yes, there are forced and distressed sales in Spain. But NOT everyone is absolutely desperate. Most sellers have mortgages to pay and they simply cannot sell for an amount that´s less than their mortgage balance, unless they are prepared to pay the difference themselves to the bank, or enter repossession proceedings.
The truth is that the majority of sellers bought their properties in Spain as 2nd homes and the present financial crisis has merely focused them on the realization that they probably stretched themselves a little too far in the good times. In their minds, something has to give, and the apartment in Marbella can justifiably be offloaded.
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For the last 4 weeks, a good friend of mine has been renting a very plush ground floor apartment in Marbella. within one of the most renowned luxury developments on the Costa del Sol. On first impressions, it seems that he has the lot – 24 hour security, walking distance to plenty of amenities, stunning landscaped gardens, and an apartment that is as luxurious as it is spacious.
After just a month, he is seriously thinking of cancelling his 11 month rental contract with the landlord and the letting agent. The reason? He hasn´t had a decent night´s sleep since he moved in. Let me explain.
The problem is not the apartment in Marbella or the urbanisation, or indeed the specification or the location.
The problem is the guy upstairs. My friend´s neighbour on the first floor insists on wearing hard-soled shoes while walking around his apartment. Sounds innocent enough? Continue reading »
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With the Spanish property market hitting the buffers, perhaps there is a way out of the mess for developers and promoters.
In times of recession and in light of the subsequent dwindling demand for properties in Spain, the key objection from most prospective buyers is the asking price of Spanish properties. For most clients, the purchase of an overseas property is a luxury, and therefore naturally slips down the pecking order of priorities in these challenging times.
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El Corte Ingles (literally translated as ´The English Cut´) is Spain´s most revered chain of department stores. Imagine the Spanish equivalent of Debenhams or Selfridges, selling everything from TVs to toasters, from magazines to make-up, from designer label fashions to discounted cruises – everything under one roof.
In a few selected stores you will find the El Corte Ingles food hall. Revered as the home of quality, fresh produce and the finest foods available in Spain, it is THE place to buy your grub. In fact, it´s been reported that El Corte Ingles in Marbella has the most expensive supermarket in Spain – mmmm, I wondered why it was so quiet!
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It´s January 7th, and I can report that the sales have officially started. At 11am this morning, I can testify that Zara in Marbella´s main shopping mall, La Cañada, was being torn apart by frantic bargain-hunters, and queues were stretching down the aisles of most shops.
Who can blame them with discounts of up to 60%?
In fact, in one shop, I witnessed quite an ugly example of queue jumping – the offender, a man in his 50s was told in no uncertain terms of the error of his ways by an elderly lady further back in the queue – it would have been comical had they not been so stressed.
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As we discussed in a previous article, competition for the best rental apartments and villas in Spain can be fierce.
Most people looking to rent a property in Spain on a long-term basis are either thinking of relocating or are looking for a stop-gap after selling their Spanish property. This means that both furnished and unfurnished properties in Spain are in high demand.
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Anybody who has attempted to contract a telephone service in Spain will attest to the problems that were encountered in dealing with Telefonica.
This gigantic company has a shoddy reputation in Spain, from the way that customers are spoken to by Telefonica staff during calls, through trying to pin the company down to dates when problems will be solved or services installed, to money being taken from customer´s bank accounts and bills never being received.
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