Selling house - current values in Mojacar vs 5 years ago? market activity?

 Hi all,

Haven't really seen this discussed here, so...

Purchased a 3-bed duplex in Mojacar ~5 years ago, for ~200k euros. Currently up for sale at 135k euros, and little interest.

We're inthe uk, and whilst we watch the news - we're unsure exactly the values or situation in Spain at the mo'.

Any thoughts about the price we're asking? current situation regarding selling in Spain?

Grateful for all comments!

Thanks...

Andy

A friend of mine has just accepted 90,000 euros on a property which had put on the market a year or two ago at a very discounted price of 190,000.

This is a quote from a newsletter which is sent to property owners in Spain. I think it explains that the property market in Spain is dead and thus one can only hope to get someone interested and then accept what ever they might offer.

The extract

Home sales in the third quarter of 2011 (there were just 84,852 transactions) were down 31.9% compared with the same period in 2010; the lowest number recorded by the Association of Property Registrars since 2005.

El Mundo reported that of the total number of homes sold between July and September, 41,734 were re-sales (28.7% less than last year) another new low.

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Ops, can't delete this

Home sales in the third quarter of 2011 (there were just 84,852 transactions) were down 31.9% compared with the same period in 2010; the lowest number recorded by the Association of Property Registrars since 2005.

El Mundo reported that of the total number of homes sold between July and
September, 41,734 were re-sales (28.7% less than last year) another new low

This message was last edited by johnzx on 08/12/2011.

 We are looking to buy a second property in the Mojacar area - and I am afraid I would say that the reality is that property is almost zero value in real terms.  That is based on the old adage of 'any property is only worth what you can get for it' and at the moment you can only get a sale at all if you allow someone to make an offer and then say yes.   In terms of a valuation, it is meaningless.  You just have to wait for someone to make an offer which will be based on how low they dare to go.   I own a property in the area too, and have no axe to grind in saying this.   We have no intention of selling and love our place - but nor do we live in cloud cukoo land.  I would not pay 90000 for a property at the moment unless it was VERY special.  

You might find the attached website useful for reference to news on prices and a search facility on properties for sale in Mojacar. Where we are in Costa Calida at their peak 3 bed two bath went for €240,000, and now down to around  €150/160 thousand.

http://news.kyero.com/2011/12/

Guy

This message was last edited by gcarton on 08/12/2011.

 But that is the asking price - not the value or the price achieved.  I don't know if there is a site like we have in the UK from the land registry where you can see the actual price paid?   This would be truly revealing - judging by the owners we have spoken too and what they are willing to take.

No I am quoting price achieved. Last one sold to a local spanish.  But again we are in a good development.

 Well - the question was around Mojacar, and we are in a good development in Mojacar - and nothing would achieve anything like 50% of the price of 5 years ago.   Certainly we have contacted owners through the kyero website ( a very good site ), and we have just been told to make an offer.

prob is most ex pats want to live on the coast

Hi guys,

Thanks for the swift replies, seems to be confirming what the estate agent is telling us.

Obviously it's not what I want to hear, but (as we're in the UK), it's given me some reassurance that what the estate agent is telling us is probably correct.

What type of property were you looking to buy Bri?

Thanks again,

Andy

 We are in Mojacar, but not front line beach, so we want sea views and a Spanish community (Calle Picasso is where we are interested).  

 Hi 'andy in response to current values I really am just looking at the moment and a very nice newly built apartment sea views 2 bed 2bath uninterrupted sea views large 30metre terrace is 85ooo he says there are only two left, I think this is a good price even in this recession, what are your thoughts on this, do you think it is worth purchasing or should i stick to long term renting off season which is what I thought might be less hassel

Ryna