Upturn in Spanish property sales?

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05 Jul 2019 12:14 by amogles Star rating in El Campello (holiday.... 170 posts Send private message

In my observation, there is definitely a huge increase in new build properties hitting the market, and the associated huge upturn in building activity. I can see this not only in the number of new houses going up in the area around me, but also by builders beginning to charge more again for doing small jobs. 

 

But as far as I can see, so far this is only affacting new build properties. Older properties are not attracting anywhere near that level of interest. 

And in terms of property value going up, I'm not really seeing this yet. Of course it's difficult to compare like to like and every proprty has its own special attractivity that is not always quantifiable that may make it more or less valuable than an apaprently similar property down the road. How do you quantify a view for example? Or the friendliness of a neighbourhood? These are alll individual things that different peopel will judge differently. But there is a very nice and luxurious villa on my road, partly modernised and well maintaned, with pool and nice garden. The owner always took good care of it. It's been on the market for 4 years now, the price has dropped twice, and its still there. That doesn't exactly shout like a booming seller's market.





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05 Jul 2019 13:12 by perrypower1 Star rating in Derbyshire/Fuerteven.... 647 posts Send private message

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I guess it depends where you are at.  In Caleta de Fuste, Fuerteventura, villas on the same Residencial area that sold for for 327k at the peak, 189k at the dip are  currently ar selling for 285k.  Theses are in Euros.  These are selling prices not asking prices.   

A good property will always find a buyer.  Thankfully we are not seeing boom and bust. Nit is more a rolling upward pattern with some saw tooth elements as is normal. M





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05 Jul 2019 16:31 by Kavanagh Star rating in Oil Drum Lane Newcas.... 994 posts Send private message

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It will always be a case of supply and demand. If Spain goes into the build anything anywhere mode again it will be suicide for both builders and investors. The market makers need to know where the investors and the money is coming from.



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05 Jul 2019 18:54 by ads Star rating. 4021 posts Send private message

If there is already an oversupply of property, does Spain need more new build?

Or is this new build intended to replace old build that do not now meet new standards? Are there many developments now standing empty in this cycle of events? 

Would it be cost effective for these empty developments to be upgraded and used as social housing by the Govt, or as stepping stones for the youth to gain a step on the property ladder? Or is there not a demand for such in Spain?





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05 Jul 2019 18:59 by perrypower1 Star rating in Derbyshire/Fuerteven.... 647 posts Send private message

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I feel they should be  developed for social housing rather than being knocked down, but  knocking down is usually what happens.  In fact I remember it happening to a newly build tower in New York that never got let.  They razed it and started again so it does not only happen in Spain.

 


This message was last edited by perrypower1 on 05/07/2019.



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05 Jul 2019 20:41 by amogles Star rating in El Campello (holiday.... 170 posts Send private message

There is a huge demand in Spain for social housng. Plenty of young people and poor who would happily move into properties of the quality of those standing empty.

The problem is, these properties in the wrong places. People want to live where there are jobs and opportunities. Mostly that means in and around the big cities. Moving job seekers into expat urbanisations on the costas would cut them off from the jobs and opportunities they need. There are only so many gardeners and pool maintenance people the market can support, and most of those jobs are already taken.





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06 Jul 2019 03:25 by Roberto Star rating in Torremolinos. 4523 posts Send private message

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Thanks for bumping an old thread, Duncan, things are pretty boring around here lately!

Just to clarify - (my memory doesn't serve me too well) when you say "Property value now at 142% of purchase price after less than four years", from your link to a property for sale (not sold) at €47,200 that would mean it cost around €33,250 less than four years ago. (Please correct me if my calculation is wrong - it's late!) Is this the same property you referred to back in 2016 that you purchased for €60,000? 

"For my property to go from purchase price of 60000 in 2015 to a value of 120000 by 2025 would require an average increase of 7.2% per annum."

I'm a bit confused, Perhaps you can explain?

On a general note re: an upturn in Spanish property sales, I don't think its possible to generalise! As others have pointed out, there may be an upturn in new builds, or in sales in hotspots such as Madrid, Barcelona or Marbella, but as I've pointed out many times over the years, there's also a huge glut of unwanted and unsellable properties elsewhere, which obviously skews the market somewhat. 

Perrypower, your example in Caleta de Fuste is interesting; you obviously know the area well, so I'd be interested to know your take on the lower end of the market. A couple I know bought a typical beach bungalow type property on a former holiday complex of 38 identical properties all being sold off now, a year ago for €100K. Their's was the 17th to be sold. A year on, only 19 are sold, the other 19 still awaiting buyers for the same €100K price tag. I see similar properties on other complexes for sale at the same, or lower, price. It seems to me that until all of them have sold (and at the current rate, that looks like being a way off yet), it would be impossible for them to sell their's if they wanted to, unless at a loss - and that's not even factoring in purchase & sale costs. 



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"Get your facts first, then you can distort them as you please"

Mark Twain

 

 

 




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06 Jul 2019 12:13 by Kavanagh Star rating in Oil Drum Lane Newcas.... 994 posts Send private message

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Most information about the Spanish property market is fake news ** EDITED **

 


This message was last edited by eos_moderators on 12/07/2019 22:35:00.

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There is enough in the world for everyone, but not enough for the greedy!



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14 Aug 2019 00:11 by DuncanMcG Star rating in Manchester, UK. 377 posts Send private message

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roly2,

So funny. It is like shooting fish in a barrel.

See you in a couple of years to report back on how much more the value of my investment has reached in real terms as opposed to having left the cash in a bank.

Ciao.



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Never wrestle with a pig. You will both get dirty and the pig will enjoy it.



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14 Aug 2019 01:32 by Roberto Star rating in Torremolinos. 4523 posts Send private message

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Just to clarify - (again) when you say "Property value now at 142% of purchase price after less than four years", from your link to a property for sale (not sold) at €47,200 that would mean it cost around €33,250 less than four years ago. (Please correct me if my calculation is wrong) Is this the same property you referred to back in 2016 that you purchased for €60,000? 

Quote: "For my property to go from purchase price of 60000 in 2015 to a value of 120000 by 2025 would require an average increase of 7.2% per annum."

I'm a bit confused, Perhaps you can explain? Or perhaps you prefer to just pop back in a month or so to tell us all how much more you're worth than last time?

Very bizarre. indecision



_______________________

 

"Get your facts first, then you can distort them as you please"

Mark Twain

 

 

 




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