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julian
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property prices

Postby julian » Tue Feb 28, 2006 9:05 pm

ever since I bought my first property here in 1987 I´ve been told that property prices wouldn´t rise any more. Ever since they´ve gone up, and up, and up......sometimes at a faster rate than other times. I´m glad I took no notice of the negative advice and have been investing here ever since, and intend to keep doing so.

katy
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Postby katy » Tue Feb 28, 2006 9:36 pm

A friend has just reduced his house from 2.3 million to 1.9 million. There does seem to be more people returning than arriving at the moment. Still think Spain is a good LONG term investment.

julian
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property prices

Postby julian » Wed Mar 01, 2006 10:17 am

i think you forgot an important point , although he has dropped the price to 1.9, what did he pay for it and how long ago?, only that will show if it was a good investment. there are many properties on the market that are clearly overpriced, maybe it would never have fetched his original asking price.

citymike
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Postby citymike » Wed Mar 01, 2006 11:50 am

ian.wilson wrote:In the long term have you ever seen property lose money?
I have experienced people advising me never to invest in property, that was in the mid 90s in the UK. I agree that, long term, property is a good investment but many of the people buying today are buying off plan property to sell before completion, i.e. they have a short term investment time frame. If these people are forced to sell at a loss then, regardless of what the property market does long term, they will lose money.

citymike
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Re: property prices

Postby citymike » Wed Mar 01, 2006 11:56 am

julian wrote:ever since I bought my first property here in 1987 I´ve been told that property prices wouldn´t rise any more. Ever since they´ve gone up, and up, and up......sometimes at a faster rate than other times. I´m glad I took no notice of the negative advice and have been investing here ever since, and intend to keep doing so.
Congratulations on being such a canny investor. Given that the market seems to have grown above the rate of inflation for the past 19 years do you see any point at which it might become fully valued or do you think that it will continue to grow forever?

Have yu bought any off plan properties to sell before completion, by the way? I'd be grateful of your experience.

citymike
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Postby citymike » Wed Mar 01, 2006 11:59 am

Bongtrees wrote:
citymike wrote:
Travelogic wrote:

The high street slowdown in the UK is evidence that people have overspent there and we know that 40% of property buyers in Spain are from the UK.

Or to put it a little more bluntly, the Spanish property market is screwed.
Where do you get the 40% figure from?
I got it from ****. I'm sure someone will correct me if I misread

Bongtrees
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Postby Bongtrees » Wed Mar 01, 2006 12:48 pm

citymike wrote:
Bongtrees wrote:
citymike wrote: Where do you get the 40% figure from?
I got it from ****. I'm sure someone will correct me if I misread
Perhaps you could re-read and then lift the quote because I cannot see
that figure on the page I was directed to.

nevada smith

Postby nevada smith » Wed Mar 01, 2006 2:06 pm

trees,
had just set my fingers to the keys
when my wife invited me downstairs for a delightful lunch...
anyroad,
when you're on 'spanish property insight'
select 'market insight'
then scroll down to 'quantify british ownership of spanish property' and
wade on through...
by their own admission they have no info to back up their 'stat', but
seem to have felt a need to come up with something...

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safeashouses
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Postby safeashouses » Wed Mar 01, 2006 3:27 pm

There is sense in investing in property and you do get better interest than you ever would in a bank. We bought a house in UK in 1990 for 15% less than it had been advertised for a year earlier. Within 6 months of moving in it was valued a further 10% less and we got our council tax reduced because of it. Now 16 years later our house is worth 3 times more than we paid for it. Our apartment in Spain is worth six times the price we paid for it in 1985.

I would never consider buying an off-plan property. I have heard too much and I could never buy a property that I hadn't seen first.

To me buying an off plan property is a bit like investing on the stock market - your investment can go up or down. Don't risk it if you can't afford to lose money without it badly affecting you.

Bongtrees
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Postby Bongtrees » Wed Mar 01, 2006 4:41 pm

nevada smith wrote:trees,
had just set my fingers to the keys
when my wife invited me downstairs for a delightful lunch...
anyroad,
when you're on 'spanish property insight'
select 'market insight'
then scroll down to 'quantify british ownership of spanish property' and
wade on through...
by their own admission they have no info to back up their 'stat', but
seem to have felt a need to come up with something...
Nevada

The roles are reversed in our household so whilst I prepared a hasty late lunch for my wife and myself, she obligingly looked at the web site.

Ignoring the expletives she says City has misquoted, thinking maybe was a good ploy for group members to look at that site which in her view is typical of the knock Spain brigade ¨journalist¨

So for CityMike appears quite wrong.
Here is the section.

Key numbers summarised

There are117,322 British nationals resident in Spain, 27% of the total of non-Spanish EU nationals resident in Spain. The British are the biggest group, followed by the Germans with 68,812 or 16% of the total.
The best estimate we have for the number of Spanish properties owned by the British at the end of 2003 is 600,000.
Between 40% and 50% of all overseas properties purchased by the British are in Spain.
50,000 to 70,000 Spanish properties bought by the British each year, approximately 35-45% of the total sold to foreigners (of coastal properties).

Blubba

Postby Blubba » Wed Mar 01, 2006 8:29 pm

I have been considering moving to Spain for some time now but to be perfectly honest the sheer number of properties being built, particularly in The Costa del sol area has scared me off.
I'm planning to rent in the Cadiz area for a while before I make any kind of decision, I have bought a house in County Wexford for the price of a new BMW, now that's a bargain, my main fear is where are all the buyers of these new homes coming from? or are they all "investing"?
By the way thanks for the responses earlier, I think I've found what I want in Rota, it looks nice and peaceful and I'll be taking a look real soon, let you know!

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Travelogic
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Postby Travelogic » Wed Mar 01, 2006 10:22 pm

I seem to be gettin' the blame for sayin' things I didn't say here. The 'quotes'. I was just sayin' hullo to me old pal Citymike. Citymike, hullo pal!! You seem to be gettin mighty serious. Have you stayed aff them ciggies and Cruzcampo and went on a wholesome healthy regime. Where's Aldo by the way?

katy
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Postby katy » Thu Mar 02, 2006 7:10 pm

Kevin, you were almost right, the 50 million was on its way to the CDS. Just heard on local radio that one of the guys arrested has a place in la campana, nueva andalucia and another has connections in Marbella.

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Faire d'Income
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Postby Faire d'Income » Thu Mar 02, 2006 8:17 pm

So, we're all agreed then. Over the long term, property is a good investment but it is subject to cyclical swings in the short term?

That only took two pages. :wink:

MaggieMay
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Postby MaggieMay » Thu Mar 02, 2006 8:25 pm

katy wrote:Kevin, you were almost right, the 50 million was on its way to the CDS. Just heard on local radio that one of the guys arrested has a place in la campana, nueva andalucia and another has connections in Marbella.
Hmmm, their gardener in La Campana must be sick as a parrot. :)
I wear it well...........

citymike
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Postby citymike » Fri Mar 03, 2006 6:16 am

Travelogic wrote:I seem to be gettin' the blame for sayin' things I didn't say here. The 'quotes'. I was just sayin' hullo to me old pal Citymike. Citymike, hullo pal!! You seem to be gettin mighty serious. Have you stayed aff them ciggies and Cruzcampo and went on a wholesome healthy regime. Where's Aldo by the way?
I'm off the ciggies but I still have a ravenous thirst for the Cruzcampo! How are you? Who are you? I imagine that Aldo is around somewhere!

citymike
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Postby citymike » Fri Mar 03, 2006 6:21 am

[quote="Faire d'Income"]So, we're all agreed then. Over the long term, property is a good investment but it is subject to cyclical swings in the short term?

LOL. The question is what is short term these days? In the days of inflation it used to be 5 to 7 years, but with low inflation it's more like 10 to 15 years.

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silver
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Postby silver » Fri Mar 03, 2006 9:21 am

citymike
40% of property buyers in Spain are from the UK
should be 40% of foreigners that buy in Spain are English.
No muerdes la mano que te da de comer.


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