There are only two things that destroy a successful industry and they both begin with the letter G, Greed and Government and the Costa’s property market has and is having more of its fair share these two ‘G’s over the past couple of years and at the moment.
Like the many of us who love Spain, its culture, lifestyle, easy reach and climate, listening to the reports in the media, rumours rumbling around the industry, I’ve been scratching my head lately wondering what on earth is going on. The latest big ‘G’ announcement that they going to demolish 6000 properties along the coast is beyond belief at a time when tourism and inward investment are the mainstay of Costa’s economy, surely what is needed is to restrict building for a while to allow time for supply and demand to come back in line not send a message to potential buyers not to come. Very strange!
So where are we with Spain at the moment, it still is a fantastic place to have a holiday home and it’s a great place to live, but the larger urbanisation projects properties are in my opinion looking a bit overpriced, but the smaller scale off plan developments in good locations are holding up well. The converse of this however is that older more established properties are looking a better and better proposition with a wide choice available and owners are happy negotiate.
With Spain at the moment it is really important that you know why you are buying, like I said, if your looking for a Holiday Home or moving abroad it’s a hard act to beat. The great thing about a wide choice being available are those magic property words Location, Location, Location and that’s what we are finding our customers currently focussed on.
Properties in the best locations are likely to have been there for a while and whilst you can change a property you can’t change the location and once you own that location the property will always enjoy an inherent long term wealth. The best time to find and buy this type of property is in buyers market and it is definitely a buyers market in Spain at the moment. Perhaps I could introduce a new term that sums up the current property market in Spain “It’s a Location buyers market”
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