Wednesday, November 11, 2009

Green shoots in the Spanish property market?

Anyone who has read my article on "Ten Reasons Spanish Property Prices will Stay Depressed" will know that I am a confirmed bear (pessimist) when it comes to Spain's property market quickly emerging from its current horrible slump. I am particularly gloomy when it comes to areas popular with foreigners like my own Costa del Sol, because that's where a lot of the eyesore empty and unfinished developments from the boom are situated. Factor in sickly sterling and horror stories about crooks, illegal builds and rip-offs and it's hardly surprising that our Estate Agents have been quieter than the secretary at Gordon Brown's Fan Club recently.

But, but ... Spain's appeal to foreigners and Brits in particular is enduring. There's lots of reasons but the fact that we are approaching mid-November and I'm still typing this in my boxer shorts (sorry for that image) will give you a clue as to the main one and the sun isn't going to desert Spain even it has lost its economic mojo. As regular readers know I am an accountant but I work for a law and accountancy firm and one of our biggest bread and butter sources of work is Spanish property conveyancing. After three months with barely a sniff of an enquiry for this service we have suddenly had 5 in a week, all from Brits. This could be because people are starting to find out we offer a fixed fee of 1.200€ instead of the usual 1% (rip-off) charged by other outfits [oh come on I'm allowed a plug on my own blog!] . I'll give you one or two details because I think they are significant:
  • wealthy London couple want to buy a villa near golf course in Marbella for permanent move
  • UK man has offer accepted on inland finca near Malaga for use as a Spanish holiday rental business
  • Brit already in Spain buys villa in Marbella
  • UK woman wants to buy a cheap village house near Malaga
  • Expat British couple seek family house near their kids international school in Marbella
Notice the lack of apartments here - the bog-standard staple during the boom. Distinctive properties at the top end of the market and the bottom are the targets. Other conclusion: Marbella's enduring appeal.

1 comment:

  1. As I sit at the kitchen table in Wensleydale, with the wind and rain battering the hills, the enduring reason for Spain being popular is very evident. Although the thought of typing in my knickers instead of a cosy jumper and jeans is not a good one!


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