Monday, 28 March 2011
Wednesday, 28th March 2011
11:15 | 
Posted by
madaboutfurniture
If you are interested in buying a property in the Costa del sol or already own a home here, you could do worse than get hold of a copy of last weeks Sur in English and the supplement about buying in The Malaga area.
Yes, it is that time of year when people are trying to talk up the coast as the summer seasons but I found it to be a balanced view with sensible comments by people in the know and the articles useful to any wannabe buyer.
The south of Spain has had a tough time over the last few years, not unlike but maybe more severe than others of Europe but now may be a good time to start thinking about owning that second home in Spain.
To give you some of the highlights, the Costa del sol is a large area that has seen a building boom go bust and there are thought to be 400,000 empty properties around unsold and lying empty. In some areas where there have been massive overbuilding property prices have fallen by 40% and the experts think that they will have to fall another 20% before they start to see interest return and actually some properties are un-saleable do to either location or concept.
that's the bad news over, as in all areas, location, location, location is key and where there has been a more organic growth and quality builds, property prices haven't been anywhere near as effected. One of the main reasons for bargains around in these areas isn't anything to do with the property being worth less money, it's because the owner has had financial problems at home mainly Ireland, England and Germany and so have had to unload their property at a bargain price.
As we move forward these will become less frequent and will again help stabiles the Market. One thing that they don't mention in the report is that borrowing has had a major factor in reducing prices, people just can't get the finance easily and this is depressing the market further.
One thing is certain is that the speculators have gone. The guys who want to make a quick buck won't be back for a while and that’s a good thing, with buyers looking for property to use themselves and for the long term it will create a much more sustainable Market for the long term and that's a good thing for all of us.
There are undeniably loads of great properties to choose from and if you have either the cash or the finance in place there has never been a better time to buy. Will prices go down further? Not much in the good areas the experts say so if you are thinking of buying and thinking long term now could be the right time. We have been here 10 years and can't think of a better place to have as a holiday home.
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