Conflicting Opinions Regarding Spanish Property Recession
04 Aug 2013
So have we hit the bottom of the Spanish property crisis or is it going to drop further? That’s a difficult question to answer and in some areas prices are already on the increase so who should you believe because nearly everyone has a different opinion.
However the general opinion seems to be Luxury property in prime location areas are on in the increase in price and where there is excess volume in places such as Costa Blanca prices are still at the bottom and likely to stay there for some time.
Simon Jones Marketing Manager of Luxury Marbella real estate company Sundream Estate points out that as stock has been taken from the market prices have increased. La Zagaleta is a very good example of this. At the beginning of the year all great properties between 2 Million and 3 Million Euros were taken from the market and to buy anything similar now will cost you between 3.5 Million to 4 Million Euros, So in reality prices have increased by some 10% and that’s if you can find the property you want commented Simon.
As for the main market that seems to have hit bottom and depending where you buy will have a big impact when you will start to see increases in value to your property according to Nick Stuart Managing Director of Spanish Hot Properties. Areas to look at for real value and good increases in the short term would be Elviria property a Marbella address but prices not as high as Puerto Banus and Marbella central. Then just 5 Kilometers away you have Mijas Costa where prices are lower but because of the oversupply you are likely to wait a considerable time for those prices to increase. Also Elviria is a very good area for all year round holiday rentals due to the golf. The situation is very much dependent on price area and location but if you choose correctly you will definitely be buying at the bottom of the market and in some cases it’s starting to increase slowly said Nick.
So like most opinions and statistics of the property market in Spain at present they differ from expert to expert and location to location.
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