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Friday, May 16, 2008

Valencia Property Market "The Good, the Bad and the Ugly"

Shall we start with injury claims bad news which is no news to anybody - the property market in Valencia has finally hit the wall. Anyone who lives here could see that the sustainability of building thousands upon thousands of over priced apartments (boring blocks of concrete best car insurance quote even comparison consolidation loan student small terrace!) could not maintain for the long term. Let's face it - who was going to buy all those apartments? It seems that every lawyer, truck driver, shop owner, optician, whatever, fancied themselves a "promoter" or property developer. The British remain the #1 foreign property buyers in Spain. Did they think the Brits would buy tiny, poorly Try Viagra and Cialis ill placed apartments on the edge of town with no pool? Were the young first-time buyers going to be able to buy a 300,000 apartment? Or maybe the Eastern Europeans struggling by on 1000 per month? Time to wake up and that time is now for the developers, banks, speculators, etc. Now what? The projects will continue until they are finished and remain unsold and deteriorating in the short term. Everyone will lick their wounds and scratch their heads and wonder how that could have happened. In actual fact a child could have foreseen that eventuality.

The Good News

The smart developers will wise up to the fact that they may not make any money on their project that time, sell them at bargain basement prices and the young Spanish buyers will finally be able to afford a home. For the savvy British or Northern European buyer? Great news! Valencia property as well as property in other regions of Spain is now back down to Erectile Dysfunction It is a buyer's market for sure. Sellers have reduced the previously unrealistic prices they were asking as well as accepting offers favorable to the buyers. The renovated home with the silly price tag has seen a dramatic drop in price. The speculative apartment near the beach will not see a 50% profit for the speculator and sadly for some sellers who are selling due to personal circumstance - a ridiculous offer may need to be accepted. Valencia property along the coast has dropped 15-20%. that figure may be somewhat misleading since luxury property does not seem to have dropped dramatically but certainly apartments and resale property in the 150,000 - 400,000 range are seeing a readjustment.

Watch that space for up-to-the-minute news on the Valencia property market.

Elizabeth Campbell
La Barraca de Aguas Vives, Valencia

www.valenciasunvillas.comwww.valenciasunvillas.com

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