Spain is in crisis.
Spain is in crisis. Let’s not kid each other. With 52% youth unemployment, 22% national unemployment and one million or more empty homes (nobody can give an accurate figure) I think it is fair to use the word “crisis”. On top of that, we have a government that is dropping in the opinion polls month on month and a prime minister who admits to no improvement in the employment figures until late 2014. The number of North Europeans moving to the country has crashed by 80% in the past ten years. I could continue – sadly- but let’s just say that things aren’t pretty. Spain is in crisis.
Now, what that means is that there are a lot of people desperate to sell. Just today I heard of a home down from 809,000 euros to to 379,000 and others from 329 down to 179. Taking this one stage further it means that there ARE bargains to be had by those with the money. Now, I don’t wish to be rude but let me be clear who will be able to snap up these bargains………those who already have the money. Don’t come rushing to me looking for a 120% mortgage and expect to be able to buy at bottom book. The banks have wisened up and realise that the reason why the Spanish market is in such an almighty mess, is a period of 8 or 10 years of unrealistic lending. Those who will win this time around are those who can go in and pay cash. They can make an offer, put down a deposit and complete within days and not months. Many of the people who are selling are absolutely desperate, not to put too fine a point on it! They are on the point of re-possession, they are slipping into negative equity, their marriages are failing or they may be aware that their property is not legal, they have failed on a “flip” on an off-plan gamble or a mixture of two or more of these factors.Spain is in crisis.
For those with money, there are amazing bargains. Obviously, you must do exactly the same due diligence if you were buying at twice the price but the same rules still apply. The number one is to get an INDEPENDENT lawyer (abogado) and ensure the absolute legality of the property. I am inclined to say the number two rule is
to get an INDEPENDENT lawyer (abogado) and ensure the absolute legality of the property. I am sure that you are seeing where I am coming from. All that glistens is not gold, not even under a costa sunset. Spain is in crisis.
With all that said, I am attaching details of a number of properties I BELIEVE can rightly be classed as CRISIS PROPERTIES and that I BELIEVE represent outstanding value for money. This is not a recommendation and you must make all your own checks. NO responsibility whatsoever will be taken for any negotiation that you undertake. Spain is in crisis.