Spanish Property Crash
May 24th, 2008 - Chris MarshallSpain’s seven biggest developers reported last week that the number of sales in the first quarter of 2008 had plunged by almost 75 per cent compared with last year.
That does not make good reading does it!!!! Discussions with my estate agents friends here is equally as bleak I am afraid. The main problem here seems still to be that people have been oversold - but where the blame lies for that is open to debate. Sure people may have been ‘promised easy riches’, but at the end of the day people ’speculate to accumulate’ and there is a risk involved in any investment.
During the past decade, vast swathes of the Spanish coastline have been developed in a construction boom that has made the nation one of the fastest growing economies in Europe.
Spanish house prices have risen by more than 200 per cent in that period, encouraging many overseas investors to purchase property in the country with the promise of short-term financial rewards.
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But in the clearest sign yet that the boom is over, the developers said the combined value of their sales had plummeted from €1.3 billion (£1 billion) to less than €300 million (£240 million).
There are an estimated two million unsold properties in Spain and estate agents are closing their offices across the country.
Via [Telegraph]
About Almerimar
Almerimar is located in the region of Andalucia, Spain. The nearest airport is 30km away in Almeria. Other airports that are within 3 hours include Malaga, Murcia, Granada, and Alicanti. Other holiday resorts in the region include Mojacar , Aguadulce and Roquetas de Mar
Almerimar is a great place to live as an expat amongst the expats, or to work amongst the Spanish. There are all kinds of properties including villas, apartments and town houses for rent or sale. It is a very traditional part of Spain, with traditional Spanish foods so if you plan to travel to Spain either to look for jobs, for your company to trade with companies in Spain, or to learn Spanish and enjoy the Spanish weather then come and take a look.
If you are interested in purchasing a property in Almerimar please visit our sponsors Mirror of the Sun or Mediterraspain. If you have purchased a property and need it furnished please check out our Sponsors DBJ who will give you a Exclusive 5% discount with the code AL2008.
If you want to learn Spanish, get help with anything to do with the legal issues in Spain, or want WiFi access in the marina please check out our sponsor CentrePoint who will give you a 10% discount off all services with the code AL2008.
If you want an amazing activity based day out in the mountains and to learn how to ride a motorcycle off road then check out our sponsor The Long Way Round and get 5% off with the code AL2008.
Almerimar is also one of the largest marinas in Spain with over 2,000 births and excellent boatyard facilities.
