Delderek

THis may be of interest.
Survey in todays Daily Telegraph shows the following fall in overseas property:

Cadiz -15%
Majorca - 12%
Alicante - 1%
Canary Islands - 5%
France -1% to - 3%

In spain some 300,000 properties are empty owing to over construction.

Silicon Beach

yes, as someone who sold their UK property in July (top of the sellers market) and is currently buying in Tenerife (start of a buyers' market) that is interesting.

of course it doesn't tell you over what period these falls have occured etc, but from our research on prices in our immediate area (El Medano), I'd say that 5% fall sounds under rather than over.

I think even the estate agents are going to have to admit this, and recognise that it's now a buyers' market, and not hide behind the 'correction' euphmisms - OK it may be a "correction", but let's call a spade a spade ... what it actually means is a drop in (over)prices, over supply, under supply of buyers, and hence a buyers' market.

from a buyer's point of view it could be a great time to snap up a bargain

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Janet

The buyers' market here started around two years ago ... no-one could deny it had gone quiet, and I don't honestly think you'll find an estate agent who would deny it! Doesn't mean it's not a correction though!

The problem is that when estate agents says "I've got an absolute bargain for you ..." no-one believes them! It's been true for the past two years and it was the buyers who weren't prepared to accept it!!

obs

It is notoriously difficult to believe what an estate agent tells you though, isn't it!

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Panache

We are looking at buyinga duples in Alcala...for 189,00 it is 120 in size including the parking space...

when I first viewed it...the price was 180,00 but as I said it needed a complete revamp...there had been renters in it for a long time...the kitchen needs an update...and someone had tried to lay a bathroom themselves and mayed a dogs ear of it...you know those tiny blue tiles...and all over it...maybe they had a thought to make a wet room...it is 2 bath 3 bedrooms...oh that night when I went onto their website the price had increased to 189,00...

the seller had it on the market for a year..then exclusively let an estate agency in.

I have not said anything...but I am a little cross ...

anyway any ideas what i should offer ..for me to get a bargain...and for them to be happy with the sale.

PeterRayner

Property is a bit like shares...... you only lose money IF YOU SELL.

It would seem to me most sellers are happy to sit tight for now and wait for the upturn. My own estimate is in about 2 years for the premium return which just about fits perfectly with our own future plans.

doreen

Guess what ... the price increase of 9,000 is exactly 5% of the original price of 180,000 ... so that explains the increase. Did you view with the agents or the seller ?

fixer

When i purchased on our complex there was a que to buy now theres a que to sell and one sold this year for less than i paid three years ago but they have been on the market for a long time some at silly inflated prices and there is about six two beds one had the price drop by over 60.000 euros still not sold so i conclude its a byers market but with the intrest rates in the uk up and many people just about to feel th pain of big payment rises after there fixed rates come to end who has the money to buy second homes ? david

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Apartments in Cristian Sur, Tenerife Sur and San Marino

jogger321

A large number of people have made a lot of money in the past..My own view is the party is over for quite some time.

Given the high entry and exit costs IMHO there are far better places to invest your hard earned cash right now for a short to medium term investment.

(i'm talking Tenerife here)

redarrow

Property has been unrealistically priced here for quite some time. When I arrived last year the prices were still being hiked although nothing seemed to be moving. I predict quite a big downturn because some prices are just ridiculous.

Seen new 3 bed apts in Cabo Blanco for 138,000 though. That's realistic.

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