Hi all my name is Nick Stuart, MD of Spanish Hot Properties and Spanish property news have kindly asked me to a guest blog about the state of the Costa del Sol property market in 2009 and the future for 2010.
The reality is that overall the best deals were bought between May and October of this year with some fantastic deal like our French client who bought a Townhouse value €450,000 in Nueva Andalucia for €250,000 and if that client arrived on a plane today we would struggle to find the same value for him. There is still value in Marbella property out there but it is much harder to find and most international clients are still living in dream world with there expectation of what properties can be bought for and its happening at all parts of the market with a recent client looking at penthouses over 1 Million but failing to grasp that there wasn’t the same value as there were in Villas because there were just not the quality Penthouses available he wanted. Even in a recession the supply and demand cycle has to taken into consideration when evaluating things.
The luxury Spanish property market is petty much untouched by the credit crunch for those who want top quality and top location and are not prepared to make any compromise.
So what for 2010 and Spanish property in general. Well its possible the market may go down further as a whole however the reality is it will be the properties that no one wants to buy that will plummet further but a property who would want to buy has very much hit the bottom and if your looking to buy and don’t buy in 2010 you will probably end up regretting it for the rest of your life.
The other thing the International property buyer finds hard to comprehend which is also a very simple to understand is that he cant have a new property near the beach and certainly not at the price of the properties say 5KM away from the beach. Prime location and the best areas being built first obviously spring to mind and I will leave the rest for you to work out.
If you would like to take advantage of the Costa del Sol property market in 2010 then please contact us at Spanish Hot Properties and we will be only too pleased to help.
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