Spain's property market, completing a year-long readjustment that has seen house prices fall progressively to, typically, 30% below their previous value, is now offering amazing bargains for the savvy investor.
Sales are becoming brisker and one Costa Blanca agent hit the jackpot with a five-a-day sales record. Banking giant Santander, who had swapped developer debt for developer finished property, sold 350 of the key ready homes to its staff in no time at all and some developers concluded useful discounted sales runs by increasing prices of the next offerings.
That’s cheeky, but who knows what price levels will be like two years down the line. This level of confidence, with sales now running at 1,000 homes a day, has not yet been seen in the UK and other European markets so far.
Spanish property has suffered along with many other western European sectors, and has seen a fall off in the number British buyers looking for homes after a drop in the value of the pound. Now surviving developers and their banking partners are gearing for the return of Brit buyers.
However, property experts believe that UK residents are missing out on excellent property investment opportunities while investors from Russia, Scandinavia and the Benelux countries are snapping up incredible property deals. Some Spanish property firms have seen a massive increase in enquiries from UK investors since February. It is mainly from investor groups, who appear to be the only ones with funds available for multiple units.
But Brits, seeking a holiday home or future place for fulltime living, can bag their own bargains if they work with a reputable property firm offering genuine, fully legal bargains from partner banks who are happy to provide up to 90% LTV mortgages.
Not all of these repossessed and must sell properties are “cheap” because that does not allow for prime location, condition and access to airports, beaches, leisure and other amenities such as bars, restaurants and shops. They are definately the best value, specifically the brand-new, key ready apartments and villas, being sold at huge discounts by developers being pressured on their development loans by the Spanish banks.
UK buyers may decided that a good tan and relaxed lifestyle in Spain is better than being Browned-off” by the McBroon fiscal chaos and ratched-up taxation needed to remedy Britain’s economy over the next decade or so?
30 April 2009
28 April 2009
Expert who may have got property figures right...
Governments and so-called experts have opinions and hunches but often are proved wrong within a short space of time – as shown by the fantasy budget produced by the McBroon Government in the UK and trashed by latest GDP figures, clever economists and the IMF concerns on the UK economy.
That got many Brits thinking about the dark years promised under the McBroons and the decades of high taxes to balance the books. Many of them made the obvious ontrast with living in a sunnier place with a brighter future, such as Spain. This, despite UK media reports on Brit pensioners stretched on their UK pensions paid in Spain.
Strangely the coverage didn’t include any criticism of the McBroon’s financial mismanagement and wrecking the once-strong sterling exchange rate and devaluing the pension by 45 percent or a net 16 percent allowing for lower living costs in Spain and the mortgage repayments that are now effectively lower. Mortgage interest in Spain has gone from rates of 6.25% in September to 3.25% today.
Gonzalo Bernardos, a professor of economics at the University of Barcelona believes that demand for property is tempered by the cost of mortgage borrowing. With interest rates declining, the clever prof. expects sales to pick up.
'There is a fundamental variable. People buy homes in response to mortgage costs, which have gone from rates of 6.25% in September to 3.25% today. We are talking, in general terms, of a fall in mortgage repayments of 40%,' he explained.
Likewise, property values have fallen by up 40% and the savvy buyer can find plenty of good bargains in prime locations. We are not talking “cheap”, but good value homes that can be expected to grow in value over three to five years of happy family holidays, rental income or fulltime living for the buyer.
So 40% lower price property, funded by 40% lower mortgage repayments, located in a country with 30% lower living costs is a formula that many McBrooned-off Brits will applying to their own finances and family aspirations.
Professor Bernardos believes that there will be more property sales in 2009 than there were in 2008. He lists five reasons why this is likely:
Lower interest rates, property prices now at 2003 levels, Spanish banks lending more, the return of property investors attracted by the bargains, and many people who were thinking of renting deciding to buy instead using the low mortgage rates.
However, the window of opportunity is short as “Sales will start to rise in 2009, whilst prices will stop falling in most places in Spain by the end of 2010,' he said.
That got many Brits thinking about the dark years promised under the McBroons and the decades of high taxes to balance the books. Many of them made the obvious ontrast with living in a sunnier place with a brighter future, such as Spain. This, despite UK media reports on Brit pensioners stretched on their UK pensions paid in Spain.
Strangely the coverage didn’t include any criticism of the McBroon’s financial mismanagement and wrecking the once-strong sterling exchange rate and devaluing the pension by 45 percent or a net 16 percent allowing for lower living costs in Spain and the mortgage repayments that are now effectively lower. Mortgage interest in Spain has gone from rates of 6.25% in September to 3.25% today.
Gonzalo Bernardos, a professor of economics at the University of Barcelona believes that demand for property is tempered by the cost of mortgage borrowing. With interest rates declining, the clever prof. expects sales to pick up.
'There is a fundamental variable. People buy homes in response to mortgage costs, which have gone from rates of 6.25% in September to 3.25% today. We are talking, in general terms, of a fall in mortgage repayments of 40%,' he explained.
Likewise, property values have fallen by up 40% and the savvy buyer can find plenty of good bargains in prime locations. We are not talking “cheap”, but good value homes that can be expected to grow in value over three to five years of happy family holidays, rental income or fulltime living for the buyer.
So 40% lower price property, funded by 40% lower mortgage repayments, located in a country with 30% lower living costs is a formula that many McBrooned-off Brits will applying to their own finances and family aspirations.
Professor Bernardos believes that there will be more property sales in 2009 than there were in 2008. He lists five reasons why this is likely:
Lower interest rates, property prices now at 2003 levels, Spanish banks lending more, the return of property investors attracted by the bargains, and many people who were thinking of renting deciding to buy instead using the low mortgage rates.
However, the window of opportunity is short as “Sales will start to rise in 2009, whilst prices will stop falling in most places in Spain by the end of 2010,' he said.
25 April 2009
Beat the Budget, vamos to Spain
The Budget was full of lies and spin – just as the previous Budgets under the McBroons. The difference now, according to an Over-50s reader of The Sun, is that more people can see through it (the Emperor has no clothes).
The reader echoes a growing viewpoint when he proclaims: “The danger is that Labour actually believe their own lies. When Brown announced, while creating the biggest credit boom ever, that boom and bust was finished he actually believed it and carried on spending like there was no tomorrow.
“Twelve years of economic policy based on lies and spin – no wonder we are in a mess. If no economic legislation had been passed in those twelve years we would be in a stronger position today.
“Cameron has announced that he cannot make detailed spending plans for a future Government because Darling’s figures are junk – so the Tories cannot make any commitments until he sees the books, but Darling is committing us to an economic strategy based on bogus figures.”
The latest GDP figures were miles worse than those the McBroons used when compiling the Budget, just a couple of days earlier and there was nothing but more taxes and reduced living standards for most families.
Another 13 months of economic chaos to go before we can set about sorting out this McBroons’ mess, but time enough to organise a visit to our favourite destination, Spain, where the sun shines and the citizens enjoy a cost of living 30% lower and a brighter future.
Property is 30% better value, mortgages are plentiful and some developers are happy to accept payment in sterling – the equivalent of a further 25% discount as there are no currency exchange losses…
The reader echoes a growing viewpoint when he proclaims: “The danger is that Labour actually believe their own lies. When Brown announced, while creating the biggest credit boom ever, that boom and bust was finished he actually believed it and carried on spending like there was no tomorrow.
“Twelve years of economic policy based on lies and spin – no wonder we are in a mess. If no economic legislation had been passed in those twelve years we would be in a stronger position today.
“Cameron has announced that he cannot make detailed spending plans for a future Government because Darling’s figures are junk – so the Tories cannot make any commitments until he sees the books, but Darling is committing us to an economic strategy based on bogus figures.”
The latest GDP figures were miles worse than those the McBroons used when compiling the Budget, just a couple of days earlier and there was nothing but more taxes and reduced living standards for most families.
Another 13 months of economic chaos to go before we can set about sorting out this McBroons’ mess, but time enough to organise a visit to our favourite destination, Spain, where the sun shines and the citizens enjoy a cost of living 30% lower and a brighter future.
Property is 30% better value, mortgages are plentiful and some developers are happy to accept payment in sterling – the equivalent of a further 25% discount as there are no currency exchange losses…
24 April 2009
Oh, not to be in England...
Poet, Robert Browning, who worked for the Bank of England, clearly didn’t know about the current dire fiscal state of the country when he wrote "Oh to be in England now that April's there”... Nor would he suspect that Spain today is probably now the best alternative base for the Over-50s who are old enough to remember the truism of the poem, Home Thoughts from Abroad.
This is a watershed month for the McBroons, who so ineptly “govern” the UK, as all their mistakes are coming home to roost and sensible families can see the writing on the wall regarding huge tax rises, more pension raids and a pay-back period of several decades before the McBroons’ follies are finally put to rest.
The Over-50s have enjoyed great sunshine and sangria holidays in Spain for decades, so they know all about the weather and the life-extending lifestyle that comes with the package. They might also be hearing that now is the time to take a serious look at the many bargains homes at prices that more than negate the currency losses caused by the lack of credibility in Sterling and the McBroons’ inability to handle fiscal matters.
It rained for a day this week in Alicante, but that didn’t stop Brits inspecting apartments and villas along the much-loved Costa Blanca. One English couple made the plunge when they found the detached hilltop, seaview villa they fancied had been reduced by EUR 50,000; one local agent reported five sales in a single day on Orihuela Costa and the paseo maritimo in Torrevieja was busy with smug Brits who’d made the buying decision months ago and were enjoying their first “residential” Spring sunshine.
Unlike their counterparts in the UK, Spanish banks are offering low cost mortgages with a loan to value of up to 80% in normal circumstances. They know there are bargains around to tempt Brits and other north Europeans away from their bleak weather and even bleaker financial outlook – the banks own many houses following repossession as the recession also affects Spain.
Brits are down-sizing, releasing some equity – so reducing their mortgage repayments – and buying a place in Spain for holidays and/or as a prelude to a full-time relocation away from the McBroons and the demise of the UK.
If that sounds attractive, register here for real Spanish bank repossessions and other distressed bargain property in Spain and read Time to Bail out of Britain
This is a watershed month for the McBroons, who so ineptly “govern” the UK, as all their mistakes are coming home to roost and sensible families can see the writing on the wall regarding huge tax rises, more pension raids and a pay-back period of several decades before the McBroons’ follies are finally put to rest.
The Over-50s have enjoyed great sunshine and sangria holidays in Spain for decades, so they know all about the weather and the life-extending lifestyle that comes with the package. They might also be hearing that now is the time to take a serious look at the many bargains homes at prices that more than negate the currency losses caused by the lack of credibility in Sterling and the McBroons’ inability to handle fiscal matters.
It rained for a day this week in Alicante, but that didn’t stop Brits inspecting apartments and villas along the much-loved Costa Blanca. One English couple made the plunge when they found the detached hilltop, seaview villa they fancied had been reduced by EUR 50,000; one local agent reported five sales in a single day on Orihuela Costa and the paseo maritimo in Torrevieja was busy with smug Brits who’d made the buying decision months ago and were enjoying their first “residential” Spring sunshine.
Unlike their counterparts in the UK, Spanish banks are offering low cost mortgages with a loan to value of up to 80% in normal circumstances. They know there are bargains around to tempt Brits and other north Europeans away from their bleak weather and even bleaker financial outlook – the banks own many houses following repossession as the recession also affects Spain.
Brits are down-sizing, releasing some equity – so reducing their mortgage repayments – and buying a place in Spain for holidays and/or as a prelude to a full-time relocation away from the McBroons and the demise of the UK.
If that sounds attractive, register here for real Spanish bank repossessions and other distressed bargain property in Spain and read Time to Bail out of Britain
16 April 2009
Spain, land of plenty for Over-50s
After the worse week yet for the ruling McBroons, they have gone back to Scotland for a gathering of the clan and to reconstitute the government’s credibility amid growing concerns from the public about their futures in what used to be the land of plenty…
Henchmen spin masters have been forced from the scene after leaks of their planned smear campaign against Tory politicians and the leaks from the Home office were not worthy of the prosecution of the mole and Tory mole master. The schoolmarm, turned minister at the Home Office stonewalls her way out of a corner that can only lead to her final demise and McBroon himself still hasn’t said sorry for the sorry mess he has led the country into.
The country’s Over-50s will find this all vaguely familiar and reminiscent of previous failed governments that promised much and delivered so little of benefit. They now have a new figure to focus on, £175 billion – the amount of dosh borrowed by the McBroons to get us out of the mess they have caused in 10 years of mis-rule.
Over-50s and pensioners now realise that their grandkids will still be paying of this monster debt and wonder if there is another way of softening the blow – like having a base in Spain, Europe’s last land of plenty of sunshine, friendly natives, relaxed lifestyle and a cost of living much less than in Rip-off Britain.
Spanish house sales are still running at 1,000 a day, as bargain hunters take advantage of the over-supply and recessional Spanish bank repossessions and distressed situations. There are generous bank mortgages and genuine developers, Spanish solicitors and agents who will provide help and advice for Brit buyers.
Avoid the get rich quick schemes like those of the failed Fast Track outfit in the UK that are emerging in the wake of the current bargains situation. Why hand over thousands to buy through these dodgy operations and give away some of the savings that go with bargain homes in Spain.
Remember it’s all about location, quality and price – not just cheapness. This leading website provides a free buyer’s guide and a good selection of genuine bargains
Henchmen spin masters have been forced from the scene after leaks of their planned smear campaign against Tory politicians and the leaks from the Home office were not worthy of the prosecution of the mole and Tory mole master. The schoolmarm, turned minister at the Home Office stonewalls her way out of a corner that can only lead to her final demise and McBroon himself still hasn’t said sorry for the sorry mess he has led the country into.
The country’s Over-50s will find this all vaguely familiar and reminiscent of previous failed governments that promised much and delivered so little of benefit. They now have a new figure to focus on, £175 billion – the amount of dosh borrowed by the McBroons to get us out of the mess they have caused in 10 years of mis-rule.
Over-50s and pensioners now realise that their grandkids will still be paying of this monster debt and wonder if there is another way of softening the blow – like having a base in Spain, Europe’s last land of plenty of sunshine, friendly natives, relaxed lifestyle and a cost of living much less than in Rip-off Britain.
Spanish house sales are still running at 1,000 a day, as bargain hunters take advantage of the over-supply and recessional Spanish bank repossessions and distressed situations. There are generous bank mortgages and genuine developers, Spanish solicitors and agents who will provide help and advice for Brit buyers.
Avoid the get rich quick schemes like those of the failed Fast Track outfit in the UK that are emerging in the wake of the current bargains situation. Why hand over thousands to buy through these dodgy operations and give away some of the savings that go with bargain homes in Spain.
Remember it’s all about location, quality and price – not just cheapness. This leading website provides a free buyer’s guide and a good selection of genuine bargains
14 April 2009
USA leadership and UK credibility
The contrast between the Obamas running the USA and the McBroons running the UK was evident to citizens of both countries today when one leader came clean about the recession and produced a credible progress report while the other played dirty politics and refused to come clean when caught in the act…
The head of the McBroon clan “regretted” the poisoned emails his caber-tossing henchman sent off to a New Labour website propagandist, but apparently he wasn’t sorry the digital dirt was slagging-off some Tory party officials.
McBroon skulked in his Downing Street lair after ordering his spin-mongers onto the airwaves, further denting their party’s credibility with pathetic performances that fooled no-one. For the UK’s Over-50s it brought back painful memories of Labour’s final months in office decades ago, when the country was bust and being bailed out by the IMF.
Life then was a bit third world and many Over-50s are wondering if history will indeed repeat itself for them as this time around the McBroon version of Labour has nicked all but their own pensions, emptied the national coffers of fiscal reserves and workplaces of what could soon be three million jobs.
President Obama blamed greedy and uncontrolled banks for the current recession and said he’d make sure it didn’t happen again. McBroon stayed silent because the same greedy banks also went uncontrolled in the UK where he himself had set-up the FSA to regulate their activities.
Also today, housing figures improved in both countries, but the UK’s remain a lot short of the 1,000 a day sales being attained in Spain, where the banks were totally under the control of the Bank of Spain. No toxic debt, no busted banks and plenty of mortgages for Brits who are thinking their favourite overseas destination might provide a more secure future for their property investment and lifestyle aspirations.
Spain’s recession has resulted in plenty of bargain Spanish bank repossessions because of the greedy developers and local mayors that can be grabbed for up to 50% less than current valuations. The banks will provide generous mortgages at low interest and tourism figures are good enough to keep Spain in the top spot, so providing the best rental prospects for Costa property owners.
Average fares from London to Alicante are less than those from London to the McBroon capital of Edinburgh and Spain’s cost of living remains 30% less than rip-off Britain…
Life with the McBroons and the dark decade of pay-back for their misgovernment or the sunny, healthy Spanish lifestyle as a property owning extended holiday-maker or active living fulltime resident?
The head of the McBroon clan “regretted” the poisoned emails his caber-tossing henchman sent off to a New Labour website propagandist, but apparently he wasn’t sorry the digital dirt was slagging-off some Tory party officials.
McBroon skulked in his Downing Street lair after ordering his spin-mongers onto the airwaves, further denting their party’s credibility with pathetic performances that fooled no-one. For the UK’s Over-50s it brought back painful memories of Labour’s final months in office decades ago, when the country was bust and being bailed out by the IMF.
Life then was a bit third world and many Over-50s are wondering if history will indeed repeat itself for them as this time around the McBroon version of Labour has nicked all but their own pensions, emptied the national coffers of fiscal reserves and workplaces of what could soon be three million jobs.
President Obama blamed greedy and uncontrolled banks for the current recession and said he’d make sure it didn’t happen again. McBroon stayed silent because the same greedy banks also went uncontrolled in the UK where he himself had set-up the FSA to regulate their activities.
Also today, housing figures improved in both countries, but the UK’s remain a lot short of the 1,000 a day sales being attained in Spain, where the banks were totally under the control of the Bank of Spain. No toxic debt, no busted banks and plenty of mortgages for Brits who are thinking their favourite overseas destination might provide a more secure future for their property investment and lifestyle aspirations.
Spain’s recession has resulted in plenty of bargain Spanish bank repossessions because of the greedy developers and local mayors that can be grabbed for up to 50% less than current valuations. The banks will provide generous mortgages at low interest and tourism figures are good enough to keep Spain in the top spot, so providing the best rental prospects for Costa property owners.
Average fares from London to Alicante are less than those from London to the McBroon capital of Edinburgh and Spain’s cost of living remains 30% less than rip-off Britain…
Life with the McBroons and the dark decade of pay-back for their misgovernment or the sunny, healthy Spanish lifestyle as a property owning extended holiday-maker or active living fulltime resident?
11 April 2009
Beating the airport Rip-off Merchants
Just when you thought the Great Recession 2008-10 had brought the end of Rip-Off Britain with High Street prices reduced by up to 50% and most service companies bending over backwards to oblige the new god-like, tight-fisted consumer…
Just when you deduced the Governing McBroons had benefitted from serious brain surgery and reduced taxes for the first time in a decade…
When we can snap-up Ryanair flights to Madrid for a zero cost and laugh out loud as we hand over £17 for “airport charges” - the airport operators introduce more of their pesky on-costs.
£10 a head towards “development costs”, a fiver to “fast-track” us through the delays caused by their own security inefficiencies, £1 to be dropped off at the terminal and, coming soon, £1 for a pee and another fiver to exit the building near your waiting plane?
The Rip-off is back, the lunatics are running the asylum and Joe Public is left picking up the costs as usual. Easyjet and Ryanair have already pulled out of airports who have introduced these new charges, taking thousands of passengers out the door with them.
Spain is the major destination for most Brits and they’ll switch to airports showing a little more respect to their customers as they fly to the beach or for property purchase viewing. Voting with their wings may restore sanity because Brits know things costs 30% less in Spain and their property aspirations can be satisfied with 1,000’s of Costa bargains.
Buying a property in Spain for holidays or fulltime living can reduce the impact of Rip-off Britain. And if you have to go back to Blighty there are flights from Alicante for a tenner including the minimum charges of the airport operator.
And if that’s too much, one leading Spanish property website is providing buyers with a Cashback Voucher worth EUR 500 that will buy a few glasses of cool cava to celebrate the defeat of the Rip-off merchants.
Easter marks the start of the property buying season in Spain and it's never been cheaper, easier or more legal to snap perfectly good homes from EUR 60,000.
Just when you deduced the Governing McBroons had benefitted from serious brain surgery and reduced taxes for the first time in a decade…
When we can snap-up Ryanair flights to Madrid for a zero cost and laugh out loud as we hand over £17 for “airport charges” - the airport operators introduce more of their pesky on-costs.
£10 a head towards “development costs”, a fiver to “fast-track” us through the delays caused by their own security inefficiencies, £1 to be dropped off at the terminal and, coming soon, £1 for a pee and another fiver to exit the building near your waiting plane?
The Rip-off is back, the lunatics are running the asylum and Joe Public is left picking up the costs as usual. Easyjet and Ryanair have already pulled out of airports who have introduced these new charges, taking thousands of passengers out the door with them.
Spain is the major destination for most Brits and they’ll switch to airports showing a little more respect to their customers as they fly to the beach or for property purchase viewing. Voting with their wings may restore sanity because Brits know things costs 30% less in Spain and their property aspirations can be satisfied with 1,000’s of Costa bargains.
Buying a property in Spain for holidays or fulltime living can reduce the impact of Rip-off Britain. And if you have to go back to Blighty there are flights from Alicante for a tenner including the minimum charges of the airport operator.
And if that’s too much, one leading Spanish property website is providing buyers with a Cashback Voucher worth EUR 500 that will buy a few glasses of cool cava to celebrate the defeat of the Rip-off merchants.
Easter marks the start of the property buying season in Spain and it's never been cheaper, easier or more legal to snap perfectly good homes from EUR 60,000.
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