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Monday, October 13th, 2008
With Ireland already in a recession and the latest high street news from the UK suggesting that we’re teetering on the brink here in Great Britain, things in Spain are actually worse which makes one think that Spain could well be the next nation called up as having fallen into recession in 2008.
The latest figures relating to property in Spain and the Spanish housing market have us asking, where have all the buyers gone in Spain? It seems that in the year to July 2008 there was a decline of over 26% in house sales, fuelled in part by lack of mortgage financing and in part by the fact that many overseas buyers have failed to come to the market.
So what does the future hold for the Spanish market and what does this mean for those with a home in the nation as well as those hoping to move to live in Spain? Let’s take a closer look…
The growing paralysis in the UK property sector is starting to impact on overseas markets, and demand for property in Lanzarote for example, has started to show signs of decline with British based investors.
Lanzarote´s property market has traditionally been fuelled by UK buyers as the island welcomes over one million British tourists annually – along with hundreds of thousands of visitors from the Irish Republic – which actually creates a ready made rentals market and year round potential returns for the owners of apartments and holiday villas in Lanzarote.
The Eastern most Canary Island of Lanzarote is also a popular relocation and retirement destination, with around 7,000 British expatriates now residing there on a permanent basis, comprising around 5.5% of the island’s total population of 127,00 people. However, despite the fact that tourism to the island is on the up with British visitor numbers increasing by 7.9% so far this year, fears are growing that the island’s hitherto healthy property market could grind to a halt thanks to international economic events and the UK´s advancing case of ‘brickor mortis!’
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They say that you’re never too old to learn, and in light of the recent news that the largest builder in Spain has gone into voluntary administration, we would concur that this is indeed the case. For out of the news that Martinsa-Fadesa is facing bankruptcy, we and many who have bought off plan properties from the company have learned an awful lot.
In this article we’ll detail the Spanish property lessons that we can all learn from Martinsa-Fadesa’s bankruptcy and show how other would-be buyers of property in Spain can protect themselves as comprehensively as possible from suffering losses if their builder should also suffer a similar fate to the largest constructor in Spain.
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Unless you live in Spain or have a home in Spain, you’re probably like us and you’ve maybe read about the problems in the Spanish property industry and thought ‘oh well, that’s a shame’ and then moved on. However, when you stop and actually think about what the effect the terrible situation of the market is having on those who have invested all their savings and all their hopes and dreams on a new life in Spain, the whole issue takes on a much more dark and gloomy feel.
You only need to hop on to a handful of expat forums and property abroad websites and read the heart wrenching tales of those who are despairing of ever having set foot in Spain to begin to feel the real pain that so many people are going through. But just whose fault is Spain’s dire property market situation? Some smug types blame the Brits who parted with cash for off plan property, others lay the blame at the door of dodgy developers, but what about the planning officials and the banks, they all have had a role to play. And the next important question to ponder is whether there really is any life left in the Spanish property market.
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The oldest ski resort in Spain is set right in the heart of the stunning Pyrenean Mountain range and it is undergoing quite a transformation as we write – massive investment is being ploughed into everything from infrastructure to real estate, and so important is the resort year round that it is used in the spring and early summer as a training camp for pro cycling teams preparing for the world’s most important cycle race, the Tour de France. In the summer it is also popular with everyone from mountain bikers to microlight enthusiasts, and of course in the autumn and winter it is an amazing ski resort.
Now is a great time to consider investing in property in La Molina as the rate at which the resort is developing will ensure greater numbers of year round tourists visit the area and that their experience when on holiday in the resort is enhanced by the general improvements to the entire resort and surrounding areas.
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