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Property prices in Villamartin

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  • Property prices in Villamartin

    Hi all
    We bought a 2 bedroom apartment in Pinada Golf Villamartin in June 2003 , and have continually seen a downward spiral of prices ever since ?
    Apartments that were selling in Pinada Golf for 120,000 - 130,000 then , are now selling for 99,000 and 110,000.
    Does anybody know what has happened to cause this drop in property values?
    HAving spoken to several property sales offices in the area , they are all of the same opinion that preices have stopped going up , and most properties that are for sale are being severely cut in value due to the over development of the whole area.
    We had hoped to keep our apartment for a minimum of 5 years before moving on to something bigger , but are wondering now whether to cut our losses and buy somewhere else ?
    If anyone has any helpful information , it would be very much appreciated

  • #2
    If you bought off plan on an inspection trip then the price of your property was loaded by at least 20% to start with. Its true value, bearing in mind these houses are mainly built of poured concrete, was probably a lot less than you paid for it. There is no such thing as a free lunch as they say and all your meals etc when you are over here are built into the price you pay for the house. The reason the prices are dropping is due to the huge numbers of resale properties available. People are selling for a variety of reasons, sometimes its because when they get here they quickly realise that what they bought on their short trip was quite unsuitable for full time living. Or, that having believed the patter from the salesman that "you will be able to rent the property out all year no bother" they have gone over their intended budget, taken out a mortgage and now find that the rental market is saturated and they cant afford the property without rental income. There are many reasons, some people come with children and cant get work etc etc.
    I dont know if the bubble has burst but things are much more quiet now than a couple of years ago and prices are being reduced by owners who are desparate to sell for whatever reason.
    If you bought resale from an estate agent chances are you still paid well over the odds.
    Hard to say if things will get back to what they were a few years ago but if you intend to stay for 5 years then I would relax and enjoy it at the moment. You at least have the apparent luxury of time, others might not have.

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    • #3
      another reason whlie house prices have dropped according to a couple of estate agents is that a lot of Germans are going back home, because they can get some good tax breaks back home.So if they bought say 5 years ago for 60.000 Euro's they dont need to hike the price up to much.

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      • #4
        There was lot of buying by Europeans when they changed their currencies into Euros.
        Money that was previously 'under the bed' would have become known to the authorities if it had gone into the bank and therefore it was laundered through property. There is still quite a lot of laundering going on although they have moved on to pastures new. Apparently Cyprus was favoured (mostly by the ex Russians) but now it's the Baltic states.

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        • #5
          There may be other reasons. About 6-7 years ago if you lived in Playa Flamenca or La Zenia about the only place to go was VillaMartin, since then all these areas have there own facilities so no need to visit VillaMartin. The other reason is properties shot up in price probably due to people re-mortgaging back home on overpriced properties and putting the proceeds into Spain which resulted in prices shooting up just like back home. Things are not so rosy back home now so the first thing to is Spain ?. If people saw there properties in Spain as a home or holiday home rather than a piggy bank then we would not have this situation. Obviously people selling up back home and moving over caused the same problem.

          If you intend to make your home in Spain and already have the property then keep it, if not, you can buy one cheaper now.

          Regards

          John

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          • #6
            Planning Logic!

            We bought our house in Spain 3 years ago through an agent. We know we paid over the top for it, but we had no knowledge of the buying process or legalities so this appeared the best way. To be honest the buying process was pretty good, however one reason I think prices are going down is the 'concrete jungle ' that has been created.

            When we bought our house the outline plan showed all sorts of 'recreation' areas which had pools etc, these have all been built on. The Spanish planning have no idea how to create an enjoyable living enviroment. Any space no matter how obscure or where positioned gets built on. This is much more apparent now as when people come over to look at the housing market most of the developments are finished so it can't be hidden.

            Will it change? Statistics still say that there are circa 5 million western europeans looking for holiday homes over the next 6 years. The German economy will not be in the duldrums for ever, we know they like the sun!

            My view is that in 4-6 years time values will harden but not sure if they will ever get moving like 4 years ago!

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            • #7
              You've also got to realise that Sterling has devalued against the EURO a h..ll of a lot in the last couple of years.

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              • #8
                I wouldn't claim to be a great expert on this subject but I would guess that supply is far outstripping demand on the Costa Blanca as a whole. The agents and developers also appear to be shifting their advertising focus towards the Costa Calida and other areas of the Med.I'm sure all of this must have an effect on prices.
                Anyway regardless I still think the area is the dogs whatsits and hope to stay for many years to come when hopefully the local economy will be strong,the weather will still be glorious and the beer cheap.

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                • #9
                  Prices

                  Well it beats me why you all go and buy NEW builds , there are loads of second user homes around and you just pay for the house , ie no loading to pay for agents and the free flights,

                  Plus the older homes are bigger not boxes like new .

                  any comments

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                  • #10
                    falling property values at Villamartin

                    dear sevvy, Once upon a time (in the mid to late nineties) there was a lovely Spanish holiday town called Torrevieja, which was fast becoming very popular with Northern europeans. It was quite pretty, cheap and the local spanish were great. Back to the real world (2005) its now nightmare-ville. It's now a concrete jungle full of Brits, the spanish locals have been priced out of town, it's NOT PRETTY anymore. Property prices are outragously expensive compared to other med countries, where crime is also less rife and have fewer refugees of dubious character.

                    I think personally the writing was on the wall by2001/ 2002 when playa flamenca had grown into one huge building site all the way to Campomoar. Who wants to go on holiday to a massive metropolis that the entire area has now become. The area of Cabo Roig (beachside of N332) used to be quite countryfied in the late 90's. The drive up to Villamartin was through nice open countryside. Now its been swallowed up by cheap build apartments and noisy bars.

                    I don't want to sound entirely doom and gloom BUT, the USA economy is suffering with a huge imbalance of trade and the dollar is sick, China continues to take all the western manufacturing jobs. In the UK prospects aren't great either ie/. FTSE 100 & 250 static or in reverse. 6000 +jobs gone at MG/Rover, 3000 jobs going at Index catalogue stores, Allders dept stores & courts furnishings collapsed. P&O ferries closing all its routes from Portsmouth to France - Apparently they've never made any money out of it. DO I NEED TO GO ANY FURTHER??. I think we are heading for a rough time with static house prices (at best) in the UK and a tightening of finances for most people when taxes go up after the election regardless of which political party wins.

                    What does this mean for costa blanca property, I hear you say??? Well its going to get harder to sell both new and resale. we sold our place at Los Balcones last Autumn by pricing it at roughly 10% less than the opposition. It did seem that our begian buyers got a bargain at the time, however the houses near us are getting cheaper all the time I hear. If we do suffer financial hardship in the UK in the next year or two there are bound to be some forced sellers which must adversly affect the price baselines.

                    If you've bought your apartment purely as an investment then I suggest you cut your losses now and sell at a realistic price. Alternatively try and stay the long haul and take the chance it may get better in terms of crime etc. Five years ago you could have recouped some of your cash by holiday letting, however such is the vast availability & choice of property now, that rental yeilds have fallen badly. You could spend half your income on advertising. _ I know !!!!!

                    If you do sell, put it with smaller agents and agree the comission in advance. Say 5% or 5000 euros absolute MAX. Finally, make sure you underdeclare when you sell if that what you did originally. What could be worse than selling at a loss and then paying capital gains tax on top.

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                    • #11
                      For goodness sake - KeithBT ! go and have a beer, I want to cut my wrists after reading your post. Try to get a grip on reality will you, things change nothing stays the same. The UK economy is doing fine, house prices are still rising, granted not rocketing. I own a few houses and have sold two this week with no problem whatsoever, from the others I am earning well above bank rates so can't for the life of me see what all the doom and gloom is about.

                      China is creating

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                      • #12
                        Sunshine and Sangria

                        Cant we leave this British obsession about the price of your property where it belongs, back in the UK.

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                        • #13
                          ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ!!!!!!!!!!!!!
                          WHAT? EH?..............ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ ZZ

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                          • #14

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