THE Spanish property market is officially booming.
Spain is now the sixth largest market for real estate investment in the world, according to the latest report by CBRE real estate consultants.
Moving up 10 places in two years, Spain now stands ahead of France, Hong Kong, China and Italy.
Well, that’s not what the report says, is it? It’s a report on investment property purchasing, and it says that Spain is now the 6th largest destination of capital for property investment capital. So prices in Spain are now so low, that hedge fund managers are buying in and leaving property empty so they can sell at a profit later on. The actual report is here:
and if it’s any consolation (it won’t be), I had the dubious pleasure of listening to an American property fund manager telling me about how much money he was pouring into Spain to pick up cheap property in October this year. It was all office buildings, it was all “distressed”, and none of it was in Andalucia.
That’s not a booming property market.
Sure, some cheaper properties have been selling, but there’s no “booming” market in Spain, and certainly not in Andalucía.
I agree with both the above posts and would add that the political instability that Spain is now experiencing will only make matters worse and will not inspire confidence.
There’s nothing wrong with a little bit of ‘property propaganda’ the UK have made an art of it for the last 20 years. Spain is in a little bit of a mess so who can blame a few mis interpreted facts & figures from interested parties to try a stoke a little bit of fever into a market that’s been on its knees !! Fact is this kind of talk makes me feel a lot better about being a property owner here in Spain !!!
Quote: ‘Spain is in a little bit of a mess’ Lol Do you mean generally or with it’s unregulated property market, high transaction costs, ‘B’ money culture, Land Grab, crooked Town Halls/Mayors, illegal builds, urbanisation of sliced off hill tops, or ‘nothing will be built to obscure your view’ but is built after all, general poor standard of build, huge surplus of property for sale etc?
If you take the trouble to review what the financial markets say, you will find that the Spanish recovery has no firm foundation, that the banks are still very flaky and even official unemployment figures are hardly any better than Greece – caveat emptor.