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Market Trend

This month we thought we would report on how the property market is going now we are half way through the year. It would appear absolute bargains are becoming thin on the ground.

Compared to prices two years ago nearly everything in Spain is at a bargain price but recent months have seen buyers being able to achieve incredible bargains for themselves, with the region of Alicante proving especially popular. 

The number of sales reported are up month on month compared to last year but recently a lot of estate agents are finding it more and more difficult to find properties which meet their clients perception of what they are prepared to pay. More and more sellers are deciding not to take the offers made and are letting the buyers go home empty handed. It would appear at first glance that the sellers are saying enough is enough.

So what does this actually mean and why is this happening? The first reason could be that most of the desparate sellers have actually sold. The banks have repossessed most of the holiday homes they are going to and have thousands of overpriced properties on their books. It takes the banks 6 months from repossessing a property to getting it on the market. During this period, sellers who where not in financial difficulty but wanted to sell for other reasons have already sold. Probably less than 5% of bank repossessions reflect a real bargain. You can put us to the test and 95 times out of 100 will be able to find a similar property in better condition for less.

The second reason is probably the strength of Sterling compared to the Euro, with Sterling reaching its highest level for 19 months.Those sellers returning to the UK will go back with far less than in previous months, they simply can not afford to drop the price anymore. So does this mean it is the end of finding an absolute bargain? We do not think so but maybe a little more thought will be necessary when offers are made. At the time of writing this it only requires 82,318 pounds sterling to buy 100,000€ where by in January it would have been more like 95,000 pounds, a difference of 12,682 pounds.

We are doing everything we can to source fantastic value for money properties and fortunately we still are. The only problem is that these properties are selling quickly, often within hours of a major price reduction. What we propose to do, is keep sending you details of these properties on a regular basis just incase you are in a position to take advantage. We are shortly to announce our latest feature "MY 4SBO" making it even easier for you to recieve alerts of new properties, special offers and price reductions. this will be communicated in our next newsletter and we hope you will take advantage of this simple way to be kept updated. In the meantime if you know what you are looking for and when you plan to come to Spain, let us know your requirements  contact us  and we will make every effort possible to find what you are looking for.

Thank you

From the team at 4salebyowner-spain.com