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Question: What are your views on buying property in spain as a holiday home?

(Posted by: BIKER on 2010-04-20 15:59:58)

It looks like some owners seem to be at the desperate stage in trying to sell their property i have notice several villas dropping over 100000 euros even though the pound v the euro is poor , do you think it would be a good time to buy ?? or do you think it would be wise to hold back and see if the pound becomes stronger ??

Posted by: Tumbit on 2010-04-21, 00:27:54

Blue, I consider myself highly experienced in making all the wrong decisions when it comes to buying properties in Spain. My many mistakes prompted me to research this matter in depth and create a website on this subject ( tumbit.com/ ) My advise would be that sure, there will be many bargains out there, but equally so there will be many melons on the market aswell. Don't let the cost of a property let you make any rash decisions and above all else take appropriate advise from an experienced and professionally qualified source - don't cut corners here - there are factors that need to be considered that would not even appear on your radar in the UK.

Posted by: Janet W on 2010-04-20, 16:01:36

Risky.... do your sums, do your research and take your time.

Posted by: neworleansdeborah on 2010-04-20, 16:02:39

The time to buy in a market where you want to live (or vacation) is now, if you have the cash. It looks like the stock market is rebounding so if you wait, the price can go higher. Just make sure that you are buying something you can really afford.

Posted by: Simpson G on 2010-04-20, 16:21:55

The UK seems to be 6-12 months behind the US in the financial realm. Which to me, means that you could still see another 6-12 months of the pound bottoming out.

Posted by: John on 2010-04-20, 23:21:49

There seems to have been a lot of programs on the telly recently about the plight of Brits with Spanish property problems and the weak pound is just one element, certainly put me off the thought of buying. Several of the people who took redundancy with me have brought holiday homes in Cornwall, with the recent airport shut downs chaos you can bet the UK holiday market is going to get a great boast from 'Staycations' in 2010/ 11!

Posted by: Al Zymer on 2010-04-21, 14:35:52

Probably the foremost reason that UK people are desperate to sell Spanish property, is because of the weakness of the Pound against the Euro, as their UK income no longer supports their needs, when converted to Euros. A UK resident purchasing in Spain will suffer the same disadvantage, whilst the Pound is weak. Therefor, there is no appreciable benefit to buy just now. Any resident of a Euro currency country, though, would be in a position to take advantage of the price drop.