Property Price Forecast For Costa Blanca
WHAT DOES THE FUTURE HOLD FOR PROPERTY PRICES IN SPAIN?
It could be that a new nationality takes the place of the British and suddenly prices boom again - for example Russians or another Eastern European country but until that appears obvious it would be wise to take the lead of the UK.
At present in the UK prices are slowing, falling even in some areas so it would seem sensible to expect the same to be reflected on the Costa Blanca.
As interest rates are still so low (and set to fall) and employment is still good there doesn't seem any reason for a huge crash although there are negative signs around and some people fear the worst.
Is this a good time to buy - well yes. Will it get even better - well your guess is as good as mine - personally I say the probability is yes but who knows?
On the Costa Blanca many properties are owned by foreigners. This means there will always be many properties up for sale. Each one is a person who wants to sell but how much? Maybe the owners are getting divorced, maybe they are homesick, maybe they have financial problems. It could be they have no money worries and can hold out for near or at their asking price.
It all comes down to price of course. People needing or wanting to sell quickly are selling their properties. If someone in that position is holding out for an unrealistic price then they will either be very lucky if a sucker comes along or have a very long wait.
I've seen with my own eyes reality hit many people as I notice the same properties suddenly have a new (reduced) price as they stick on the market and have few viewings.
For what it is worth, I am currently looking around with a view to buy but I'm taking my time and looking out for a good deal.
If you are coming out looking for bargains then you are a few years too late. The idea that the whole of the Costa Blanca is cheap is no longer. You are likely to end up buying a cheap property which is cheap for a good reason.
The way I see it is that prices in desirable places like the French Riviera are high so why should the Costa Blanca be any different?
Why should a luxury villa with a large plot and sea views be worth less than pokey one-bed flat in a bad part of town in England? It's ludicrous so I think certain buyers need to see it in those terms i.e. prices are still good value for the long-term IF you buy in at a sensible price in a good location.
This is a wonderful place and I choose to live here myself. It is developing and more and more services are springing up. More infrastructure is happening. If I only knew what would happen to prices then I would be a rich man indeed, as I'm not then you should just decide for yourself.
House prices now/What estate agents don't want you to know.
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