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Propert Investment in Marbella,Spain ?

  • 28-04-2010 11:42am
    #1
    paddyhdj
    Registered Users, Registered Users 2 Posts: 16 ✭


    Thinking about purchasing a 3 bedroom apartment (111 square meters built plus terraces of 86 square meters) in Marbella,Spain. Its part of a small gated development & the apartments are going for 50% off the original developer's asking price + there is a 100% mortgage available.
    Although I have not yet made the trip over to see the development, it seems to be well finished, is well spec'd & the landscaping looks fantastic also:

    http://jardinesdelalbaicin.com


    http://alwaysmarbella.com/quality-3-bedroom-apartment-reduced-sale-50-off-100-finance-near-puerto-banus-marbella


    An apartment of this quality & situated in Marbella, I expect it to be fairly easy to rent on the short term letting market with good capital appreciation in the long term 10+ years or so.The agent reckons the weekly rent should fetch €399 in the quite season, €550 mid season & €735 in peak season.

    Is this now a good time to buy in Spain ? Has the property prices there bottomed out or can we expect to see further falls & better value in the near future ?


Comments

  • #2
    gizmo555
    Closed Accounts Posts: 2,948 ✭✭✭gizmo555


    paddyhdj wrote: »
    the apartments are going for 50% off the original developer's asking price

    This means absolutely nothing. What matters is, did any apartments ever actually change hands at the original asking price? Are any others in the same development for sale and if so, for how much? Have any actually sold this year and if so, for how much?
    paddyhdj wrote: »
    there is a 100% mortgage available.

    All this means for anyone who avails of it is higher interest costs and instant negative equity in the event of any further price fall.
    paddyhdj wrote: »
    Is this now a good time to buy in Spain ? Has the property prices there bottomed out or can we expect to see further falls & better value in the near future ?

    The best that can be said at present is that the rate of price decline is slowing, but prices are still falling. The only way to be sure prices have bottomed out is to wait for them to start to rise again. Trying to pick market bottoms before they are confirmed by rising prices is the road to the poorhouse.


  • #3
    mayotom
    Registered Users, Registered Users 2 Posts: 742 ✭✭✭mayotom


    Hi Paddy

    I have replied to your PM , but I have to agree with everything the above poster has said

    mayotom


  • #4
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    paddyhdj wrote: »
    The agent reckons the weekly rent should fetch €399 in the quite season, €550 mid season & €735 in peak season.

    Never trust anything a sales person tells you.

    paddyhdj wrote: »
    Is this now a good time to buy in Spain ? Has the property prices there bottomed out or can we expect to see further falls & better value in the near future ?

    Property in Spain is still painfully overpriced. I reckon they have at least another 50 - 70% to go.

    All you have to do is look at the price of property and look at the average wage. For example, the average wage in Barcelona is about 22k. The average price of property is about 500k.


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