Just returned from holiday in Spain. Great golf, weather, wine and friends - all adds up to happy days!
Took the opportunity to view a number of the (reportedly) 1 million properties for sale (most of them empty), and gee whiz talk about “over-subscribed”. Amongst many, we viewed one sensational Penthouse, original asking price 850,000 Euros, now asking for 300,000 Euros (and I reckon if you offered them 250000 you would get it).
Rented a brilliant apartment situated on the 18th green of a great golf course, owned by a British couple who have had it for 12 years, now seeking to sell it, problem is they are asking (and need) 239,000 Euros for it, but similar properties nearby, taken in as distressed assets by the Bank, are available at half of this! Their rent levels have also dropped by 20% as more competition is driving down the amount they can achieve.
Is now the time to buy?
Any parallels with the Pub scene in the UK? Too many pubs for too few customers - or best time to take that free-house or lease?
Martin Read CMBII
Managing Director of Inn-Dispensable Personal Licence Courses
