Property Prices

[crookesey]

We have just returned from a holiday on the Mijas Costa in the same resort that we have used for may years. It is 50% Gold Crown time share and 50% privately owned, beach front, 2 outdoor pools, I indoor pool, gym etc.

Before the crash a 2 bed front line beach duplex cost circa 300,000 euros, you can pick one up now for 170,000 euros. A one bed second line beach duplex would have cost circa 250,000 euros, they are now going for 150,000 euros, or should I say not going?

I appreciate that the pound was a lot stronger when the prices were higher but even so they are dropping like stones. If they keep on dropping and if, as I suspect, the pound strengthens, there could be some very good buys around.

[jojo]

Originally Posted by crookesey

We have just returned from a holiday on the Mijas Costa in the same resort that we have used for may years. It is 50% Gold Crown time share and 50% privately owned, beach front, 2 outdoor pools, I indoor pool, gym etc.

Before the crash a 2 bed front line beach duplex cost circa 300,000 euros, you can pick one up now for 170,000 euros. A one bed second line beach duplex would have cost circa 250,000 euros, they are now going for 150,000 euros, or should I say not going?

I appreciate that the pound was a lot stronger when the prices were higher but even so they are dropping like stones. If they keep on dropping and if, as I suspect, the pound strengthens, there could be some very good buys around.

I´m waiting for that moment crookesey!! Cos possibly if it happens quickly it could make property prices rise? altho, they also say that prices are destined to fall even more here, by as much as another 15-20%????

Funnily enough my husbands ex-wife has just bought a timeshare at that place, I didnt like to ask how much she paid, but I didnt think it was the right time to do it??????!!! (hee hee!!)

Jo

[crookesey]

Originally Posted by jojo

I´m waiting for that moment crookesey!! Cos possibly if it happens quickly it could make property prices rise? altho, they also say that prices are destined to fall even more here, by as much as another 15-20%????

Funnily enough my husbands ex-wife has just bought a timeshare at that place, I didnt like to ask how much she paid, but I didnt think it was the right time to do it??????!!! (hee hee!!)

Jo

Jo,

We thought that it was quiet last year but this year it was like the land that time forgot. The Supersol hardly had any staff, English bar owners standing outside their burnt out bar, and not looking too upset either, insurance me thinks. No the good times are over for a while and IMHO property prices will continue to slide.

If we can get a front line beach,2 bed duplex for around 130,000 euros, if and when the pound is worth 1.30 euros then we are going for it. £110,000 inclusive of extras, £2,000 a year for services, rates, use of the facilities, lovely gardens etc, can't be bad.

On the timeshare issue she probably got a very good buy, what cost many thousands of pounds 10 years ago can be picked up for next to nothing now.

[SunnySpain]

Originally Posted by crookesey

If we can get a front line beach,2 bed duplex for around 130,000 euros, if and when the pound is worth 1.30 euros then we are going for it. £110,000 inclusive of extras, £2,000 a year for services, rates, use of the facilities, lovely gardens etc, can't be bad.

I was under the impression that many front line properties were going to be demolished under the recent changes in the law concerning building regs.

Would that not apply in this instance and are the chiringuitos likely to also be demolished under the new law ?

Dave

[Tallulah]

Originally Posted by SunnySpain

I was under the impression that many front line properties were going to be demolished under the recent changes in the law concerning building regs.

Would that not apply in this instance and are the chiringuitos likely to also be demolished under the new law ?

Dave

I think you may be talking about the "Ley de Costas". It varies from place to place exactly how far from the beach these properties are and is VERY risky. Under this law they are reclaiming lots of properties and quite contradictory as it may seem, there are issues regarding retrospective application of the law, which means even a property that has been there for many years could have problems eventually. Those built "legally" back in the day, would not just be demolished, it would be expropriated; but as we know, expropriation value tables are nothing to do with market values in the real world. So, I would say if one is looking to buy today, there are plenty of properties on higher ground where the 500m minimum rule (worse case scenario) can be applied by the buyer to ensure future peace of mind. This guarantees sea and even beach views at only a third of a mile distance without worrying today OR TOMORROW about the costas legislation which is far from finished and clear to date. Possibly why some of these beach front properties are going so cheaply, crisis or no crisis. Lots of people are watching their neighbour's house being bulldozed and wondering if or when they might be receiving a letter because they're only 50m or so away.

Tallulah.

[crookesey]

Originally Posted by SunnySpain

I was under the impression that many front line properties were going to be demolished under the recent changes in the law concerning building regs.

Would that not apply in this instance and are the chiringuitos likely to also be demolished under the new law ?

Dave

Well if that were so they would have to knock everything down beach side of the coast road from Malaga to Gib, thousands of Spanish jobs would be lost, along with the tourist industry.

There are a few very old high rise eyesores that could be suspect but most stand far enough back to satisfy the rules, beach front doesn't mean built right on the edge of the beach.