Property prices in Palomares

Hi Charlene,

I am prepared to bet that whatever the asking price is the property won't be sold dearer. Unlike the UK and Ireland Spain now has a Buyers Market as there are many many properties for sale. Furthermore, Brexit goings-on is influencing the Spanish property market too. Many are waiting for the Brexit outcome before proceeding further on putting property for sale.

I wouldn't take the real estate agents word as gospel either. Remember they were the guys informing prospective buyers of the "imminent" opening of the Alicante - Almeria rail link. I think 2023 is the latest forecast, but I reckon it will be longer.

You will have to gauge the price of property yourself. Use the internet and visit sites that have properties for sale. When you see something you like you'll be able to add or subtract depending on work that needs to be done etc.

I would also advise that you should not rush things at present because property prices are not going to jump in the short term. A good carpenter would advise to measure twice and cut once. So tread carefully, you've probably worked hard for your money. 

Agree with Matthew in the main, some good advice especially about estate agents, as different to in the UK in legal terms - be sceptical and check everything out yourself and think about finding your own Sol not just their recommended one. 

I've seen a mini boom on sales in our village and prices have improved upwards too. The local agent has now sold a lot of very old stock and is now advertising for property for their books, as there's so little available.

As for selling prices - people say ten percent reduction on prices is the norm but trends are bucked - depends on a lot of factors in the main the better value the quicker the sale and maybe nearer the asking price - value can be a personal appraisal ot driven by the market or both.

look at how long a place has been for sale and what if any price reductions have been made - there's a lot of old stock at un realistic prices still around. KIV depending when bough the owners could be facing a large loss.

I've seen in the last 18 months a few bank owned properties sell (they re-possesed them around 12 years ago) so the market is half decent. And in terms of re-sale a couple on the same development sold by Brits to Brits after having been for sale a while..... make of this what you will.

If you find somewhere then have a drink in the local bar and talk to the locals, see what you can learn from them about the property and general place

Good luck with your search

Hi Charlene, we bought a 2 bedroom townhouse on the Hacienda del Marques 1 complex a couple of years ago and were able to negotiate a big reduction on the advertised price, but that was no doubt because the the vendor was overseas, rather desperate to sell and it had been on the market for some years. To use a well-worn phrase from A Place in the Sun we put in a silly offer and it was accepted! In general if you really want a property, put in an offer and see what the response is. I don't know of a site which gives the actual selling price like Zoopla does in the UK but I do know of an estate agent who will give good, impartial advice and we've bought twice through them now and been very happy with the advice, the lawyer and tradesmen they recommended and so on. PM if you'd like the details.

We like Palomares although we're only there occasionally; it's not too big, it's walking distance to the beach and with some good bars and restaurants as well as other shops.

Rob
Los Gallardos/Palomares

Hi  search on thinkspain, they accommodate all the agencies so saves a lot of search time.

As advised take quotes from Agents with a pinch of salt. Agents do not have to be qualified like the UK nor have any controlling body.

They do not have to disclose detrimental information unless asked.

Make sure you see an actual copy of a Habitation Licence before committing to buy as you cannot legally occupy the property you bought without one.

Never pay a deposit to an Agent. Never use their preferred Solicitor, find your own, even ask for a recommendation on the forum.

Ask the Solicitor for The Law Society Bar Number. If he is properly qualified he will not object.

Only pay a deposit to your independant Solicitor who once employed will secure your purchase without a deposit. When he is satified he will then forward your initial deposit and make a timeframe to pay the full deposit with a completion time.

Treat any Agent with sceptism? They work and lie for the seller. They do not work in your interest, whatever they say they are not your friend.

If you find somewhere make arrangements to carry out a full inventory of the items included in the sale then get your Solicitor to vet agree and get signed by both parties.

Most sellers remove their stuff that you were expecting especially on " key ready" descriptions.

Trust this helps, good luck, regards Al

I have no reason for stating the following but anybody buying in Spain would not want to ignore the obvious. You're buying a holiday home - Great! You a have foot in the door of living-the-dream. You continue to maintain a permanent home in the UK and continue to work there. Effectively, you can't lose too much if things go pear shape. You pick up some rentals while you are not using your place in Spain. Better again! Your costs in Spain are being financed and perhaps you'll gain a few bob. Somebody rents the apartment for you and somebody else cleans it. Great! Some more people gain somewhat from your investment. Well money was made round to go around and everybody is happy.

But what if you sold your UK home to finance your dream-in-the-sun fulltime? Your boats are burned. It is likely that you will never own a home in the UK again. You might think that you can always sell up in Spain. You can, of course, But, after paying estate agents fees plus legal fees you'll have much less for the return trip. Consequently, your living-the-dream becomes a living nightmare.

Those of us with property in Spain have become much more wiser that we once were. Hindsight is good but nothing beats your ability to keep future options open.

Quite negative Matthew I think, whilst some people have seen property prices drop in Spain this has happened in the UK at times.

Clearly the 2007/2008 bubble burst in the Uk has resolved itself and who's to say Spain will not follow suit soon? And I know some people here have seen their own property value fall by as much as 40% but prices will rise again.

I see people making money on property here still and so long as you take reasonable precautions and buy wise if you can, same rules apply here as in UK, I think anyone buying now will be ok - subjective I know, but see my earlier post for my rationale.

I agree that it would be ideal to keep a foot in both camps but that might not be a possibilty for all and I don't think it's absolutely necessary given the shoots of recovery are showing, apart from sales just look at how many new builds have been started recently here....

Yes there's a risk but with good planning it can be minimised

Yes my post is rightly branded negative. I keep warning people of the ups and downs of purchasing property anywhere in Spain. I know of too many people (all from the UK) who regret the day they bought in Spain. I know of people who have burned their boats and now find themselves in Spain with no possibility of returning fulltime to the UK. 

Yes, there are people who are delighted with their permanent move to Spain and good on them. I'm glad they've found their dreams.

Remeber,when you sell the property, if with a profit there is Tax to pay and also Plus Valier tax on the increase of land value since you purchased.

It was the Goverment who informed the Spanish public about the new train service,it never came from Estate Agents ( I'm not one) 

There are Laws governing what Estate Agents can do and they follow them , if not you can have them struck off.

Fear and talk is what some people love, just put in an offer that suits you, make sure the property is not on low ground, as flash floods happen, buy with your eyes open, as for not trusting Agents and solicitors, then don't trust anyone and stay in the UK, our son was just ripped off by a UK agent on his sale price for his property, 

Sorry DeelHenry. A representative of one of the main estate agents in Mojacar Playa was trying to sell a property on one of those Home-in-the-Sun programmes made over six years ago and she categorically informed the would-be purchasers live on air that the property price would increase next year after the opening of the Alicante - Almeria train link. 

Estate agents can say anything they wish. Spanish Law ain't going to stop them. And as for getting them "struck off" forget about it.