Property Value and the market here.
I have had a few people contact me with questions about real estate and the market here, so I thought I would shed a little light on the situation here.
First of all, the market here is in a definite slump.. bad for sellers, good for buyers. I spoke to a couple of bank managers recently, and both say, that if you are selling, best to hold on until 2010. For those that wishing to buy, this is the time.
I first came here 7 years ago, you could pick up a property for a song. A friend of mine bought a luxury villa 9 years ago for 175USD and sold it last summer after living in it all that time, and doing some upgrades for 750k Euros.. Not a bad return on investment. Others I know who bought only 3 or 4 years ago, and have sold recently, have really taken a hit. Some I know have lost big. They bought in the middle of the price rise and had to sell.. Remember the rule.. buy low sell high.
There are some deals around at the moment, one new urbanization in a town just 11km away are selling 1 bed flats for 78k and 4 bed flats for 143k some of these have terraces that are 65 square meters.. there is also a communal pool for use during the summer months, and a large communal terrace. This is in the small town of Itrabo. It has all of the amenities, and the flats are walking distance to shops, bars etc. This little town has really taken off as far as new building and investment are concerned..there is also a new road going in, that will connect to Almuñecar and it will only take you about 5 minutes to get there, which is great taking the N340 from Salobreña it takes about 20minutes.
Just yesterday someone advised me that they had a lovely 2 bedroom, fully furnished 2 year old flat up for sale for 173K right in the heart of town, nice building too, (I know it) and it is a nice quiet neighborhood.
If you have any questions, don’t hesitate to contact me.. I know most of the people in this town so I can certainly ask any questions you may have.
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