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| sale in Spain (image: Schulze) |
SPAIN LIVE - orange, red, yellow, white - all colors of Spain's screams down facades "Se vende - For sale," it says on countless plastic signs that hang from fences, balconies and balustrades. A forest of quotes that reflect the full extent of the English real estate crisis, which has Spain's economy for three years in a stranglehold, and that is far from over. A crash which that uncontrolled building boom in recent decades followed, had driven the prices and real estate stocks to dizzying heights.
Immobilienfiesta is now Spain's past, the industry woke up with a painful hangover, is in many places even before the disaster. "The real estate market is down," says one troubled savings bank branch manager, who will call his name rather not, because his institute miscalculated. This is certainly not a bad time for interested parties, to look under the southern sun for a property, the man says on average, the prices slipped since the crisis began in late 2007 at least 20 percent - and they could tumble further.
Hardly an apartment building where a quote does not stick. In making settlements as well as in working class areas. In Mallorca, the Canary Islands and the Costa Blanca. In the English capital Madrid in the province. The deep freezing the construction and real estate market has led to the now hundreds of thousands of apartments and villas throughout the country for sale. Sometimes literally be sold off with huge discounts.
For one of the builders who are left with a real estate mountain. By many private owners, which the water in the economic crisis up to his neck. Their loans can not pay more, with a bailout To escape the debt trap. And of the financial institutions that need to be found after the bankruptcy of thousands of construction companies and brokers as well as the seizure defaulting mortgage payers as soon as possible new owners for the amounts collected real property in order to consolidate their budgets out of whack.
You have to scroll only once the Internet portals of the famous English savings bank Caixa "," Caja Madrid ", Caja Mediterraneo or the Mallorcan Institute" Sa Nostra "to get an idea of the final selling mood," Until to 60 percent cheaper, "" Now is the best time to buy "to lure the Institute. Or: "In the past 350,000 euros now 210,000 euros", "100-percent financing".
But this is only the official site. The unofficial, is that the customer in times of crisis - available in many homes, but few are sold - again king. And so the bargaining is great. "Make us your Best", attracted about the "Caixa" in the event that the customer the "38 percent discount for a 88 square meter flat in the center of the capital should be not enough.
for dream villas on the beach, luxury apartments Sea view and vacation homes in good locations, prices fall, however not as to slide. There are discounts, but significantly less. This also applies to the popular holiday island of Mallorca, where, although bargains are also waiting, but this spread is not quite as wide, is because in the vacation paradise of the market a little less broken than elsewhere. However, in the Balearic Islands, which include Mallorca more Ibiza, Menorca and Formentera are available, nearly empty 50,000 residential properties.
throughout Spain are currently an estimated one million homes for sale - maybe even more. According to a study of Internet real estate portal "pisos.com" moves the price range of provision currently 15000-15 million euros. For 15,000 about a small village house for restoration in the northern English region of Rioja red wine would have. For 15 million is a 2600 square foot luxury villa on the outskirts of the capital Madrid.
But given the high unemployment, currently at 20 percent in Spain and sensitive loss of income in most families, most Spaniards feel at present little desire to plunge into a real estate adventure. Meanwhile, the demand of visitors from other European countries, especially for real estate on the coasts, sharply.
way: Do not buy only those who have a chance to find good deals. The long-term rental of real estate can be interesting. More and more items are offered for "rent with option to buy later." Thousands of vacant apartments and chalets on the Mediterranean coast by the owners in some cases even in such favorable offered to residents that this is Spain and foreign friends to buy an alternative worthy of consideration - and also relatively risk-free. Ralph Schulze
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