As RICS Valuers and specialist Building Surveyors celebrating 10 years as a professional RICS company in Spain, after an earlier 4+ years of learning in Spain, the Survey Spain Network are seeing a number of clients ‘gazumped’ when going for popular properties where there is strong demand for the right location, quality, ambiance, etc.
In the stock market, there is an expression, ‘the dead cat bounce’, which is an unpleasant way of describing that a market often has a slight lift when it reaches bottom before it travels along the base price plateau. As long as speculation doesn’t start again and the market is made up of buyers intending to occupy all or part time, then it will tend to be the same prime properties that will change hands, with the rest only being of interest as the demand increases and spreads out from the centres as people are prepared to compromise.
The next quantum increase in demand is likely to come from foreign buyers seeking residence in the EU, if and when Spain enacts its law giving residence to buyers of 500,000€ of property. That could lead to an increase in prices of the best, which will spread out to the rest of the market.
Always excluding the ‘lost cities’ of apartments and town house built in places that have no rational of location, urban design, specification or amenities. These could lie empty and unloved until they crumble into dust.