Tuesday, May 02, 2006

The Market

Rumours are abounding that the market is taking an upturn as people are selling up in Bulgaria, Croatia and other eastern European destinations and heading back to France and Spain. Apparently the cheap prices don’t make up for the lack of home comforts, alien culture and feeling of being just a short hop back to Blighty for a quick visit. We have noticed that the 2/3 year itch is having its effect here too with lots of Brits selling up and moving on, either into larger places here (Or in some cases into the towns when the novelty of keeping the pool clean wears off) or back to the UK taking advantage of the capital gain they have earnt by buying and renovating here. Agents in Javea and Denia are reporting more enquiries in the first three months of this year than in the whole of last year, which was a very slow time in that area.
Here in Valencia the market continues to be pushed by the impending large events such as the America’s Cup and the extension of the airport and other communications. Prices continue to be reasonable but we all wish we could go back three years to when prices were giveaways. There are still bargains with huge potential for capital gain in the long and medium term available although the rental market continues to lag behind when looking for good yields based on price paid.
Our latest update www.valencia-property.com has quite a few excellent buys and a couple of beautiful new build properties in Olocau. It seems that some sellers are more willing to negotiate on price than previously too especially for flats in Valencia. One client in the capital has reduced their flat by 94000 Euros in price. You still need to be very rich to buy it but maybe expectations are becoming more realistic.

All The Best
The VP Team

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