Driving the coast of the Costa del Sol at the weekend, it was noticable how many developments have either ground to a halt, or are finished but plainly empty and unsold. In the cold light of these credit-crunch times, it is easy to see the evidence that many ignored during the years of construction boom, that is, often the property that is left over is in shitty locations and often poor quality design.
Witness the apartments close to La Cala that were started late in the boom, during 2006/7 and are virtually under the N340 coast road flyover. So they were on cheap land, a crappy location, and not a very inspiring (or expensive) design and construction.
Now, they are just standing there, half finished red brickwork, all scaffolding and evidence of materials and tools have long gone. So, who the hell is going to buy these places, who is going to finish them and try and sell them, and what banks are going to give mortgages for them ?
The most likely thing seems to be that they will stand, ugly and idle, for a number of years. Maybe they will be knocked down ? Perhaps become social housing ?
Never has the old adage "location, location, location" been more apt. When people talk of the property market in Spain, they often fail to realise or mention that there is likely to be a recovery in the market for decent property in good location - ie demand, whereas rubbish apartments in poor locations could languish for years.
We still wait for some thawing in the mortgage market - so bank managers seem to have targets for lending to try and meet, but it will need a relaxation of terms to really help
Thanks for reading - check out the mortgage site http://www.europamortgages.com/
Wednesday, March 10, 2010
Subscribe to: Post Comments (Atom)
Today I causally visited your Blog: www.europamortgages.com and was really impressed with some of your articles and pages. I must say that you have spent lot of time and effort to ensure your visitor to gain benefit through quality informative contents. But it is equally more important for you to promote your website so that you can increase your site PR and traffic. For that I can offer you my finance website which has good PR and you can place your links in my content. If you want we can also go for article exchange or guest post.
Thus visitors coming to my site will automatically get diverted to your site and it will help you to increase your site PR and traffic.
For any other information please get in touch with me through my mail: email@example.com. If you have anything else in your mind please feel free to share with me.
Looking for your positive reply.
Post a Comment