Spain: Paradise lost

[PropGuy]

Over a million Britons now call Spain home. They left behind grey skies and the daily grind, hoping for a better life in the sunshine. And for some, the dream came true.

But some would have been better off staying in Blighty.

In the first of this two part series, ITV looks at the crash of the property market in Spain and its devastating effect on some sunburned Brits.

At the pinnacle of the property boom, almost a million new homes were built each year. Cheap prices and easy credit made it seem like everyone could own a place in the sun.

But when the walls of the property market came tumbling down, many Briton’s dreams were shattered too.

“I wish to God I'd never heard of Spain,” remarks Wally Tynan, one of the many for whom the crash meant personal and financial disaster.

Wally now lives in a building site. His apartment is barely finished; live wires and taped together high voltage cables are a hazard of his everyday life. The sewers outside his house erupt frequently and all he has to console him is a beautiful panoramic view. Of a building site.

Wally’s dreams of having a holiday brochure lifestyle, everyday, have gone up in smoke.

Grim viewing.

Find out when Spain: Paradise Lost is next on TV

Spain: Paradise Lost - Sky TV

 

[LisaNic]

Typical!!!

I tuned in last night with great interest to watch Spain: A Paradise Lost. I felt from the trailors that it was going to be showing some real scare stories about the Costa del Sol specifically...........typically of most of these "negative programs" about the spain....most of the scare stories were yet again focussed on the costa blanca.

Having been a real estate agent on the Costa Del Sol now for 8 years, (and yes i am still in business and doing well!!) I have seen the boom years and seen the prices spiral out of control. What is happening now is just reality hitting. Prices have fallen and rightly so. In the current market the average price per square metre is now 1250€ which in all honesty is about right.

This makes the apartment that couldnt be sold at auction for 90K€ at Manilva beach only worth around 65K€ anyway given that the developer had squeezed 2 beds and 1 bath into 55m2. Buyer stupidity and misselling by the agent at the time is what has caused this particular buyers demise now!

It was interesting to watch the documentary detailing nightmare stories for those buyers that bought off plan 5 years or so and are now living on unfinished complexes where the developer has gone bust. The sad truth is that in 95% of cases these buyers were completely misold and were made promises that would never come to fruition. I think it was Wally himslef that admitted he bought the property within 8 hours of arriving in Spain..............now thats was sensible wasnt it??

As for the bargain hunter in Marbella, well she is just typical of the stupid brits coming over now in a resession period expecting something for nothing. This I felt was a very positive report for agents here on the Costa Del Sol as she was shown some real bargain properties with fabulous finishes and wonderful views offering the idyllic setting she specified she was looking for. Its a petty that she felt she knew best and wanted a "better deal".....interestingly that they went back to film her after her move, she was living in a 1 bed rented apartment overlooking O´brians sandwich shop!!! and probably paying around 500€ per month!!.......typical timewaster in my book!!.....that buyer will NEVER buy as now she has missed the boat...the market is turning, the exchange rates are improving and the banks are starting to offer sensible lending once more.

Spain is still a good market to buy in, the lifestyle is far superior to that of the UK and yes if buyers talk to GOOD agents that arent just looking to earn a quick buck, but really do want to help their clients dreams come true and offer the service and honesty as required in such a life changing purchase, then spain can be paradise!!!

A paradise lost??........................only if you leave your brain at the airport!!!

 

[PropGuy]

video is available online: ?????????

 

[mmike]

I totally agree. I lived in Spain for several years, and this is sooo true: some British people still consider Spain to be some sort of a 'better third-world country' where you're allowed to do everything you want and where everything is incredibly cheap. As a result we just make other people see us as a nation of rude, ignorant snobs which is neither flattering nor true (at the end of the day). So yes, think before making big decisions!