Published Living Spain - May 2013

Moraira Property Market update

And still the death of the Spanish property market continues to be greatly exaggerated! Is it just me, or is it a case of ’Those who can do, those who can’t teach, those who can’t teach become ignorant, self-appointed ‘expert’ journalists’!

I haven’t read a UK newspaper in ten years, but some of the trash that is quoted to me, I just don’t recognise as relating to the market in which we specialise. We are well into our seventh year of trading year in Moraira, and 2013 is showing every sign of continuing our unbroken record of year on year sales progress. So far this year we have managed a sale per week, I suspect a lot of UK agents would be pleased to match that. This is supported by our recommended mortgage brokers who are reporting business up by 50% on the same time, last year. Unfortunately, buyers do seem to be taken in by all this doom and gloom, and it’s very frustrating to see them overplay their hand when negotiating, ignoring our guidance, then becoming hugely disappointed (and often indignant) when they are out-bid by another, more determined buyer, and loose the opportunity to secure their dream property.

Unlike some of our local competitors, we refuse to falsely inflate our vendor’s property prices, in order to accommodate rude offers, as this would only serve to make the situation worse. I walk away from more than half of our property valuation and listing requests, rather than acquiesce to owners’ silly asking prices. We prefer to limit our portfolio of properties to a manageable number of those of good quality and value, rather than succumb to the vanity of swelling our listings, for the sake of quantity.

Notwithstanding, our major challenge right now, is replacing those properties recently sold, with more property of similar quality and value. Once this situation is replicated throughout the other Moraira agents, this will inevitably provide a solid base for a recovery in at least the quality, sought-after areas of the Costas. Most of our increase in buyer interest is coming from the canny element of mainland Europe, who are taking full advantage of current price levels. Buyer activity is beginning to stretch our team of six, to the full; I still find it a slightly bizarre experience to listen to multiple conversations in our office, in as many as four different languages at once – quite surreal but a great challenge, and all part of Moraira’s rich cosmopolitan tapestry!

Author:  Chris Garwood – Partner, Estate Agents Moraira
May 2013

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2 beds, 1 bath
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