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Author Topic: Los Gigantes Housing Market  (Read 3275 times)

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Falstaff

Los Gigantes Housing Market
« on: April 11, 2008 »
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  • I wonder what effect the value of the Euro  is having on the Los Gigantes housing market given that it is predominantly a British community.

    A year or so ago, a property in Los Gigantes  that was worth , say, ?200,000 was also worth  E 290,000. But given that many buyers are British with pounds in their pockets, what is the worth of that same property today assuming no price inflation. Is it  still ?200,000 ( E 240,000) or  is it E 290,000 ( ?240,000). Has the value of the property gone up or down?

    If the Euro price holds, properties will become unattractive to British first time buyers and will stick causing Euro prices to eventually fall. And  if the Euro price is driven down because buyers have pounds in their pockets,  properties in Los Gigantes could  become more attractive to Spanish and other European buyers.  Could this signal an end to Los Gigantes as British Community?

    What is actually happening in the market place?

    poolepirate

    Re: Los Gigantes Housing Market
    « Reply #1 on: April 11, 2008 »
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  • From what I have seen in the latest Tenerife Sun property prices quoted in sterling are on the slide and offers are being asked on many. The effect of a strong euro is not only on the property price but on the community charges as well.
    « Last Edit: April 12, 2008 by poolepirate »

    Offline janey

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    Re: Los Gigantes Housing Market
    « Reply #2 on: April 11, 2008 »
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  • the euro is strong, the pound very weak.  this only affects the brits.  it shouldnt cause to much of a recession in spain, only for british buyers!  anyone buying in euros are ok.  therefore the main purchasers at present will be spanish, russians, irish, all but the english!!

    the property market in los gigantes has never been overly bouyant - so, show me any difference at the moment!

    vladivar

    Re: Los Gigantes Housing Market
    « Reply #3 on: April 11, 2008 »
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  • Dont you mean BRITISH janey , this is why you ENGLISH cant understand how the welsh irish and scottish dont like the english

    tanemera

    Re: Los Gigantes Housing Market
    « Reply #4 on: April 11, 2008 »
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  • Take a look at Paul Ruane's adverts (LG Property Sales) and you will see that property prices are being heavily discounted, or open to offers.  He also now offers "shared ownership" deals indicating just how bad the situation is.  I know of one property that was for sale less than a year ago at over pnds 1 million and can now be purchased for pnds 650k.  Anyone selling in euros and converting to pounds would be laughing all the way to the bank, if it wasn't for the fact that many buyers in LG are British who (a) possibly have equity problems in the UK and don't have the UK property equity release/re-mortgage opportunities they once had and (b) can't afford the euro prices because of the poor exchange rate.  So, asfar asI can see, there are no winners in the current climate.

    Offline janey

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    Re: Los Gigantes Housing Market
    « Reply #5 on: April 11, 2008 »
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  • Dont you mean BRITISH janey , this is why you ENGLISH cant understand how the welsh irish and scottish dont like the english

    sorry vlad, dont quite get your point..... also, what makes you think i am ENGLISH?  are you?

    leo_london