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?