Time to get your bargain property in Tenerife and Spain now
Property markets are cyclical, and the time to buy prime property could well be now. When the “bust” is here, everyone else is trying to sell. This could be the threshold of the buying opportunity of the decade.
We have been expecting things to go pear-shaped in the Spanish property market before the boom started to show the first signs of running its course because property markets are cyclical, and always have been (though the long-term trend has always been up, in Spain at least). However for the first time in 6 years, we could be on the threshold of the buying opportunity of a decade, as we start the next cycle. Prices, in many cases, are back to levels last seen before 2004. This is the time to buy, during the bust, when everyone else is trying to sell, not during the boom, when everyone else is buying.
Caution is the way to proceed . There is still a lot of over-priced property on the market, there is a large glut of property that may not have a market today at any price, unattractive, poor quality flats in undesirable locations. However,you can now find attractive homes in superb locations for very reasonable prices. The worst of the crisis appears to be over, and most European economies are growing again. Many affluent Europeans are bound to be interested in a prime property on Tenerife’s coast, which means those properties are never going to be given away, and prices might not go down much further.
