Cheap Property in Depressed Europe - Portugal, Spain, France

O

one world

Some forumites have written of their trips to Paris and other locations in Europe.

Has anyone actually bought property in Europe?

I am looking for a cheapish pied a terre someplace scenic and civilized where people are relatively decent. We'd use it for a few months each year and then lock it up until our next trip.

Somebody suggested Vichy, France - a place with a lot of history.

But i'm more interested in places near the sea.

Also, Portugese, Spanish people seem more friendly. There's no point having a holiday home in a place where locals are hostile to foreigners.

I'd really appreciate all ideas that represent good value at a time when Europe seems depressed.

Thank you in advance.
 
I bought in Spain on the coast, got about 35% off the peak, but prices are still dropping unfortunately. But it was more of a lifestyle purchase, not an investment, we use it a lot so it´s ok, no plans to sell. The neighbours are all local Catalans and very friendly. Plus my interest rate is under 2% and it rents out very well for holidays, months in advance.

The really cheap stuff in Spain is mostly poor quality, or failed gold course developments in the south. If you browse the bank repossession websites there is pretty much nothing on their books right on the coast or in desirable areas.

Buying costs in Spain and France are pretty horrendous, over 12% these days.
 
a holiday home on the other side of the world sounds like a nightmare, why not just use homeexchange - at least that way you can go to different places. otherwise buy a place in florida for 10 bucks, buy a cheap mustang and cruise down to the keys from time to time
 
Ausprop said:
a holiday home on the other side of the world sounds like a nightmare, why not just use homeexchange - at least that way you can go to different places. otherwise buy a place in florida for 10 bucks, buy a cheap mustang and cruise down to the keys from time to time
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Sounds interesting, thanks.

For us, the idea of a holiday home is that we get to stay in the place and later benefit from any capital gain when its time to sell. It does not necessarily have to be near the beach or wherever the tourists go; we avoid places where the heaving masses hang out. It does not need to be a holiday home per se, any old house will do just fine provided its in a safe place and the neighbours are not the European equivalent of bogans.

Someone once showed me a tin 3 bedroom terrace house in Oporto in Portugal. Decent neighbours - not the sort that would break into your home while you are away. Selling for $50,000. It did not seem too demanding but we dragged our feet and it was gone. This was around 2 years ago. If prices have dropped, it would be an even greater bargain.
 
Can't comment on holiday homes, but I keep an eye on prices in the good neighbourhoods in Barcelona and while there have been price drops in some of the super-prime neighbourhoods e.g. Pedralbes (Barcelona equivalent of Point Piper), the trendy hoods e.g. Gracia (Bracelona equivalent of Surry Hills/Paddington/Glebe) haven't come down at all really.
 
As always good areas will hold most of their value even in the worst of times.

Thats not to say theres no money to be made in failed golf courses in Spain
 
one world said:
Sounds interesting, thanks.

For us, the idea of a holiday home is that we get to stay in the place and later benefit from any capital gain when its time to sell. It does not necessarily have to be near the beach or wherever the tourists go; we avoid places where the heaving masses hang out. It does not need to be a holiday home per se, any old house will do just fine provided its in a safe place and the neighbours are not the European equivalent of bogans.

Someone once showed me a tin 3 bedroom terrace house in Oporto in Portugal. Decent neighbours - not the sort that would break into your home while you are away. Selling for $50,000. It did not seem too demanding but we dragged our feet and it was gone. This was around 2 years ago. If prices have dropped, it would be an even greater bargain.
Click to expand...

I like the idea of buying in Portugal. Keep looking I am sure something else will turn up! Can you speak the language?
 
rodimus said:
Has anyone bought in France ? Paris anyone?
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A friend of mine looked at property in France last month but was put off by the 15% buying costs.

With all the austerity and socialist policies in Europe at the moment property owners have become easy targets. Plus a lot of European countries (Spain, France and Switzerland that I know of) also tax "deemed" rental income, so you pay tax on a rent estimation, even if you never rented the property out or received any income from it :eek:. Switzerland is the worst, they do this to your own property that you're living in :eek:.
 
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