Quote:
Originally Posted by kowalsky
What I know is in Valencia properties are really cheap. I know this because I have a friend there trying to sell to buy another apartment. The price of his property droped 40% in 1 year. Crazy.
I donīt know how is Valencia compared to other regions.
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I live in Valencia. Just Google "Valencia Land Grab" and you'll see how many peeps have lost properties, bought with legal permission, only to discover that due to corruption, they are now deemed illegal. Also the government can build a new road up to your door, or install street lighting, or a new sewerage system, and you HAVE to pay for it.
Prices here have still along way to fall. Just because something says "50% Off" doesn't mean it's a bargain....as houses here were ridiculously overpriced to start with. Bank lending has completely dried up. There is an overhang of over 1 million unsold properties. Wage deflation has started. Four million unemployed (officially...so who knows the real figure) and maybe a 1/3 of the working population without work by 2011. And that's probably the year the shit will really hit the fan, as all those holding on by their fingernails, will be forced to let go. See you then!