The fibs that property vendors tell, in Spain at least
Vendors always went to highlight benefits whilst reducing perceived costs, but telling porky pies is another matter. In a country like Spain, where the information you get from estate agents is patchy at best, buyers often find that the property or plot size ain’t half as big as advertised. Here is a list of some other common fibs told by vendors.
- There is no damp or infestations
- The electrical installations are in perfect condition
- This place never gets flooded
- Taxes and maintenance costs are low
- It’s a quiet area
- They are going to build a golf course here
- Your sea view is safe
Advertisment
Solid Report for Trump Project in Panama
The Trump Ocean Club, the bellwether project under construction on the bay in Panama City, is still hitting its financial and construction targets, the developers told bondholders last week. Newland International Properties sold 23 units in the first half of the year, bringing the total sold to 832 of the 1,004 condominium and hotel units, according to the report, which can be found on the Panama Investor Blog.
While there have been accounts of steep discounts and stagnant sales in other Panama City towers, the Trump project is discounting units an average of only about 13 percent, Newland told investors. The average price for a two-bedroom unit is about $683,000 or $4,452 per square meter.
Like many projects that carry the Trump name, Newland is simply licensing The Donald’s brand. Widely believed to be the most expensive of the many new towers sprouting in Panama City, the Trump Ocean Club’s progress has been closely watched, amid concern the Panama City market is over heated.
Read more
Dubai Faces Sea of Empty Units
Somehow this is not a big surprise: Dubai, the poster child for the boom years, is facing a surplus of 31,000 homes by the end of the year, according to a new JP Morgan report.
You don’t need a fancy economic degree to figure out the reasons for the sea of empty homes. “Modest economic forecast and negative population growth estimates” are blamed for the surplus. In other words, the flow of overseas buyers has dried up for all those new, ground-breaking, one-of-a-kind developments.
Read more
Nobody is buying holiday homes on the Costa Blanca anymore
Is this what you really want?
I read that holiday homes on the Costa Blanca aren’t selling so well these days, down 83% in 2 years, from 4,233 sales in 2006 to just 702 last year (sales by developers to non-resident Europeans).