A recently repeated episode of the daytime television favorite. A place in the sun It contained a stern warning to anyone in the UK wishing to move to Spain. And presenter Laura Hamilton’s advice on property prices is still relevant more than six months after the episode was first screened.
The sunny European country remains one of the most popular choices for expats, as it is often considered an affordable place to buy a home. But those serious about purchasing property there are cautioned to do their research, especially about what they can afford.
It follows an episode of the Channel 4 show in which presenter Laura Hamilton gave a person a reality check, which first aired in July 2022. Spain, once a hotspot for cheap property under the sun, may not offer the products it once did, Hamilton said, after he was asked to help house-hunting Jennie find a holiday home on the Costa del Sol with a budget of just £ 85,000.
Unfortunately for Jennie, Laura had bad news waiting for her. She said: “I have to give you a serious reality check: a budget of less than £90,000 for a two-bedroom property is going to be exceptionally difficult. So I think in terms of your budget, we are definitely going to need to have some flexibility.” over there”.
And real estate prices in Spain have continued to rise since the episode first aired. Prices increased nine percent in January of this year, compared to the previous year. However, Spanish property experts Realista said the market slowed in the latter half of 2022.
Regarding 2023says Realist: “Analysts are unanimous that in 2023 there will be fewer transactions in the Spanish real estate market. Of the 600,000 expected for this year, next year there will be about 550,000. However, experts point out that half a million sales a year is a healthy figure and indicates a balanced market.
“The latest figures point to an 8% increase in property prices this year (2023), although some parts of Spain have seen much larger increases. For example, on the Costa del Sol, they are up 11% in the year until the third quarter, and resale prices experienced an increase of 13.5%.
“Although experts agree that house prices will fall in Spain in 2023, they differ on the amount. Pisos.com predicts that prices will be between 1 and 3% lower, although with the caveat that they will see insignificant changes “In the busiest markets in Spain, ING forecasts an increase of 1% in 2023, and BBVA Research expects the increase to be around 2%.”
Birmingham live reports that house prices in Spain were still unstable when the A Place in the Sun episode first aired and that the market had not adequately recovered from the pandemic.
On the programme, Jennie discovered that the selection of different properties in the resort town of Estepona on the Costa del Sol was turning out to be much smaller than she had thought.
As a result, she decided not to make an offer on any of the properties she was shown. Viewers of A Place in the Sun noticed Hamilton’s reaction, with, according to the daily star, saying on Twitter that he didn’t seem happy at all, just in stronger language. Another said the show’s editors should have removed a lot of swear words from the footage filmed by the cameraman.
A third allegedly said: “There you go, complete waste of time. You would have guessed they would have told her her budget was completely unrealistic for what she wanted.”
Hamilton, having given Jennie the “reality check”, said he believed many people looking to buy a home in the European country had not realized that the Spanish property market had not become buoyant again. As a result, there continued to be demand for properties, but actually very little on the market. As a result, Spanish house prices recorded their largest annual increase since the boom period before the global financial crisis. Prices rose nine percent in January of this year from a year earlier, according to a monthly index compiled by photohouse, a real estate website. This is the largest increase since September 2006.
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