Club Murcia process several thousand Tee Time Reservations each year and as such we receive a huge amount of email correspondance covering a wide range of Golf related topics. Certain topics follow seasonal trends, others follow various economic trends, none more so than the Golf Property Market. Rob Watchorn provides some insight into the current market.
It is no secret that the Spanish property market has taken quite a hit over the last couple of years taking with it the scalp of many ‘just too late’ small investors who tried to ride the wave of success that Spain has lived on for the last 10 years.
Many of the newest and indeed biggest projects were "High End" top quality Golfing Resorts in and around the Coast of Spain, where it seemed everyone wanted a piece of the action.
With the up front investment required to grow such projects, the additional infrastructure costs to maintain the on site commercial interests and leisure facilities, not to mention the Golf courses themselves, it is little wonder that many of those who invested in Golf property have taken a big hit.
However, with the recent signs of a marked improvement in sales and record numbers of enquiries being lodged with agents and developers, could 2010 be the year that finally turned the corner?
One of the main reasons for the sudden interest in Spanish property once again is, without doubt, the massive reduction in prices. There has been a real adjustment in the market and a definite change in the mind set with many developers realising that the only way to re-ignite the market and increase sales enquiries within the Sales Department, is by reducing prices … and how!
A perfect example of the reductions taking place in the current market was evident only this week. I received a call from a large developer asking if we would like to market their last remaining units of "Key Ready" Two Bedroom, Two Bathroom Golf Apartments and Bungalows’, discounted just this Monday (01/02/2010) to just 99.000 Euro.
At today’s (05/02/2010) Exchange Rate* of 1.18 Euro to the pound, that’s an asking price of just 83.900 Sterling. With prices bottoming out and an increase in enquiries, is 2010 an ideal time to invest?
With other delevopers following suit, there is a renewed confidence in the market and we can now offer Apartments on or next to the four best Golf Developments in the Murcia and Alicante regions and along this beautiful piece of the Mediterranean coast.
* Currency Exchange Rate supplied by XE Currency.
Author: Rob Watchorn.