The Financial Crisis and The Asturian Property Market

Well, what else is there to talk about these days other than the global financial crisis?  Strange times indeed.

As regards the real estate market here in Asturias, it hasn’t been affected as badly as other regions of Spain as prices weren’t as inflated here to start off with.  Asturias was never part of the overseas property boom that transformed the southern Costas.  However, there has been some impact as falling consumer confidence is slowing worldwide markets.

Let’s not forget, however, that what constitutes a threat to one man is an opportunity for another.  While property prices in general are maintaining well in Asturias, there are exceptions.  New-build apartments in the cities for example.  Or specific properties where the vendor is in a hurry to sell and needs to buck the trend of a slow moving market by offering a truly sensational price.

We currently have a couple of properties on our books at that make me just wish I had some spare cash in the bank myself to capitalize on this unique moment in the market.  A charming, traditional country house, for example, just built by a property developer who is now facing a short-term liquidity crisis. Result, it’s now on offer at two thirds original price! (At least until his cash-flow resolves itself.)

We also have a commercial property on offer at just over half-price, as the vendors need to sell urgently, owing to personal circumstances that unfortunately must take priority over financial considerations at this point in time for them.

We’ve also noticed that the number of overseas buyers wanting to get away from it all and to escape to the peace and quiet of the countryside and a less commercialized way of life has increased, if anything.

When the global financial markets are crumbling all about you, what better escape than a place in the country with your very own veg patch and chickens? If you can’t rely on the banks or the governments, then self-sufficiency must be the way forward!

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