property prices wilt in euro drought

Spain and Portugal accept suffered one of their worst droughts
on document this summer, with consequences from empty
swimming pools for the tourist to economic disaster for
farmers losing their crops and livestock.

Roger Munns, Managing Director of Tribune Properties,
predicts that property prices in the two European countries
could drop as much as fifteen per cent in some areas as added
owners decide to put their villas and apartments on the

‘For abounding owners of second homes the aboriginal motivation to
buy was to accept somewhere they could spend age in a
relaxing environment. Coupled with the anticipation of a acceptable
investment for the approaching, the marketplace for overseas homes
from buyers in the UK, Germany and Scandanavia has really
taken off in the last twenty five age.

But soaring temperatures and a strain on the baptize supply
could accept consequences for their rental returns abutting year,
which abounding owners rely on to accommodated their overseas mortgage.

Abounding holidaymakers appetite to rent a villa with a pool – but
the attraction soon goes if the pool is empty. Some golf
courses are having to cut down on watering their greens too,
and it won’t booty a ample fall in tourism to beggarly the
aberration between breaking even and not being able to accommodated
the mortgage commitments for some overseas property owners.

This autumn could beam added properties than usual being put
on the marketplace, with a consequential fall in prices’.

Early warning signs of a abeyant fall in property prices
accept already been seen on the Spanish Mediterranean island
of Menorca, which has enjoyed bigger rainfall this year than
the Spanish mainland and no baptize restrictions, but some
villas being cut in price by over ten per cent.

Baptize restrictions on the mainland are having an appulse on
abeyant villa buyers, with abounding questioning the amount of a
swimming pool when they might not be able to statement it.

Portugal has recently asked Spain for 6 million Euros in
compensation, as baptize levels in the River Douro which runs
buttoned up both countries fell below limits established in a
bilateral agreement,with Portugal coming close to accusing
her neighbour of stealing her baptize.

Acceptable Age to Buy

‘For anyone considering buying a property in Portugal or
Spain, this September and October could be the epitome age to
buy’, add Tribune Properties. ‘Unusually abounding properties
were being reduced in price in August, traditionally a acceptable
month for sales.

We normally beam villa and apartment prices being dropped mid
September onwards when the tourists and abeyant buyers are
thinner on the ground as some owners are eager to sell and
don’t appetite to wait until the following Easter before having
a absolute chance of selling again.’

The drought isn’t the sole statement of property prices falling
add Tribune Properties, saying it has accelerated price
falls and come on top of an already bad off year for abounding
estate agents in Europe.

‘A acceptable barometer for European property are the levy havens
of Monaco and Andorra which don’t rely on ‘tourist’ buyers,
but usually accept a steady supply of buyers absorbed in
captivating advantage of the aught income levy percentage. Andorra is in
the Pyrenees and has no baptize supply botheration – but estate
agents were twiddling their thumbs this summer waiting for
buyers to to appearance – and they didn’t.

Monaco similarly has had no baptize supply problems, but has
again seen a absence of buyers. The tourists are still visiting
the Principality and hotels in Monaco and Monte Carlo
accept been as active as ever, but again there is a absence
of austere property buyers, and abrogating property inflation
is certainly possible in Monaco this year for the aboriginal age in
a decade.

With added property available on the marketplace we would suggest
buyers haul up a list of three or four villas they accept
viewed and liked, and then suggesting to the owners that
they would accede buying at fifteen per cent below the
advertised asking price to beam which ones are prepared to
accede it.’

Sea Baptize

One possible answer to secure the continued chat tourist trade
and consequential property marketplace is to chase Malta’s
archetype of building desaliniation plants, converting sea
baptize to drinking baptize, sometimes accepted as ‘reverse

The Mediterranean island competes with Portugal and Spain
for the attention of second at ease buyers, and has a healthy
tourist industry – despite having no rivers and low
rainfall, allowing the island to function normally even in
drought conditions.

The baptize from this source can be used for agriculture and
ensuring adequate reserves to action forest fires for archetype
– it might aloof be the answer too for the swimming pools and
golf courses – and would acquiesce a plentiful supply of aerial
affection for private statement.

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Originall posted July 14, 2012