Sunday, May 25, 2008
I am reliably told that, despite the recession and a fall in real estate values in Spain, Galicia is bucking the trend.
Out of 17 autonomous communities, 16 have seen a fall in property prices for the first quarter of this year whilst one, Galicia, has actually seen prices ascending.
This may seem at odds with the rest of Spain and even artificial to an outsider, but in fact it is not. Galicia (along with northern regions like Asturias and Cantabria) have never seen the rapid escalation in property prices that have been driven by the south of Spain and so, in the same way that real estate values did not rise when they did in the south, they are not now falling.
The other factor in all of this is the general lack of impact of overseas buyers that places like Murcia and Alacante are dependant upon. In Galicia, most property (and nearly all new build) is taken by the domestic market, so a loss in confidence by foreign buyers has little if any impact.
Other factors include different laws that mean that the appalling “land grab” scenarios of the South do not occur in Galicia and the fact that property prices never became unrealistically high, means that there is little leeway for them to fall.
What this probably means is that the Galician house market is pretty stable and resistant to national and economic trends. This is good If you want a long term investment, a holiday home, or a long term move to the region, but not so if you want to make a quick killing.
If you are interested in property in Galicia, click on the title text to this entry.
Wednesday, May 21, 2008
Clickair will be flying from the UK to Vigo from this summer.
Anyone wanting more info can check things out via the Anglo Galician Association (AGA) for which there is a link in a previous entry, or of course via Clickair themselves.
They are launching the new route at the end of this month in Vigo with a party of some kind. You can find out more via the British Consulate their.
Friday, May 02, 2008
Galician property market and Noia
The property market in Spain is falling to even greater depths, yet in Galicia prices remain static with some properties even rising in value!
Whether this is because Galicia is genuinely immune to the effects of a global house price recession, or simply typical of a stubborn mentality of “not shifting on price”, I do not know. In any event, interest in rural properties in Galicia by the British and Irish continues unabated – or so it appears.
Still on property, the “A Place in the Sun” TV show included Galicia last Friday, but made a pretty poor job of it. Little was shown of the scenery and typical towns of the region and the properties “up for grabs” did not represent what most foreign buyers go for. Very disappointing indeed.
I was going to elaborate on the drunken behaviour of a minority of passengers on our return flight, but I have decided against it. The world is full of too much negativity and those passengers were not typical of the whole, so I will not dwell on them.
Moving back to Noia, our Galician home, we did encounter an English group in a local bar. They had been in Asturias the previous few days and had seen snow and blizzards. It certainly made us feel that our weather had not been that bad after all.
As is always the case these days, we ate a couple of times in the superb Tasca Tipica, a bar/restaurant in the medieval part of Noia. They offer a menu del dia (lunch) for 8.5 euros with 3 courses plus coffee and it is quite excellent. There is a good choice of starters and main courses and both Pepe and Paula (who run it) are excellent and friendly hosts and Paula is keen to improve and expand her English (which is already quite good).
We also ate at a very quiet Mama Mias and a couple of other restaurants – all very good.