Summer is here, the beaches are busy and the bar and restaurant owners have a glimmer of relief on their faces to see the holiday season underway. Things are tough and prices have risen for many basics squeezing the gross profit margin harder than before.
According to the IMF accounting wizards we are going the right way but confidence is at an all-time low. Many locals are fearful to break cover and invest in property just in case things do not go as well as anticipated and overseas customers have so much to choose from that they are like bees drunk on sweet honey flitting from one pretty flower to another. A situation which does not make for stability in the housing market and prices rising in the near future.
I am not saying that the market is stagnant because we do have some movement for the right house at the right price but we certainly do not have buyers trampling each other to get to the Notary.
The rental market has seen movement but again for the right product at the right price and many owners have had to rethink their pricing to pick up business.
Long term rental is doing a bit better this year as people who are interested in buying decide to try before they buy but don’t forget that long term rentals need to be handled by a competent professional agent who will cross the T´s and dot the I´s regards legal contracts otherwise it could easily turn in to a nightmare.
In this issue we have another money market report from James Baxter who has contributed to all our Newsletters so far with his money market insight.
My thanks also to Paul Debois, professional photographer for telling us about his life, his work and what he likes about the Costa de la Luz.
Finally, we have a couple of articles. One about the Gibraltar situation and a piece on how to keep yourself safe when purchasing rustic property in Spain.
I hope you enjoy the newsletter.
Lesley McEwan, MD, Cadizcasa
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