Posted: Thu May 7, 2020 11:02am
You can't blame someone asking for a bargain - in spite of the 'world-ending' and many of us taking a financial (or worse) kick in. There will always be an opportunity somewhere & I don't think there is anything wrong with focusing on something 'more positive' in the future - rather than spend 24/7 digesting the depressing stuff around us.
I'm not so sure about this 'bargain thing' in Spain - The UK has massive problems which are yet to truly surface, as it may end up with the 'double-bubble' effect with the known financial issues from the pandemic (which all countries are having to deal with), but in a combination of a Brexit trade deal, which seemingly does not exist.
This is a HUGE issue for the UK - which has a free ticket with the financial services (or did while in EU) and as most non-Brexit voters were blissfully unaware that 45% of the UK's exports go to the EU and 53% of goods are imported from the EU. Any additional tariffs on top of the current pandemic issues are likely to devalue the UK markets. IE the bargains might be also in the UK! I'm not quite sure how the UK can expect to get a tariff-free trade deal with the EU (which is what they have already) - whilst making additional demands. I think the UK is in more trouble than people realise. Much like the USA, it's not the country it once was.
Brexit & bargains aside - there will always be an opportunity for those who have money, to take advantage of those who don't. So if you are a cash buyer or can access funds quickly and someone is desperate to sell, then you will find opportunity.
There will certainly be bars & restaurants which will suffer and owners looking to exit. But only freehold worth investment.
Spain in many ways is different to the UK - individual debt is lower and properties are less, with many family-owned. Employment statistics have always been misleading with a fair percentage of the population 'under the radar' - cash workers, so it can be quite difficult to get a truthful handle onto what is going on in Spain.
Where you do find property bargains in Spain - is when older ex-pats want to go home. They may miss the family or feel 'the end is near' and want to be understandably close to their families & many as time closes in, bail and do so cheaply. I've seen a few of my elderly neighbours want to go back to the UK and undersold their properties by 20-30k just to get out quickly.