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April 30, 2024
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Like the ones where the landlords have to pay people to guard their property from being run over by tramps, or the ones where the banks have forgotten to do this as there portfolios are too big and not feasible.
No, as in single residential real estate units that you can purchase for a third of the market value.
Sounds terrible.
Seriously though, we're doing quite a bit in Portuguese hotels etc.. Most people feel Spain has been picked over pretty well already, but probably a few gems left.
I think you're taking a very institutional perspective on this. I was referring more to making a personal investment in this. You can of course apply the same logic to almost any big city.
On a personal basis I'd question the ability / liquidity in the market to normalise back to "market value" with an appropriate time frame.
Why do you care about market value if you can buy below via foreclosure anyway? Plus, main cities such as Barcelona and Madrid have been hit the hardest anyway, and these offer you great revenue opportunities if you rent out the apartment(s) on a short term basis to tourists for example.
It's only ever below market value if the market at some point realised it was under valuing the asset. If there isn't a liquid market, the time for this price discovery is uncertain. Rent is great, but I'd question the assertion that it's rentable and super cheap.
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