Reply to: End of the Eldorado dream

[swamp]

I don't see what their problem is.

They can sell their Spanish houses for a (albeit small) pile of Euros and convert that to a big pile of Pounds and come back to Blighty and buy a big cheap house. Sorted!

[AtW]

I believe the issue is the fact that they sold up and moved abroad, spending in the Spanish economy as opposed to the UK economy.

I see no problem with this - that's what EU was designed for to make it easy for people to decide where they work, live or retire. It's their own life and they should make that choice without anyone telling them to die in a retirement home in UK.

Then, when the going gets tough, they realise that all their pension income is in sterling and it puts them in a precarious position and they plead for help from the people they left behind.

Indeed - that's why joining eurozone is a very sensible choice as it removes huge currency risk that is now screwing those already shafted (due to house bubble collapse) people over: they can't sell now and their incomes have dropped too (currency plus interest rates drop).

Most would probably argue that if you wanted 'out' you should properly assimilate yourself fully into your new country, learning the language and eventually applying for citizenship.

Yes indeed - that's what Soviet people say, this view was also popular in nazi/fascist countries.

[Beefy198]

What this has got to do with the problem? The issue is not Spanish language or Spanish citizenship here.

I believe the issue is the fact that they sold up and moved abroad, spending in the Spanish economy as opposed to the UK economy. Some even go on about how great what they've done is and how everyone else is mad to stay in the drizzly United Kingdom.

Then, when the going gets tough, they realise that all their pension income is in sterling and it puts them in a precarious position and they plead for help from the people they left behind.

Most would probably argue that if you wanted 'out' you should properly assimilate yourself fully into your new country, learning the language and eventually applying for citizenship.

[AtW]

They should learn Spanish, get a Spanish passport and stfu.

What this has got to do with the problem? The issue is not Spanish language or Spanish citizenship here.

[Flashman]

They are not wealthy dude - they are pensioners who bought relatively cheap houses to retire. Their main mistake is to ignore currency risk (which could have been eliminated if UK joned eurozone) and also hard to predict fall in income due to reduced savings rates. Assumption that their houses are liquid was also incorrect.

While my hearth does not bleed for them, my mind picks on the fact that if UK was in euro then big chunk of problems would have disappeared.

I really dont care about them. They made their own choice to leave Britain and live in a foreign country.

They live in Spain. They should learn Spanish, get a Spanish passport and stfu.

[Doggy Styles]

An IFA I know used to spend a lot of his time in his villa out there in semi-retirement.

He's the IFA who sold me Nicola Horlick's technology ISA just before it bombed.

I've seen him walking his dog in the rain over here a lot lately.

[Beefy198]

They had a debate on the radio the other day about this which I overheard.

Basically a load of pensioners calling in and complaining that they can't eat out that often any more, which didn't exactly endear themselves to the other listeners. A couple were asking for the British government to 'bail them out' and even repatriate them, which fell pretty deaf ears.

[KentPhilip]

Depends which part of Spain. Concrete highrises and tacky Brit resorts, yes!
Pretty villages in Mallorca, no!

Indeed. I've just come back from a two-day trip to Benidorm (don't ask - it was a stupid idea. Was seduced by a £18 flight from Ryanair. What a tuliphole that town is) and there was all the signs of economic depravation. Many of the skyscraper blocks of apartments had "se vende" boards plastered all over themselves, place was relatively deserted, and most of the bars were empty.

[SantaClaus]

Are prices in Spain actually dropping?

Seems the estate agent websites are still reporting prices much the same as for the last few years.

Seeing as most of my short holidays in recent years have been a week in a villa with a load of mates, I quite fancy buying something in Spain rather than the UK. Not easy to do research when the internet's full of dodgy data.

Depends which part of Spain. Concrete highrises and tacky Brit resorts, yes!
Pretty villages in Mallorca, no!

[Sol4ever]

Are prices in Spain actually dropping?

Seems the estate agent websites are still reporting prices much the same as for the last few years.

Seeing as most of my short holidays in recent years have been a week in a villa with a load of mates, I quite fancy buying something in Spain rather than the UK. Not easy to do research when the internet's full of dodgy data.

Thinking the same myself mate. Check out these sites

www.kyero.com
www.eyeonspain.com

[AtW]

My heart does not bleed for wealthy people who suddenly find themselves a bit less wealthy.

They are not wealthy dude - they are pensioners who bought relatively cheap houses to retire. Their main mistake is to ignore currency risk (which could have been eliminated if UK joned eurozone) and also hard to predict fall in income due to reduced savings rates. Assumption that their houses are liquid was also incorrect.

While my hearth does not bleed for them, my mind picks on the fact that if UK was in euro then big chunk of problems would have disappeared.

[Platypus]

My heart does not bleed for wealthy people who suddenly find themselves a bit less wealthy.

[AtW]

Are prices in Spain actually dropping?

Yes, but just like in the UK the market is stagnant - sellers don't want to sell and buyers don't want to buy (at current even reduced valuations). Credit that was driving it all up now dried up and banks don't want to lend until asset prices go back to normality OR buyers make big deposit.

[PAH]

Are prices in Spain actually dropping?

Seems the estate agent websites are still reporting prices much the same as for the last few years.

Seeing as most of my short holidays in recent years have been a week in a villa with a load of mates, I quite fancy buying something in Spain rather than the UK. Not easy to do research when the internet's full of dodgy data.

[BrilloPad]

But what about Spain?

At least they still have nice weather!