Costa del Sol Property Blog

After all the recent ‘positive-ness’ about property in Spain, potential green shoots, etc… I thought this article by Mark Stucklin was quite interesting. Marbella it looks like has done quite well in this first quarter. Actually more than that, this has been the best first quarter in the last five years. Like Mr Stucklin I am also quite dubious about this information, and I will give the town hall the benefit of doubt as they have been trying to clean up Marbella and its image. Personally I think the statistics are as positive as they are due to postponed completions (due to irregularities, etc…) and probably a slight surge in property in Spain. Anyway here is the article:

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They became a symbol of the global housing market crash, unsold, half-built, lining the Mediterranean like skeletal relics of a bygone, more prosperous age.

But villas and apartments on the Spanish Costas are suddenly hot property again as Britain’s second-home buyers rediscover the attractions of life in southern Spain.
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I recently had a discussion with a buyer who after reading from a variety of sources, which I am happy to say included my blog, thought that property prices along the Costa del Sol would be vastly lower than the reality due to the 1 million unsold newly built properties. Unfortunately all this talk of huge number of unsold properties has hidden certain important realities that few seem to be talking about.
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Recently there was a good article by José García Montalvo in the Spanish daily El Pais, discussing the present state of the Spanish property market, and asking what will determine the scale of the adjustment underway. Here is a summary of the article by García, a professor and real estate expert at Barcelona’s Pompeu Fabra University.
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I have just read an interesting article by ELS (legal firm based in Fuengirola) discussing how the changes in Spain’s capital gains tax law might allow EU vendors to reclaim part of the 35% they (unjustly) paid to the Spanish government. I wrote about this tax rebate, earlier in the year, but ELS have written a far more detailed and explanatory explanation.
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According to Pedro Pérez, the general secretary of the G-14 (association of Spanish developers) the sale of newly built property has started a mild recovery, and this position will be consolidated in the coming months. Backing this up, the latest INE (Spain statistics institute) statistics showed an increase of 7.6% in inter-monthly sales, with over 20,000 sales in September.
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I have just found these ten tips on how to help sell your property, written by Nick Snelling, the author of “How to sell your Spanish property in a Crisis”. I have included links below.

1. Treat the selling of your Spanish property with the same seriousness and commitment that you would a job of work
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The government of Andalucia, or Junta, announced yesterday a subsidy of 1 billion Euros to help liquidate the region’s property glut estimated at around 70,000 newly-built homes.
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It has recently been announced that the Bank of Spain will be introducing new rules in the next few weeks to double the amount written off by Spanish banks and Cajas (saving banks) when the banks hold repossessed properties for longer than a year.
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‘This development, being built by one of the largest and most distinguished development companies on the Costa del Sol, is just a three-minute walk from Marbella town centre. The apartments in Banana Beach consist of one, two, three and four bedrooms, fitted to the very highest standards possible.”

Sounds great doesn’t it? You’d never guess from this glowing description that the Banana Beach development was built illegally and has been condemned to demolition. Despite this, the properties are being advertised on websites targeting UK buyers.
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I recently read an an article in the Sur in English, which talked quite positively about British looking to buy in Spain. They recently attended a property exhibition called “A Place in the Sun” held at the NEC in Birmingham. Although smaller than previous exhibitions in the UK, “A Place in the Sun”, backed by the TV programme of the same name, held a successful show with a large turnout of people looking at overseas properties.
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The summer months are traditionally a quiet time in the Real Estates business on the Costa del Sol as many of the people who visit the area are primarily in holiday mode. Beach, sangria and nightlife are the main concerns with little thought given over to property purchases.
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I have just been sent an interesting article that I thought I would share with you. According to the site, primelocation.com, 70% of the visitors viewing properties for sale in the “international section” (i.e.: non-UK properties) are actively searching for property despite the economic ‘uncertainty’. And with Spain, and specifically the Costa del Sol, being such a popular destination for first and second homes, this can only be good news. Find below the article in questions, regards Andrew

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Recently the Prime Minister of Spain, José Luis Rodríguez Zapatero, announced that by 2011 mortgage relief for those earning more than 24,000€ will be stopped. After originally reading the article Zapatero and Common sense I have had time to do a bit of research on the topic and Spain does not seem to be alone in this ‘gesture’, with countries like Ireland having implemented similar measures recently.

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It looks like the media, in this case the mail are trying to label the Costa del Sol with a new nickname. Previously known as the Costa del Crime, followed by the Costa del Golf, now the Mail is trying for the Costa del Despair. Quite catchy but not as impressive at the Costa da Morte, Coast of death (official name) that is found in the north of Spain.

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