Costa del Sol Property Blog

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In a recent article in thisismoney.co.uk it has been reported that British lenders are allowing property owners to re-mortgage their UK properties to fund property purchases abroad. To date this has been common amongst Scandinavia clients, but it is a positive sign to see British lenders doing the same. But the article is also a bit of a PR piece, I have tried to only include the salient points below. For the full article you can find a link at the bottom.

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As I have previously written, the Junta de Andalucía has been working on a decree which would enable many of the current illegal properties in Andalucía to finally be legalised.

The decree on the illegal properties was meant to have been ready within six months of its announcement back in March but is still not ready and the provincial delegate for Public Works and Housing has stated that will not be ready until November, more than likely December.

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The sale of Costa del Sol properties saw an increase of 7.8% in May compared to the same month last year according to Spain’s Institute of National Statistics (INE), with monthly sales standing at 1,931 sales (including VPOs).

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The sale of Spanish properties decreased by 18.3% in May compared to the same month last year, with monthly sales standing at 30 797 sales (including VPOs). Most of this drop was due to the sharp decline in new build sales in the Month of May which saw a decline of 22.7%.

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By the end of 2010, there were 687,523 new properties looking for buyers on the market, only a slight decrease on a year earlier. Based on current trends, fewer new properties coming on the property market combined with healthier sales last year, it is estimated that it could take between 3 and 5 years to absorb this accumulated stock.

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By the end of 2010 the stock of new housing stood at 687,523 properties, a drop of only 0.08% compared to the surplus of 2009, according to the according the the Spanish government . This is the first drop in the level of new build on the market since 2005.

ACCUMULATION OF UNSOLD NEW PROPERTIES

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According to a recent newspaper article, Spain’s main banks are once again offering mortgage loans on the same terms as they did before the crisis in an effort to shift their backlog of properties, many of which were seized during that period.
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There’s one factor more than any other that UK house price bulls use to back up their views. Supply and demand.

There are plenty of variations on the theme. But the general argument goes like this: “We live on a small island, our population is growing, and there just aren’t enough houses to go around.”

And the rebound seen in the market last year simply seems to confirm this view. There aren’t enough houses – so you can’t go wrong with bricks and mortar.

The bulls have got it right in one sense. House prices are indeed all about supply and demand. But it’s supply and demand for credit, not houses.

If you want the proof, just look at Spain…
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I have just been reviewing the latest statistics by the Instituto Nacional Estatisticas (INE), and the signs of the market bottoming out continue. Total property transfers throughout Spain (mainland and islands) During the month of March, the number of property transfers was 168,532, that is, 0.5% less than for the same month in 2009, and 1.1% higher than the figure recorded in February 2010.

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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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The following information is supplied by the National Institute of Statistics (INE) for the fourth quarter of 2009.
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