Spanish property prices 2011

According to the latest statistics supplied by the INE (Spain National Statistics Institute) Spanish house prices fell 11.2 percent in 2011 with new build suffering an 8.5 percent fall and resale’s a 13.7 percent fall.

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Costa del Sol property decreases

House price statistics released by the government last week revealed that the average price of property in Spain is now down to 2005 levels. Their figures are based on price per square meter, which currently stands at approximately 1,700 euros.

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The future of illegal properties is still uncertain

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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Malaga sees sales decrease in 35 percent in the second quarter of 2011

The number of homes sold in Malaga in the second quarter of 2011 reached a total of 3,464 transactions, representing a fall of 35% compared to the second quarter of 2010 according to data published by the Ministry of Public Works. The fourth largest fall by province in Andalusia

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Property sales, Spain down 18.3%, Malaga up 7.8%

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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Spain needs 5 years to sell all new builds on market

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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Stock of new properties decreases in 2010

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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How the subprime mortgage found a home in the Spanish property market

To the rest of the world it became known as the subprime mortgage, but in Spain it is remembered as the “welcome mortgage.” It was specially designed for immigrants in 2005, at the height of the property boom, by Spanish mortgage brokers such as CreditServices. With nothing more than a three-month work record in Spain, these companies offered new arrivals to Spain mortgage loans that covered 120 percent of the value of a property. All the costs, fees and commissions would be covered by the loan, and the buyer would become a Spanish homeowner without having put down so much as a cent. The loans were organized through US companies, none of which had any physical presence in Spain, preferring to use fronts such as CreditServices instead.
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British government intervenes to help expats caught in Spanish property scams

The situation is so severe that the government recently appointed a special overseas property advisor to help deal with it and to better understand the problems of those involved.

As a result, contentious issues such as illegal properties which do not have correct permits, cases where off-plan developments have not been built as specified and the length of time and cost involved in resolving property disputes were recently raised by the British ambassador to Spain with the Andalucian regional government and the Minister for Public Works and Housing.
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Nearly 400 Britons lost millions on Spanish property deal

Investors bought off-the-plan apartments in a proposed development called Estepona Beach and Country Club, 30km west of Marbella.

In some cases, the prospective owners – many of whom were from Northern Ireland – put down an £85,000 deposit for their Spanish properties.

However, the land still belonged to its original owner and the complex was never built.

An investigation is now ongoing into Ocean View Properties, based in Birmingham, which was the British representative for Sun Golf Desarrollos Immobiliarios SL in Spain.
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Foreign accents on the Costa del Sol

The population of Malaga province is continuing to increase; however, this growth is mainly due to the presence of foreigners and it must also be said that the increase during the past year has been minimal and the population has grown by only 13,254 inhabitants. The economic crisis has led to a change in migration and the number of foreign residents in Spain has dropped by approximately 100,000.
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Costa del Sol airport development to receive go-ahead

It appears that at the next general meeting of the Alhaurin de la Torre council in September, the councillors are to give the green light to an ambitious project to create an ‘airport city’. The project, over fifteen years, will lead to the creation of a commercial and industrial zone covering 3.8 million square metres in the north-eastern part of the municipality, near the extended Malaga airport.

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Searches for Spanish property at record high?

I have just been reading a positive article in the telegraph.co.uk that claims that the amount of enquiries for Spain are up quite drastically from last year. A good sign! I should just point out though that ‘interest’ does not equate to sales and has the figures are given in percentages, they do not give a clear indication of how many individuals are actually looking at buying in Spain. From my point of view the demand for Costa del Sol property from the British market has picked up slightly, but remains weak due to exchange rates and other financial considerations.

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Spanish property Market March 2010

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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Spanish Sales Surge in Renewed Investor Confidence

A surge of foreign lifestyle buyers and investors has split the Spanish property market.

Sales are up 200% in some regions compared with 2009 – despite the Bank of Spain claiming that last year was the worst in a decade for foreign property investment in Spain.

“Parts of Spain are doing really well at the moment but there are two completely different markets,” said James Dearsley, European sales manager at agent Atlas International. The company has reported a significant increase in sales since November 2009.
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