New home buyers nervous over looming tax increase

Thousands of property buyers are becoming anxiously nervous as the end of the year approaches. The reason is simple. If you are buying a new property, if you go to completion before the 31st of December you will only be paying 4% IVA (VAT) on the purchase, but if the purchase takes place in 2013 then the IVA rises to 10%. The difference of 1 day could lead to a 6% increase in the cost of purchase. More..

IVA on new homes rising from 4pc to 10pc next year

The Government has confirmed that IVA (value added tax) on new homes will go up from 4 percent to 10 percent at the start of next year. More..

Costa del Sol new build stock halved in 2011

Developers in Malaga province (home to the Costa del Sol) sold 10,000 new homes in the course of 2011, almost half the stock of 25,000 new homes on the market at the start of the year, according to the Association of Builders and Developers of Malaga (ACP). More..

Spanish property sales decrease 18.3% in May

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%.

More..

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.

More..

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

More..

Newly built Spanish properties drop 4.7%

The average price of new housing (non-subsidized) fell 4.7% in the first half of 2011 year on year and 2.3% since December 2010, according to a report by “Sociedad de Tasación”. On average, the price of new properties in the provincial capitals of Spain stand at 2419 euros per square meter in June, with the average 90m2 house valuing at 217,710 euros.

More..

Developers see improvements in Costa del Sol property sales

In the last few months, several promoters have seen increases in the level of Costa del Sol property sales, compared to 2009, although financing is still hard to come by.

If this is the case the next report by the Ministry of housing should reflect these positive trends as this was not apparent due the first trimester.

More..

Spanish property shortage in the next 3 years

The G-14 (group of largest developers in Spain), claim that there will be a shortage of properties in Spain in the next 2 to 3 years in certain areas if the level of granted licences continues to drop. Pedro Perez (General Secretary of the group) claims that due to the lack of building permits having been handed out, prices on newly built properties in urban centres have already been adjusted via supply and demand.

More..

Unsold new builds increase by 8.9% in 2009

The surplus supply of newly built properties on the market waiting for a buyer rose by 8.9% to 114,147 by the end of in 2009 in Andalucía, according to the Ministry of Housing. On a national level, the supply of newly built properties on the market stands at 688,044 properties, an overall increase of 12%.

More..

Properties and unpaid community fees

Many potential buyers know, or are informed by their lawyers, that you need to ask for a certificate to show that there are no debts attached to the property when buying a resale, to avoid getting landed with a bill for a backlog of owed community fees when they move in. This is the common practice on the Costa del Sol. But what about when you buy a brand new property from a developer?
More..

Unsold Spanish property paradox

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.
More..

Recovery in the sale of new build property

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.
More..