Light at the end of the tunnel for the Spanish property market?

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This year could be the year where all indicators on the health of the property market emerge from the red.

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Spanish property sales up 11.1%

abril

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Foreign investments acquire 100 million euro portfolio from Spanish bad bank

H.I.G. Capital Announces the Acquisition of the First Property Portfolio Sale by Sareb
• The transaction values the portfolio at €100m.
• The portfolio comprises close to one thousand homes, primarily located in the community of Valencia, Andalusia, Murcia, the Canary Islands and Madrid.
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The Energy Performance Certificates explained

As has been reported on a range of property news sites, Spain recently approved Royal Decree 235/2013. From the 1st of June if you intend to rent or sell your property you will require an energy rating certificate.

According to the legislation the energy rating certification will need to be present on all advertisements, offers and promotions relating to the sale or rental of any property.
Royal Decree (in Spanish)
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Spanish real estate attracting foreign investment

Spain plans to offer residency permits to foreigners who buy properties priced at more than 160,000 euros as part of its efforts to revive the real estate market and rid itself of hundreds of thousands of unsold properties. More..

2 months of spanish property market expansion

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Will Spain’s bad bank work?

As I mentioned not too long ago in article, the Spanish Government would be setting up a ‘bad bank’ with the aim of buying up ‘toxic’ properties and land assets in the country in an attempt to clean up Spanish banks finances. More..

3 million properties to have rateable values increased

The increase in VAT and the expected increase in electricity bill will not be the only charges they will face some homes in the coming months. As stated in the draft State Budget presented by the government this weekend, the Ministry of Finance plans to review the assessed value of nearly three million homes in 2013, which in many cases will imply an additional tax burden to many families. Notifications of the Ministry are used by municipalities to prepare the local taxes. More..

Spanish government confirms there could be up to 900,000 unsold new properties

The official estimate of the stock of unsold new properties in Spain stands at 680,000 units. However, the Ministry of Public Works stated in the presentation on Infrastructure, Transportation and Housing plan for 2012-2024, that its calculations do not include the self-promotion of housing (Co-operatives for example). If included, unsold new housing could be around 900,000 units. More..

Foreigners buying more in Spain

During the second quarter of 2012 the foreign market accounted for 9502 Spanish property purchases, which represents a 12 percent increase compared to the same period in 2011, and is the highest figure in the last 4 years when it stood at 11,130 property purchases.

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Foreign investment in Spanish property on the increase

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Spanish property market transparency

I have just found an interesting news blurb by Mark Stucklin on a study by Jones Lang Lasalle. Based on this study it appears that the Spanish property market is more transparent that quite a few of its fellow European countries including: Belgium, Norway Italy, Portugal and Italy are all less transparent that Spain.
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The danger of generalised property article

After posting the article on S&P and their property forecast I had someone contacting me panicking that these articles would be detrimental to Costa del Sol real estate. Although I can see why a negative article, would be viewed… well negatively, there are also reasons why it should be written about.
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S&P says average Spanish property prices to drop further

Prices of Spanish properties could decrease a further 25 percent over the next 4 years according to Standard & Poor.
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Banks under pressure to finish building Costa del Sol properties

The governments most recent financial reform is forcing banks to dig themselves out of a hole that they helped to make in the first place.

Mortgage default and repossessions mean that now financial institutions are the owners of around half of the 6,792 unsold new properties on the Costa del Sol (according to a recent repost by Aguirre Newman). Now following Spain’s most recent financial sector reform this stock of real estate assets and loans granted to developers are costing the banks more and more in the form of provisions. As a result they are doubling their efforts to sell, which in many cases implies first finishing off the construction work where indebted developers left off.
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