Spanish property market in 2008

I have just reviewing a range of official statistics (Registro de Propiedades, INE, etc..) have compiled a brief analysis on how the Spanish property market fared in 2008. As can be imagined sales are down (surprised?), but not all appears to be doom and gloom.

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SPANISH PROPERTY SCANDAL PETITION

This month, a petition will be delivered to Number 10, requesting that Gordon Brown plays his part in helping solve some of the issues involving Spanish real estate and the UK investor.
The document asks that he lodge’s a complaint on behalf of British citizens who have become victims of Spanish property scandals and abuses. It also asks that Britain involve the EU.

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Buyer's guide

A while back I wrote this article, which can be found on the Buyer’s guide page, but I thought I’d put a copy here as well for general reading.
If you are looking at buying a property on the Costa del Sol, please read the summary I have written. I hope that this will help you avoid many of the problems that people face and allow you to have a successful purchase. Please note this is a personal recommendation and should not substitute for professional legal and/or fiscal advice.
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So is now the time to buy property?

Well depending on which ‘experts’ you ask the answer if going to vary. Some are going to say yes while others say no. For myself and our office its quite simple. What sort of property are you looking for? What sort of budget do you have?
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Media hyperbole

I’ve just finished reading an article on the time.online about property in Spain and it actually made me laugh out loud. As with most media these days hyperbole and sensationalism to be the name of the game.

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Future boon to Costa del Sol properties

Well in a positive sign of future development projects the Junta the Andalucia has approached the European Investment Bank (EIB) to seek funding for the Costa del Sol train network that will connect Fuengirola to Estepona.

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Property prices 2008 according to TINSA

According to Tinsa’s property price index on the Mediterranean coast fell by 14,3% in 2008 with a lower drop in the towns and cities at 10,2%. For you information Tinsa is one of Spain’s leading appraisal companies.
It also appears that this fall applies to both newly built and resale properties.

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Hiding from the Spanish Taxman

According to experts at the Spanish tax ministry (Gestha) around 36.800 properties are being rented in the province of Malaga, and are not declaring it to the taxman!!! According to these same experts this amounts to an income of 65.3 million euros a year. Still further around 73.6% of all rentals in the region of Andalucía or around 184.000 properties escape the taxman.

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Stunning Mijas Golf apartment Ref.: MlSA507731

A beautiful 2 bedroom, 2 bathroom apartment on sale in the renowned Cala Hills urbanisation by Mijas Golf on the Costa del Sol. This property has a large 24m2 terrace that has been enclosed with glass curtains. Great for taking full advantage of the terrace during the cooler months. The lounge itself is large and spacious while the kitchen is well equipped and modern. The property is being sold with parking included and the urbanisation offer community pool and attractive gardens. The property itself overlooks both the community pool and gardens and the surrounding green zones. Well located for golf enthusiasts. Very well priced for these sorts of qualities. Price: 229.000€

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Spain spends on subsidised housing

The Spanish government recently announced that is has set aside 2.8 billions euros to buy land in towns with a population over 20.000 in order to build VPO (subsidised) housing.

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Spanish lenders and bad practices

Spanish mortgage lenders using “bad practices” to rip off borrowers
According to María Martínez, a professor of civil law at the University of Zaragoza, several mortgage lenders here in Spain oblige their clients to take on additional products, such as life insurance which increase conveyancing costs by as much as 100% when purchasing a property.

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Arriba Estates expansion

Due to a growing demand for businesses in Spain, Arriba Estates is now unveiling its fast growing commercial department Spanish Bars.

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