The number of house sales in Spain increased 15.5% in February compared with the same month in 2014 – the largest rise in recent months – according to data released by the National Statistics Institute (INE) on Thursday.
Property sales have now increased for six consecutive months as the market gradually begins to recover from the huge crash that hit when Spain’s housing bubble burst at the end of 2007. The rise can be attributed exclusively to a 50.4% increase in sales of existing homes – 21,613 of the 29,714 transactions carried out in February were of this sort.
In contrast sales of new homes dropped 28.6% compared with the same month last year, with just 8,101 operations.
...continue reading "Number of property transactions in Spain has risen for six months in a row"
The property sector in Spain will recover, but at a different rate across the country.
Looking towards the country’s bigger cities will give an indication of the forthcoming tendency. For example, in Madrid, prices have readjusted by around 40% and the market has started to move. This means that investors have begun to take action, realising that prices are not going to drop any further.
A similar occurrence is taking place in Barcelona and in a number of the Basque capitals.
However, the major surprise is that economists and real-estate professionals believe that house prices in popular tourist coastal zones, have also bottomed out and are on their way to recovery. This is true for areas such as the Costa del Sol, where prices fell before and have recovered before others in the Levante region.
According to a report by global consultancy firm Deloitte, there are now 20 provinces that are well on their way to recovery and are returning to normality with regards to property.
...continue reading "Property recovery in Spain"
Residential tourism on the Costa del Sol is recovering from the crisis which hit after the real estate bubble burst in 2008. The increase in sales of properties to foreign buyers is now a fact. Figures for the first six months of this year show that the number of transactions carried out by non residents has exceeded those in 2007, the year before the property market went into depression. The president of the Costa del Sol Tourist Board, Elías Bendodo, and José Prado of the Association of Constructors and Developers of Malaga, report that between January and June 4,739 properties in the province were bought by foreigners. This is considerably higher than the 3,506 in the first half of 2007 and is even 45 per cent higher than in the same period of last year.
One result of the positive news is that the Tourist Board and Constructors’ Association are continuing with their ‘Living Costa del Sol’ project which aims to reduce the stock of unsold housing in the area, as it is believed to have contributed to the positive figures.
...continue reading "Significant increase of housing purchases by foreigners in Málaga province"
Improved confidence in the economy, a wide spread belief that property prices have finally hit rock bottom and more readily available financing are all helping encourage sales in Spain, according to experts.
It has been widely reported that the summer months saw a recovery in the country’s property market with some seeing sales increase by 8.8% in June compared with the same month in 2013.
Lending also increased, up by 19% in June 2014 compared with June 2013 and there was also a slight rise in prices which saw a 1% increase in the second quarter of 2104, the first quarterly rise for six years.
Before the economic crisis 40% of mortgages were taken out by immigrants. This has now fallen to only 3%. The average age of buyers has also gone up. The percentage of buyers younger than 25 has fallen from 16% to 3%. When it comes to investors, the volume of foreign investments is constantly increasing and 2013 saw a 16% increase on 2012. It is not uncommon for 80% of an estate agent's client base to be foreigners.
...continue reading "Good expectations for Spanish housing market"
The public prosecutor has signalled its intention to demand the demolition of 98 homes owned by British citizens in Albox, Almeria, which were built on non urban land and, allegedly, without the mandatory municipal licences.
The 98 homes are situated in the El Romeral-La Aljambra area and were constructed between 2004 and 2006 and, according to the courts, “are not legal because they do not comply with current planning laws in Albox”.
Two brothers, known under the initials J.F.A.H. and D.L.A.H., who were developers and builders of the residential complex, under various company names - Proyecto y Construcciones Almanzora SL, Procoal Villas SL and Empire Villas Sl - apparently built the homes on land not zoned for building and without a municipal licence and not only disobeyed an order to cease activity completely but continued to build more properties.
...continue reading "Courts to request demolition of 98 illegal homes in Albox, Almeria"