The price of Spanish housing is growing at a much faster rate than the euro zone average, exceeding it for seven consecutive quarters. The latest data shows that the second quarter of 2016 witnessed a 3.8 per cent increase, lower than Jan-Mar figures but still higher than the euro zone average of 2.9 per cent.
Both Spain and Ireland have seen strong increases in recent years, largely due to making up lost ground as they continue to rebound from the brink of disaster.
France and Italy have fared far worse, while Germany has also performed well.
The news comes as a Spanish real estate revealed its half year report showing that major cities and coastal hotspots are behind much of Spain’s recent price growth.
...continue reading "Spanish property prices keep growing"
Property pundits have been concerned that sales of newly built Spanish homes appear to be low, contradicting the notion that a solid recovery is in full swing. In fact all the evidence shows the new developments from Madrid to Alicante, and from Marbella to Mallorca are selling very well.
So why isn’t this translating into official figures? The reason is that home sales won’t be entered into the property register until they are fully built and have habitation certificates, meaning we can take these seemingly low sales figures with a pinch of salt.
On to the wider sales market, which includes second-hand homes, and the latest figures from the National Institute of Statistics show strong growth across key regions including the Costa Blanca, Costa del Sol, Murcia, Balearic Islands, and the cosmopolitan centres of Madrid and Barcelona.
...continue reading "Sun Shining on Spanish Property Sales"
Buyers from abroad are returning to the Spanish housing market, attracted by economic growth that’s beating most of Europe and signs that prices are bottoming out after years of declines. Britons are the biggest investors as near-zero interest on U.K. savings accounts and rising residential prices make it less attractive to keep money at home.
Non-Spaniards spent 6.05 billion euros on Spanish property in the first nine months of last year, up 30 percent from the same period in 2013, according to data from the country’s Ministry of Public Works. The 40,338 dwellings purchased represent a 27 percent increase from the same period a year earlier, led by Comunidad Valenciana, Andalucía and Cataluña, the data showed.
Foreign and domestic homebuying in Spain evaporated when the economy collapsed during the financial crisis, leading to an international ...continue reading "Foreing buyers returning to the Spanish housing market"
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"
A privileged area, surrounded by greenery, nothing to block the view, very few neighbours, top quality and an innovative design. These are the characteristics demanded by the new property market which is being reborn on the Costa del Sol. The macro-developments, all looking the same, which mushroomed along the coast during the boom years, have been left behind.
Following the crisis the sector is starting to reactivate, thanks to projects which are based on luxury: residential complexes with a very few, very exclusive properties which are, logically, designed for those with ample budgets.
In Marbella, several of these are to be found now. Avenida Príncipe Hohenlohe, otherwise known as the Golden Mile, and Sierra Blanca are the main attractions for investors, many of whom bought land some time ago but were reluctant to build on it because of the plunging property market. Now, signs for show houses are reappearing and off-plan sales are becoming a reality once again.
...continue reading "Marbella and its luxury property market leading the crisis recovery"