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Buying a property in Spain is a more attractive proposition now than it ever has been

So says Marc Pritchard, sales and marketing director of Taylor Wimpey de Espana, who stressed potential buyers should look at the merits of the market at present and "strike while the iron is hot".

6r5kd6re - Property in Spain 'most attractive investment it's ever been'

Flat for sale in Marbella (Málaga)

"A favourable exchange rate between sterling and the euro combined with Spain's dip in real estate prices have meant that Spanish property is more attractive to buyers than ever before," he asserted.

Mr Pritchard also highlighted another reason to make a purchase now, rather than waiting - a potential tax increase which could come into force from next January.

He revealed value-added tax on real estate transactions, which currently stands at four per cent, may rise to ten per cent at the start of 2013.

Last month, director of international mortgage specialist Conti Clare Nessling told This is Money that Spanish property is a good long-term investment because the market is at its bottom and is expected to improve in the coming years.

Source: propertyshowrooms.com

The apartments rental have fallen across the Spanish coast between 10% and 40% this summer

The Comunidad Valenciana has suffered a greater drop in prices, down 40%, ahead of other destinations such as Canary Islands (-30%), Andalusia (-25%) and Murcia (-25%).

608675 49335 1 - The beach apartment rentals drop up to 40%
Holiday rental villa in Salobreña (Granada)

View villa holiday rental in Salobreña

Other regions such as Galicia, Cataluña, Cantabria and the Balearic Islands have declined 20%, while the fall in prices has been lower in Asturias and the Pais Vasco (-10%).

Analyzed the cheapest places you can rent at the beach, Almería is situated between the economic areas, behind Castellon and Lugo.

For reference, the rental housing during the month of August at the beach would always be above 2,000. In this range of prices there are destinations like Punta Umbria in Huelva (2,100 euros), Almuñecar in Granada (2,000 euros), Tarifa in Cadiz (2,000 euros) or Playa de Las Americas or Puerto de la Cruz in Tenerife.

In any case, the choices along the Spanish coast are very different and target different pockets and possibilities. So, in Cadiz is possible to find an apartment of 45 square meters on the line or pay 8,000 € 1,100 € per 160 square meters in San Roque and Malaga, Puerto Banus 3,100 euros to 1,300 euros in Nerja.

Source: Spainhouses.net

Bargain-hunting Scandinavians and Russians replace British buyers as Spain faces up to banks' toxic debts

Spain's property market is changing, with apartments in Barcelona and other major cities costing far less than in recent years.

Estate agents in Spain say there is a new realism in the property market as officials finally face up to the issue of the banks' toxic debts.

propertiesspain - Spain's property market gripped by new realism as prices plungeHenri Dovermann, of Hedrealestate.com, an agency in Torrevieja, said: "Things are changing – we are being given whole developments to sell, and pressure is on to sell them fast."

In the past foreign buyers getting into financial difficulties were quietly switched to interest-only mortgages which slashed monthly repayments for three to four years, he said. Spaniards who have got into difficulties have been allowed to stay in their home paying a rent rather than making mortgage payments. Developers, he said, that were technically bankrupt, were propped up so the banks did not have to own up to their bad debts.

But, according to Dovermann, apartments on the coast that were making €200,000 at the top are now, he said, going for €70,000-€80,000, although there are signs that those prices may be reaching the bottom, with local buy-to-let landlords starting to invest.

Bargain-hunting Scandinavians, Russians and even Ukrainians have replaced Britons as the key foreign buyers, often arriving with cash generated at home.

Source: guardian.co.uk

Spanish Crisis Triggers Real Estate Price Collapse

A move by Spanish banks to offload the build-up of foreclosed properties on their books is triggering a massive decline in real estate prices.

overseas background - Good news for overseas buyers: massive decline in real estate prices in Spain.Spain's real estate market saw a flurry of building activity prompted by rising real estate prices and property speculation up until 2007, when transactions came to a near standstill.

As a result, Spain now has an estimated two million units worth of excess residential property.

Spanish banks had been slow to offload the properties, which came into their possession when struggling developers proved unable to repay loans.

However, the banks now need an estimated $77.4 billion to stay afloat. And so the financial institutions are now attempting to liquidate as much of their inventory as possible.

The move is good news for overseas buyers who can now secure Spanish real estate for a fraction of its peak prices.

While much of the country's cut-price real estate is located around the tourist areas of the Costas (Costa del Sol, Costa Blanca, Costa de la Luz, Costa Dorada, Costa Brava, Canary and Balearic Islands...), there are some major discounts available in more attractive areas.

A series of newly completed condos in a historic area of Granada, for instance – hailed as Spain's most beautiful city – have just been offered by one Spanish bank with a price tag starting from less than $100,000 per unit.

The 800-square-foot units are within walking distance of the city's Old Town and come with 95% financing available for both domestic and overseas buyers.

Fuente: internationalliving.com (sfgate.com)

Spain had tried already to create the European 'Miami'.

A combination of hotels, apartments and retirement homes for European pensioners and partly-retired professionals, all over the Spanish coast. The project included the construction and updating of communication infrastructures, such as the AVE, highways and airports. Now, big plans are coming again.

eurovegas - Eurovegas and Mallorca Harbor
Las Vegas

The first one is the Eurovegas,which is getting great presence in the media because the American company that will develop the mega casino is in Spain, checking two likely locations, Madrid and Barcelona. The entrepreneur Adelson demands, among other petitions: lands expropriation, special tax treatment, and smoking permission in public places. In returns, up to 250,000 employs will be created, Adelson say. Some sources make sure that most of Adelson’s requirements has been satisfied, and only the casino location is left to know.

 

catedral palma - Eurovegas and Mallorca Harbor
Palma de Mallorca Cathedral

The second project is in Mallorca. The developer Roland Ras has presented to the Govern Balear a plan in order to remodel Palma’s Habor. This undertaking could create up to 33,000 employs. The stipulated period to finish the redesign is around 5 years. The work would be over a surface area of a million square metres and the industrial area would be enlarge in nearly 400,000 square metres.

The project would be developed by a private group with American and German funds. ‘Now is a good moment to invest in Spain and we see an opportunity for it’ Ronald Ras said.

Source: SpainHouses.net