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Legal resolution changes the situation for off-plan property buyers 3

SpainHouses.netFebruary 16, 2015February 16, 20153 Comments

An Estepona-based lawyer, Óscar Calvo, has succeeded in obtaining a legal resolution which improves the situation for off-plan property buyers.

Those who bought homes off-plan customarily signed a deal with developers and the bank which guaranteed the refund of any monies paid upfront if the property was not handed over as promised. However this guarantee was invalidated once the primary occupation licence was issued.

Now the situation has changed with the judicial resolution obtained by Calvo which eliminates this invalidation process because it is unlawful. Buyers who signed up to this bank guarantee after 1999 can request a refund.

According to Calvo, he was able to push for the court resolution because the law has been badly interpreted.
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Madrid and Valencia: potential property hotspots for 2015

SpainHouses.netFebruary 9, 2015April 2, 2020Leave a comment

Valencia and Madrid have been named as potential property investment hotspots for 2015 as the country’s property market continues its recovery.

Madrid is currently undergoing a revival following a rocky ride during the last seven years and Valencia’s position as a key tourist destination mark them out.

In Madrid official figures show that sales were up 17% in 2014 over 2013 and the city and surrounding region have seen their first property price rises since 2007.

It adds that as well as being popular with overseas visitors Valencia is a business and investment hub. Latest figures suggest that the number of property sales in Valencia has increased by as much as 30% compared to 2013 figures.
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Barcelona is the most expensive city to rent a home

SpainHouses.netFebruary 2, 2015September 27, 2019Leave a comment

While Madrid is the most expensive region to rent a home, at a monthly cost of €10.20 per square metre, followed by the Basque Country (€10 per square metre), Catalonia (€9.20) and then the Balearic Islands (€8.10), Barcelona is by far the most expensive city. There, tenants must shell out an average of €12.50 per square metre every month, meaning a small, one-bedroom flat of 50 square metres will cost €625 a month.

And after rising 11 per cent last year, Barcelona rents look to be booming.

Murcia saw the biggest drop of 4.4 per cent, and is one of the cheapest regions in which to rent, at an average of €4.70 per square metre per month.

Extremadura (€4.20) and Castilla-La Mancha (€4.40) are the only cheaper regions in Spain for tenants.
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Property recovery in Spain

SpainHouses.netJanuary 5, 2015December 31, 2019Leave a comment

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.
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One in three properties sold in Málaga goes to a foreign buyer

SpainHouses.netDecember 29, 2014December 29, 2014Leave a comment

The latest figures released by the Ministerio de Fomento (Ministry of Works) reveal that Málaga province had the second highest number of property sales in the country, after Alicante, during the third quarterly period of 2014.

The total number of properties sold between July and September in 2014 in Málaga was 5,900 (4,845 existing homes and 912 new builds) and of these, 1,918 were sold to foreign buyers.

The announcement makes it clear that Málaga’s property market is slowly recovering. These latest figures are higher than those during the same period in 2008.

Málaga is also the fifth Spanish province with growth in terms of percentage. Between July and September 14.2 per cent more transactions were made, which was only beaten by the provinces of Ceuta (60.8 per cent), Guadalajara, Madrid and Santa Cruz de Tenerife.
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Residential property prices in Spain rose 1.15% in the third quarter of 2014

SpainHouses.netDecember 22, 2014Leave a comment

Residential property prices in Spain rose 1.15% in the third quarter of 2014 compared to the same period last year, according to the latest index published by the Property Registrars.
That is the first time this index has edged clearly into positive territory since the Spanish housing bubble burst.

On a quarterly basis prices were basically stable, with a decline of just 0.08% between June and September and the peak to present fall in house prices is 32.4% according the Registrars’ figures.

It says that these figures paint a picture of stable house prices. The registered number of homes sold also shows a favourable evolution with transactions up 1.4% to 79,561 sales in the third quarter compared to the second. The market bottomed out with 72,560 sales in the fourth quarter of 2013.

The improvement was driven by resale properties with 52,127 sales, practically double those of new builds at 27,434. Resale transactions were up 4,268 on the second quarter, meaning a quarterly rise of 8.92%, against a fall of 10.36% in new builds.
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Homes sales up again in Spain in September

SpainHouses.netDecember 15, 2014April 2, 2020Leave a comment

Home sales in Spain increased again on an annual basis in September after dipping in August, according to the latest figures from the National Institute of Statistics.

Sales went up 13% in September and excluding social housing, there were 24,096 sales registered, the highest level in four years and 14% up on a monthly basis.

In the 12 months to the end of September there were 216,682 sales inscribed in the register, almost identical to the same period last year.

This year is clearly an improvement on last year, excluding the first two months of the year when figures were artificially distorted by tax changes.

The data also shows that the difference between resales and newly built properties continues to widen, though sales of both types increased in September, with resales up 17% and new builds up 10.5%.

A breakdown of the figures on a regional basis show that the province of Malaga, which includes the Costa del Sol, along with the Balearic islands have seen sales rise close to 15% this year.
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Significant increase of housing purchases by foreigners in Málaga province

SpainHouses.netDecember 9, 2014December 9, 2014Leave a comment

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.
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Uncertainty over coastal housing projects along Malaga province

SpainHouses.netDecember 1, 2014December 1, 2014Leave a comment

The Andalusian government has decided to prolong the approval of the Protection Plan for the Coastal Corridor of Andalucía for a further six months. This means more uncertainty for a large number of projects along the coast in Malaga province, which had been suspended as a preventive measure while the Coastal Plan was pending. The delay affects the plans for more than 2,000 properties, not including the 3,157 which Torrox council announced will not be affected by the plan because that is what they were told by representatives of the regional government’s Environmental Department at a meeting some weeks ago.

With this exception in Torrox, which still has to be officially confirmed by the Junta, the future of 2,129 homes is uncertain. More than half of these, 1,052 to be specific, are projects which had been planned in Estepona along a 500-metre stretch of land close to the beach. Under the initial Coastal Plan, construction of new properties on this site was banned on the basis that the land is environmentally valuable.

In recent weeks, representatives from the regional Environmental and Land Regulation Department have held meetings with some of the municipalities which could be affected by the plan, such as Torrox, and have tried to reassure the mayors and town planners by telling them it was possible that construction might not be banned on their land. However, not all of the local authorities were convinced by this verbal message.
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New law to prevent illegal holiday rentals

SpainHouses.netNovember 24, 2014Leave a comment

The minister of Tourism and Commerce, Rafael Rodríguez, announced last week the ‘III Plan de Calidad’, a project to regulate the use of properties rented to tourists, and which is expected to be approved in January.

The aim of this new decree is to curb the amount of illegal rental properties in Andalucía and expose the black economy generated by illegal rental properties.

“The decree is important as much of the tourist industry is operating underground, illegally. This will bring it to the surface and prevent unfair competition and damage to legally operating companies,” explained Rodríguez.

The legislation will include several requirements that owners who ,rent property to tourists by the night or by the week, will need to meet. The key requirement will be that owners of these types of properties will need to be registered on the Registro de Turismo de Andalucía.
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