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British buyers willing to purchase a second home in Spain

SpainHouses.netOctober 1, 2012April 2, 2020Leave a comment

Around 56% of British people enquiring about the Spanish property market are actively interested in purchasing opportunities according to a study by Spanish real estate agent Inmoaction with 27% of respondents commenting that they would buy a second home in the country.

Results from the survey of more than 1,500 people highlights that the decline in prices in the Spanish property market is increasingly attracting British buyers looking for a well priced dream home.

‘While the data shows that Brits seem to be showing a great deal of interest in Spanish property, we are seeing this interest translate into action,’ said Marc Pritchard sales and marketing manager of Spanish house builder Taylor Wimpey España.

‘While enquiries by Brits have increased by 5.5% in August this year compared to the same time in 2011, last month saw 53% of all our property sales in August made to British clients, the strongest sales month to British buyers since September 2010,’ he explained.
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Real Estate sector and the bad bank

SpainHouses.netSeptember 24, 2012March 31, 2020Leave a comment

The ‘bad bank’ could help save a large number of companies that suffer from the effects of the stagnation on the real estate market in Spain.

For this reason, nobody in the sector wants to let go of this opportunity and everyone is taking positions to be involved in the new entity in one way or the other. Certainly, the state-backed bank rescue fund, the FROB, does not pay much, but little is better than nothing, given the state of the market.

The last ones to have claimed their participation in the new entity are the developers, which are probably among the most affected by the crisis. Their argument is that they are the ones who really know the market and, for that reason, are the best to evaluate the assets that will be transferred to the bad bank.

“The FROB, or whoever will have the mandate over these assets, must increase the management capacity and for that reason, it must take help from the sector,” said José Manuel Galindo, head of the Association for Developers and Constructors in Spain (APCE).

The real estate assesors also want to participate. The main companies in this sector, such as Tinsa, Sociadad de Tasación and Valmesa, aspire to get hired to assess the assets of the nationalized entities –in principle, only these entities- that will be transferred into the new instrument.
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‘Barcelona World’: The answer to Eurovegas 1

SpainHouses.netSeptember 12, 2012March 31, 20201 Comment

Finally, it seems that, although there is no official announcement, Las Vegas Sand Corporation has chosen Madrid to built Euro Vegas. Nevertheless, Catalonia is going to have its own amusement resort, called 'Barcelona World'. This enormous construction will combined six amusement parks and will be situated next to Port Aventura resort.

Spanish billionaire Enrique Banuelos and his Veremonte firm said they will construct the so-called “Barcelona World” on 1.5 million square meters of land belonging to La Caixa in Tarragona province. The 4.5-billion-euro investment is expected to create 20,000 direct jobs.

The project will be self-financed by investors from the six global areas who want to set up businesses in their respective theme parks, explained Lluís Rollán, of Mediterranean Beach and Golf, a Veremonte affiliate.

“We are not worried about EuroVegas. In fact others should be worried about what we are planning,” said Catalan land commissioner Lluís Recoder, who suggested that Barcelona World will be completed before the EuroVegas project gets off the ground in Madrid.

“Competition is competition and we want to be the first,” said economic commissioner Andreu Mas-Colell.

Adelson has told Catalan officials that the initial investment for EuroVegas would be around 17 billion euros but he also tossed around a 27-billion-euro figure in Madrid. The offer was to build the mega casino-hotel complex on 800 square meters of land near Baix Llogregat, with 250,000 direct and indirect jobs up until 2025.

Source: elpais.com

Barcelona Meeting Point 2012 has already confirmed the participation of 74 Russian investors and estate agencies

SpainHouses.netSeptember 10, 2012September 10, 2012Leave a comment

The XVI real estate exhibition Barcelona Meeting Point (BMP)

To be held from 17 to 21 October at the Fira Montjuïc in Barcelona, has already confirmed the participation of 74 Russian investors and estate agencies, and the list is at disposal of the real estates who have confirmed their presence in ‘Russian Meeting Point’.

As reported by BMP, the show will host a minimum of ten meetings 'face to face' with investors and Russian agencies, for those companies who book an exhibitor before October 10, which will cost 6,000 €.

The BMP is the only professional and international real estate exhibition placed in Spain since 1997, founded by the Consortium of Zona Franca de Barcelona (CZFB), which allows the meeting between real estate professionals, to know new investment opportunities and to get project funding, among others aspects.

Home purchase by foreigners grew up a 15% in 2011 1

SpainHouses.netAugust 28, 2012September 3, 20121 Comment

Comunidad Valenciana stood at the forefront of home sales to foreigners in 2011

Comunidad Valenciana (Valencia, Alicante and Castellón) stood at the forefront of home sales to foreigners in 2011, accounting for the 30.6% of the national total. So, this group performed 10,730 transactions for an amount of 1,515 million Euros, according to the latest report of the Housing Observatory of the region.

The Government explained that the data from the end of 2011 "endorse the Consell bet to encourage the region home sales to European buyers", in order to increase the number of transactions over the previous year, when there were 9,300.

The total value estimated of these transactions amounted to 1.515 million Euros in 2011, an amount that also exceeds the quantity achieved in 2010, with 1,431 million Euros.

The Consell has highlighted its commitment to value the housing stock available in Valencia for foreigners in Russia, Sweden, Norway and the UK, especially new homes for second residence, located in the coastline and inland towns.

He pointed out that a secondary house purchase by foreigners in the Comunidad Valenciana is "to consider a number of advantages over other destinations, such as security, facilities, distance to markets and colonies of foreigners of various nationalities."

Finally, the same sources stressed that property investment "is a significant source of revenue for our community, and has an important impact on productive sectors such as construction, tourism, hospitality or services"

Source: elmundo.es

Property in Spain ‘most attractive investment it’s ever been’ 2

SpainHouses.netAugust 6, 2012March 31, 20202 Comments

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".

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 beach apartment rentals drop up to 40%

SpainHouses.netJuly 27, 2012March 31, 2020Leave a comment

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

Spain’s property market gripped by new realism as prices plunge

SpainHouses.netJuly 20, 2012February 20, 2017Leave a comment

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.

Henri 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

Good news for overseas buyers: massive decline in real estate prices in Spain.

SpainHouses.netJuly 15, 2012July 16, 2012Leave a comment

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.

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)

Eurovegas and Mallorca Harbor

SpainHouses.netJuly 3, 2012March 31, 2020Leave a comment

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