Property Archives - Page 12 of 17 - News SpainHouses.net

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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Country style terraced house for sale in Salobreña (Granada)

SpainHouses.netDecember 5, 2014December 5, 2014Leave a comment

Historic Old Town In Salobreña (Granada), 4 bedroom, 2 bathroom, Seaside Resort, Second Hand, In Urban Area

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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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Hacienda is starting inspections in 28 municipalities in Malaga province

SpainHouses.netNovember 17, 2014Leave a comment

Hacienda, the Spanish tax authority, is working hard to identify properties which, irrespective of whether or not they have a works licence, have not been declared by their owners or by the local town halls and registered for tax purposes.

The authorities are targeting not only newly-built properties, but also those which have undergone modernisation works and those whose use has changed.

This is part of the Plan for the Adjustment of Rateable Values which came into force in 2013 and will be applied until 2016 to combat tax fraud and at the same time increase the amount of money in the public coffers. Unsurprisingly, a higher rateable value means paying more in municipal taxes such as IBI and capital gains, regional taxes such as inheritance and transfers, and State taxes such as income tax and wealth tax.
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Good days for the Spanish property market

SpainHouses.netNovember 10, 2014December 31, 2019Leave a comment

With property prices in Spain that have fallen significantly since the global financial crisis, many investors are seeing now as the perfect time to put their funds into Spain’s housing market.

Spanish real estate and construction accounted for around 18 per cent of Spain’s GDP in 2007, with a market capitalisation of more than €30 billion. It is now about a tenth of that, with the result that economists and investors alike are looking at Spain as being one of the last bastions of good value property in Europe.

The National Statistics Institute has confirmed that home sales are rising, up 8.8 per cent in June 2014 compared with a year earlier, while Spain´s society of notaries has reported that foreign buyers favour coastal areas. The breakdown of foreign buyers included 15 per cent Brits, 10 perr cent French, 9 per cent Russians and 7 per cent Belgians, according to the data.
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Good expectations for Spanish housing market

SpainHouses.netNovember 3, 2014April 2, 2020Leave a comment

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.
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Madrid’s commercial market offers a prospect of strong rental growth

SpainHouses.netOctober 27, 2014April 2, 2020Leave a comment

There has been good news for the residential market in Spain with sales steadily increasing and now the country’s commercial property market, particularly in Madrid, is striding ahead.
Over the next couple of years, Madrid is forecast to be one of the best performing European office markets, after staging a strong recovery.

This change reflects the much improved economic backdrop, providing occupiers and investors with renewed confidence and optimism. Historically, the Madrid office market has correlated closely with corporate performance and employment levels.

Prime rents reached their floor in 2013 and increased by 14% in the first half of 2014, to currently stand at €28 per square meter per month. Office investment has risen sharply, with volumes amounting to €700 million in the first half of 2014, compared with €400 million for the whole of 2013.

There has been limited development over recent years, which has helped to stabilise the vacancy rate at 11.5%. With limited development in the pipeline, a shortage of good quality stock is expected in the medium term, which is expected to lead to further rental growth.
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Property market is becoming stable in Spain

SpainHouses.netOctober 13, 2014October 13, 2014Leave a comment

Year on year property sales in Spain have increased for five months in a row, signalling that the residential real estate market is becoming more stable.

The latest figures from Spain’s National Institute of Statistics (INE) shows that sales increased by 10% in July on an annual basis and by 9% on a quarterly basis.

The INE doesn’t break down monthly sales figures by nationality, but real estate experts point out that foreign buyers are driving the sales increase. This suggests that there is plenty of scope for further increases when local demand picks up with falling unemployment and easier mortgage lending.
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The price of buying a home in Spain 1

SpainHouses.netOctober 6, 2014December 31, 20191 Comment

Buying a home in Spain is cheaper than elsewhere in the EU.

As reported by an annual analysis on Spain’s real estate market conducted by Deloitte, the percentage of income spent by households on mortgage payments - rate of effort - has been steadily falling in recent years and currently stands at 33 per cent, as a result of the decline in house prices registered since the outbreak of the economic crisis.

Moreover, the average home price in Spain is 4.4 times the individual gross salary, compared to many countries in the European Union where prices are 6.1 times the individual gross wage and Britain and France, where the ratio is 8.5 and 7.9 times the individual income.

For the fourth year and compared to the rest of the country, homeowners in Barcelona and Guipuzcoa have had to spend a larger percentage of their income on mortgage payments, given the high price of housing in those provinces.
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