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.
The cost of buying property in the Canaries fell by 9.8 per cent while Balearic Islands prices grow up
According to recent data, demand for Real Estate in Spain's Balearic Islands is growing strong. Many people who choose to buy a property in Spain's Balearic Islands do so because of the aspirational nature of the archipelago.
Despite the Balearic Islands' appeal to overseas buyers, the value of homes in the archipelago - and on the Canary Islands - has fallen during the economic crisis that has hit Spain and other European nations.
The most recent figures published by Tinsa revealed the cost of buying a property in either the Canaries or Balearics fell by 9.8 per cent between March 2012 and the same month a year earlier. However, this is still below the average national decline of 11.5 per cent during the same period.
Home owners question advantages of new legalisation in Estepona, Andalucia
We're going local. Estepona, a Costa del Sol city in which many non-native Spanish live, faces a dramatic change in legislation that will alter property contracts in this location. As it is published in Sur (local newspaper):
"The decree, which affects all of Andalucía, aims to legalise many of the buildings constructed on rural land. Nevertheless this still leaves a large number of properties that for one reason or another will not qualify for the legalisation process.
...continue reading "Andalucia to Change Property Legislation"
Spanish banks face deeper losses on 176 billion euros of real-estate assets
"Spanish banks face deeper losses on 176 billion euros of real-estate assets. "You have to remove any kind of shadow of doubt over the valuation that you have of these assets in your balance sheet,” Luis de Guindos, tipped by newspapers as a contender for finance minister in a new People’s Party government formed by Rajoy, said in an interview.
De Guindos said he favored stricter rules on how banks account for depreciated land values.
...continue reading "Spain Set to Clear Property Debt"
The Spanish State Secretary for Housing showcases property at the Property Investor Show & OPP Live 2011
A delegation comprising ten or so Spanish property developers and real estate departments of financial entities showcased a sample of the properties available at a technical open-day in London to promote Spanish real estate in the United Kingdom.
The event was organised by the Ministry of Public Works in collaboration with the Spanish Institute for Foreign Trade (Spanish acronym: ICEX) and held within the framework of the Property Investor Show & OPP Live 2011, one of the main real estate events held in the United Kingdom.
...continue reading "Spain Shows Property in London Expo"