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Tag: real estate

Published on Leave a comment on Spanish property prices keep growing

The price of Spanish housing is growing at a much faster rate than the euro zone average, exceeding it for seven consecutive quarters. The latest data shows that the second quarter of 2016 MIjas 300x225 - Spanish property prices keep growingwitnessed a 3.8 per cent increase, lower than Jan-Mar figures but still higher than the euro zone average of 2.9 per cent.

Both Spain and Ireland have seen strong increases in recent years, largely due to making up lost ground as they continue to rebound from the brink of disaster.

France and Italy have fared far worse, while Germany has also performed well.

The news comes as a Spanish real estate revealed its half year report showing that major cities and coastal hotspots are behind much of Spain’s recent price growth.
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Published on 2 Comments on British buyers down in Spanish coastal areas due to Brexit

Brexit is bad news for the recovering Spanish property market with a real estate conference in Marbella hearing that it is already having an impact with a fall in British buyers.

Málaga playa de la Malagueta 300x225 - British buyers down in Spanish coastal areas due to BrexitInterest from British buyers in locations like the Costa del Sol where they have been the biggest group of foreign buyers for many years, began dwindling in the run up to the European Union referendum in June and since.

Property expert Mark Stucklin told the conference, organised by Spanish appraisal company Tinsa, that British buyers made up 36% of foreign market in the Malaga province last year, more than double the next biggest group from Sweden and 50% of the top six markets combined.

He believes that when reliable figures are made available they will show a big decline in British purchases, perhaps 50% or more in the six months after Brexit. Stucklin said that he also spoke to other property industry professionals at the conference, including lawyers and estate agents and most of them said that Brexit is having a significant negative impact on their business.
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Published on 1 Comment on British fund to invest 25 million euros in five luxury villas in Marbella

The London-based British fund Pacific Investments has announced plans to invest 25 million euros in the construction of a complex of luxury villas in the Sierra Blanca area of Marbella.

Marbella Sierra de las Nieves 300x225 - British fund to invest 25 million euros in five luxury villas in MarbellaThe exclusive project is aimed at a privileged few, buyers with very high purchasing power; there will only be five properties in total, and the price is expected to be around seven million euros each.

The complex, which was launched by the director de Pacific Investments, Mark Johnson, and the head of Penna Properties Partners in Marbella, Christopher Penna, has been designed by the Torras y Sierra architecture studio, which also designed the Finca Cortesín hotel.

The construction of the villas will begin as soon as the council has issued the works licence – this should be done within the next few weeks, they say – and the site chosen for the exclusive development is the area known as Cascadas de Canoján, in the upper part of Sierra Blanca.
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Published on Leave a comment on Seven out of ten properties sold to foreigners in Andalucía are located in Málaga province

The Costa del Sol is still the number one choice in Andalucía by a long way when it comes to attracting foreign property buyers.

Fotolia 114355057 S - Seven out of ten properties sold to foreigners in Andalucía are located in Málaga provinceBetween January and July this year, there were 4,978 registered real estate transactions to non-Spanish purchasers in Malaga province, an increase of 16.9% on the same period in 2015.

According to official Spanish government data, this accounts for 70% of the residential properties sold to foreigners throughout the whole of Andalucía.

On a regional level, the number of properties bought by foreigners in Andalucía increased by 18.9% in the first six months of this year. The 5,973 transactions in the same period in 2015 rose to 7,105 sales in 2016.
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Published on Leave a comment on Spain’s housing market continues to show steady signs of recovery

Eight years after Spain’s property market crashed, house sales continue to increase, with a three-year high registered in June as some 36,856 homes changed hands, up 19.5% from the same homes for sale in Torrevieja Alicante 300x200 - Spain’s housing market continues to show steady signs of recoverymonth in June 2015.

Building on the growth seen in April and May, sales for the first half of 2016 were the best since 2010.

However, growth is largely restricted to five major cities and their surrounding areas: Madrid, Barcelona, Alicante, Malaga and Valencia. Total sales for the first half of the year were 207,593.

Residential construction is partly driven by foreign investment, which is pouring into developments in Madrid and Barcelona; a jump in building permits points to more growth to come. Construction and real estate accounted for more than a third of the nearly €22 billion ($24 billion) of foreign investment in Spain in 2015, Economy Ministry data shows.
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Published on Leave a comment on Brexit has not affected property sales so far, say Costa del Sol real estate experts

Is a weak pound and the uncertainty accompanying the Brexit vote having or likely to have an impact on the British demand for property in Spain?

Marbella 2 300x199 - Brexit has not affected property sales so far, say Costa del Sol real estate expertsWhile demand for property has been growing since 2013, a reversal is anticipated given that the market for UK buyers is driven by the strength of sterling.

It is also expected that the buying pond for British owners wishing to sell and return to the UK may also evaporate somewhat in the short term.

However this is not a view shared by those on the ground. Gary Oliver, sales director of Remax property agents, thinks not.

“We do expect some buyers may hold off to see what the coming weeks and months will bring but with little long term impact,” he says.
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Published on Leave a comment on Residential sales in Spain record highest growth since January 2013

Residential property sales in Spain increased by 23.6% in May year on year, the highest figures since January 2013, the latest official figures show.

house for sale in Sant Josep de Sa Talaia 300x225 - Residential sales in Spain record highest growth since January 2013The figures from the National Statistics Institute also show that home sales have now increased year on year for four months in a row. However, sales did fall back slightly from the year on year figure of 29% recorded in April.

The second hand market and, to a lesser extent, sales of new homes, were responsible for the May increase, up by 26.7% and 12% year on year respectively.

The data also shows that in the first five months of the year home sales increased by 15.8% compared with the same period of 2015, with second hand homes up 21.9% but new house sales down 3.4% over the five months.

Month on month sales growth has slowed. Compared with April sales in May 2016 were up by 3.5% but this was the lowest increase registered in this month in the past five years.
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Published on Leave a comment on Developer is planning to build the European Union’s tallest skyscraper in Madrid

A developer is planning to build the European Union’s tallest skyscraper in Madrid.

Madrid las cuatro torres 300x225 - Developer is planning to build the European Union’s tallest skyscraper in MadridThe 70-floor building would go up in the Chamartín district of the capital, and be part of a larger six-tower complex planned by Distrito Castellana Norte (DCN), has said company CEO Antonio Béjar.

The new buildings are slated for construction near four existing skyscrapers known as Las Cuatro Torres, whose 52-floor Torre Cristal, standing at 250 meters, is currently Madrid’s tallest tower.

Béjar said that the project “will redesign the city’s skyline and place Madrid among the main European capitals.”

According to Béjar, the six new towers “make up a balanced and sustainable urban setting.”

Béjar said the project has all necessary authorizations and technical approval reflected in 48 favorable reports. But it still lacks a municipal license. Béjar said that his company has not sent an ultimatum to city authorities, but that he hopes to get a reply before the end of this year.
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Published on Leave a comment on How long does it take to sell a property in Spain?

House prices throughout Spain seem to be rising as the market slowly raises its weary head above the doom and gloom of 2012 and 2013.

A Coruña 300x225 - How long does it take to sell a property in Spain?Some areas do seem to be rising more quickly than others though. With credit being offered once again by the banks, the outlook is definitely more positive than it has been in recent years.

How long does it actually take to sell a property on average now? Well it depends on where the property is and what the demand is like in the area.

According to new findings, in Spain on average a property takes around 10.2 months to sell which is already considerably less time than it was six months ago, when the figures stated that on average it took 10.6 months, and even less so than the 11.5 months in 2014 and 13.2 months in 2013.
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Published on Leave a comment on Luxury property sector in Marbella attracts 100 million euros

Marbella continues to attract international property investment. The investment fund Resolution Property has returned to the town after ten years’ absence to invest in luxury properties in the resort.

Marbella 1 300x199 - Luxury property sector in Marbella attracts 100 million eurosThe fund also plans to source investment opportunities in sectors such as services, retail, hotel and holiday rentals. The fund’s assets will be managed by Rhone Property, an investment fund management company with a track record of experience in Marbella.

Two companies make up the capital behind the fund: the British Resolution Property and the Swiss Be Capital. Each brings 50 per cent of the total capital to the fund and will carry out the investment via Investis Properties.

This company already owns an extensive portfolio of assets in Marbella and these have a value in excess of 50 million euros. The volume of investment will allow the company to become a REIT (real estate investment trust - SOCIMIin Spanish) and therefore place Marbella on the alternative stock market in Spain.
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