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Published on Leave a comment on Property sales in Málaga reached in 2015 their highest level since 2008

Figures published by the Spanish Statistics Institute (INE) confirm that market recovery is well under way and that sales activity now lies at levels on a par with those at the start of the crisis.

Málaga Andalucía 300x196 - Property sales in Málaga reached in 2015 their highest level since 2008In Málaga province last year, 24,705 properties were sold, the highest figure since 2008. 2015 saw an increase of 11 per cent in sales and was the third consecutive year of growth. The Málaga property market has been growing since 2013 while national and regional recuperation did not start until 2014.

The rise of 11 per cent for last year in Málaga does, however, mark a slight slow down in recovery when compared to the 14 per cent growth in 2014. But experts point out that this is because high increases are easier when initial figures are very low.
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Published on Leave a comment on Two-thirds of Spanish population are flat-dwellers

Spain has the highest proportion of flat-dwellers in Europe and the lowest percentage of people living in houses, according to a report by Eurostat.

Pisos en Madrid 300x225 - Two-thirds of Spanish population are flat-dwellersThe latest figures on European housing reveal that two out of three Spaniards live in a flat, while in countries such as Britain, Croatia and Norway, more than 80 percent of people live in houses.

Flats are also a popular form of accommodation in Latvia - where 65 percent of the population live in a flat - Lithuania (58 percent) and Greece (57 percent).

But unlike their flat-dwelling European cousins, most Spaniards own their own homes - 80 percent own while only 20 percent rent. They just prefer those homes to be flats and not houses.

Six out of ten Europeans live in houses, so why do Spaniards prefer flats? One answer is that Spain is a heavily urbanized society.
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Published on Leave a comment on Residential property sales up for 18th month in a row in Spain

Residential property sales in Spain are continuing to rise with the latest data showing that the number of transaction recorded by notaires increased by 7.3% compared with Menorca 6 300x288 - Residential property sales up for 18th month in a row in Spainthe same month in 2014.

It marks some 18 months of continuous growth, the figures from the General Council of Notaires shows with its analysis report saying that the recovery in the housing market is being maintained.

A breakdown of the data shows that apartment sales increased by 6.2% year on year, more than double the increase recorded in October 2015. This was due to sales of free price apartments rising 8.3% and also sales of second hand apartments rising by 12.2%.

Sales of individual family homes also saw strong growth, up 11.4%, recording nine months in a row of double digit increased. However, sales of new housing fell for a tenth month in a row, down in November by 18.6%.
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Published on Leave a comment on Property registrars in Spain report annual price growth of 5.12%

Spanish house prices have increased at their fastest rate since the downturn, up 5.12% in the 12 months to the end of June, the latest index report shows.
apartment for sale in Puerto Banús 300x208 - Property registrars in Spain report annual price growth of 5.12%This is up from 2.65% in the previous quarter, according to the data from the Property Registrars which also shows that quarter on quarter price increased by 2.8%.

The latest rise in price growth means that prices are down 29% nationally since the peak of the market, but there are considerable regional variations.

The recovery in the Spanish property market is limited to the most popular areas where houses are in demand such as Madrid, the Balearics, the Canaries, Catalonia, and the Valencian Community and the report points out that this is reflected in prices.

It points out that sellers and buyers are adjusting their expectations accordingly. In more and more areas buyers who have been adopting a wait and see attitude whilst prices fell are now entering the market.
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Published on Leave a comment on Property sales in Spain reach three year high

Residential property sales in Spain increased in May to their highest level for three years, according to the latest official figures.

Mijas 300x199 - Property sales in Spain reach three year highBut there is an ongoing collapse in new home sales, the data from the National Institute of Statistics (INE) shows.

Overall there were 26,455 homes sale in May, up 5% on last year and 11% on the year before that. But a breakdown of the figures shows that the increase came from the resale market, up 34% over 12 months, whilst new home sales fell 42% to just over 6,000.

The overall picture is one of a recovery in demand for property in all areas where foreigners tend to buy, but with the market hamstring being a lack of attractive new homes for sale.

However this could be about to change. Demand is growing for new homes in Marbella, for example, and developers are building again.
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Published on Leave a comment on Multinational investment fund negotiates the purchase of Puerto Banús

The offer, from a group involving Credit Suisse, is set to be over 200 million euros and is linked to the possible extension of the site.

Marbella Puerto Banús 300x200 - Multinational investment fund negotiates the purchase of Puerto BanúsBoth sides are acting in absolute secrecy, but the negotiations are happening. A group involving a Chinese investment fund, the holding company Credit Suisse and the Spanish construction company Fomento de Construcciones y Contratas (FCC) have presented an offer for the licence for Puerto Banús, which has been in the hands of a private company since construction of the site finished.

The offer was made recently and the deal could be concluded before the end of the year, according to sources consulted by SUR. Although they have no involvement in the negotiations, the Public Agency for Ports in Andalucía (APPA) as well as Marbella town council have been informed about the existence of the offer and the development of talks. Representatives from the group of investors have held at least one meeting in Marbella with the APPA.
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Published on Leave a comment on 60% of Madrid evictions are from public flats sold to investment funds

Six out of every 10 evictions in the Spanish capital are taking place in public housing units that have been sold over recent years by the Madrid regional government and City madrid 300x200 - 60% of Madrid evictions are from public flats sold to investment fundsHall to investment funds, according to data included in a report from the Treasury Ministry.

According to the data in the ministry report, of the 111 eviction cases registered between February and June of this year, 65 were in houses that had been sold by Madrid administrations.

Between February and June, the report states, there were 50 evictions that took place in properties sold by the Municipal Company for Housing and Land (EMVS) to an investment fund. Another five evictions took place in flats sold by the Madrid Housing Institute (Ivima) to another fund; and 10 more were related to housing from the EMVS and Ivima. In total, 65 of 111.

In terms of evictions carried out by banks, the report registers 17, which works out at 15%, while another 29 evictions were brought about by private landlords. There were also 73 evictions from illegally occupied properties.
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Published on Leave a comment on The number of homes sold in March increased by a 12 per cent

The number of homes sold in March increased by a healthy 12 per cent compared to the same time last year, but house prices slumped by 7.5 per cent in the same period, 36050040 1558293 foto 728559 300x225 - The number of homes sold in March increased by a 12 per centreveal the latest figures from the Spanish Notaries’ Association (Consejo General Del Notariado).

The Notaries witnessed 34,736 homes sales in March, up from 30,950 the same time last year, a rise of 12 per cent.

The increase in sales would have been even bigger were it not for another huge monthly fall (32.6 per cent) in the number of new flats sold, as the supply of attractive new homes dries up.

Rising sales were accompanied by yet another month of falling prices – the biggest in more than a year. The average price of property in Euro per square metre was 1,202 €/sqm, down 7.5 per cent on last year, and 36 per cent since the start of the crisis in 2007.
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Published on Leave a comment on Property market in Spain is experiencing an uptick in sales

After seven years of stagnation the property market in Spain is experiencing an uptick in sales and prices have reached bottom.

With the Spanish economy improving, unemployment falling, tax revenue growing and a more stable banking system, lending figures are on the rise.

Puerto Banús Marbella 300x225 - Property market in Spain is experiencing an uptick in salesThe typical mortgage lending rate dropped from 4.21% to 3.29% over the course of 2014 and this has fed through to buyer confidence. Andalucía and the Canary Islands have seen some of the strongest surges in mortgage lending, up 25% and 26% respectively month on month, compared to the national average of 14.2%.

This renewed confidence and interest in Spanish real estate is most evident in Madrid and Barcelona where capital flows into both cities’ commercial markets topped €2.7 billion in 2014.

The return of large US investment funds has been notable but not just in Spain’s main cities. Marbella, a popular area with overseas buyers is building on a property market recovery that began in 2013 despite Spanish buyers failing to return in any significant number in 2014 and the Ukraine crisis impacting on the number of Russian buyers.
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Published on Leave a comment on More signs of recovery in Spanish property market

The Spanish residential property market is showing further signs of recovery with the latest national figures showing that completed sales in February were higher than 2014 Spanish HOme 300x225 - More signs of recovery in Spanish property marketand 2012.

But the data from the National Institute of Statistics also shows that sales were lower than 2013. However this was when tax breaks for buyers inflated registered sales.

Year on year, the market has increased 14% as a whole, but by 53% in the resale market, a substantial increase by any standards. But sales of new builds are not doing well, down 30% compared to the same month last year.

There is also considerable regional variation. For example, the growth in homes sales in coastal areas that attract foreign buyers has been generally above the national average, as foreign demand is boosting sales in most of those areas.
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