Bargain homes in Spain prove popular with international buyers.

January 26, 2012 – 10:05 pm

Bargain hunters in property are investing in Tenerife and Spain

Overseas nationals spent €3.6bn (£2.3bn) on buying homes in Spain in 2011, as they took advantage of significantly discounted properties, according to data supplied by the Bank of Spain. The figures show that foreign property investment in Spain increased by 27% last year compared to the preceding year.

With Spain’s economy in turmoil and the housing market in disarray, owed largely to a major oversupply of homes, property prices have been in freefall, attracting more bargain hunters in the process. The hike in property sales in 2011 marks a second consecutive year of growth in international investment with 2011 beating the total value of transactions in 2010.

Many property professionals believe that the rise in foreign investment activity is a sign that property market conditions are improving. Spanish journalist Daniel Talavera  believes that the Spanish property market is now touching rock bottom of the downturn.

“2011 has probably been the worst year in terms of property prices and sales drop. If the price fall in 2010 was by 3% compared to 2009, the mentioned fall of 6.85% in 2011 compared to 2010 confirms that the market is reaching its lowest at the right speed.”

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Property, Tenerife, Things to Do, Weather | Tagged , , , , , , , , , , , , , , | Comments (0)

Spain’s property reign ended by America

December 12, 2011 – 10:22 am

US overtakes Spain in the property market

The reign of Spain has been ended by America, according to the latest Top of the Props report .

Spanish property used to be the favourite for buyers, with the sunny Costas attracting swarms of house hunters every year. But now there’s a new top dog as the US replaces Spain in the overseas property portal’s rankings, upsetting the market’s established order to become the most popular destination in November.

The US has long played second fiddle to both France and Spain for property buyers but in October, America leapfrogged France to become a surprise runner-up in TheMoveChannel’s chart. Now, an increase of 7.01 percent in enquiries has seen the US surge to number one, with foreclosed homes and bargain house prices eclipsing the opportunities available in Europe.

Spain could only stand and watch as enquiries fell by 2.38 per cent last month, despite its half-price VAT reduction on new homes until the end of the year. France, on the other hand, remained firm in third place, attracting exactly the same number of enquiries in November and October, demonstrating the country’s consistent appeal to investors.

Managing Director Dan Johnson comments: “After climbing three places in as many months, the US continues to attract more and more overseas investors. Florida remains a popular lifestyle choice and with US houses the most affordable they have been in 15 years, the troubled Eurozone just can’t compete with the low price of American real estate. It’s no coincidence that the US is the only country to rise above the four familiar European markets.

As Spain’s reign ends, America’s dominance begins. Indeed, while the industry speculates about the impact of the Euro upon the rest of the world, North America’s rise to first place is exactly the kind of stimulant the US housing market needs

By Angela | Posted in Economy, General, Holiday, Inspirational, Property, Tenerife, Things to Do | Tagged , , , , , , , , , , , , , , , , , , | Comments (0)

Real estate in the Canary Islands fairs better than mainland Spain

September 19, 2011 – 9:34 am

Tenerife and the Canary islands fairing better in the property stakes than mainland Spain

Real estate in  the Canary and Balearic Islands has experienced much lower price drops than in other parts of Spain, it has been noted.

Managing director of Spanish-Living Adrian Warriner pointed out that the two archipelagos – which include destinations such as Tenerife, Ibiza and Mallorca – have fared better than their mainland counterparts, recording just a 2.5 per cent fall in values over the last year.

“This is good if you already own a property there, but not so good if you are an investor looking for a bargain,” he stated.

Mr Warriner went on to suggest that those hoping to buy a home in Spain while the market is low may want to consider the Costa del Sol, which has seen average prices decline by more than ten per cent in the past 12 months.

Source: PropertyShowrooms

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Property, Tenerife, Things to Do | Tagged , , , , , , , , , | Comments (0)

Spain still a frim favourite for property

September 7, 2011 – 10:55 am

Property in Spain and Tenerife still a favourite with buyers

The three most popular international real estate markets are still the old favourites – Spain, France and the USA, according to the latest Top of the Props report .

In troubled times, many investors return to the things they know best and that certainly seems to be the case with overseas property buyers, with the top 3 countries sharing nearly a third of all property searches on TheMoveChannel.com.

Director Dan Johnson said: “The Spanish market is awash with great deals at the moment as Spanish banks continue to try and shift property cheaply. This phenomenon is unlikely to change soon, as there is plenty of supply, while the failure of some banks in the recent stress tests, means they’ll be keener than ever to divest the repossessed stock from their balance sheets. 

“France is an altogether different market, with a much higher concentration of lifestyle buyers purchasing holiday homes because they love the country and want to spend time there – it’s not such a price-sensitive market, though buyers are still pushing for good deals.”

Other notable movers and shakers this month are Portugal, which moved above Italy in terms of popularity for the first time and Thailand, which jumped up 12 places to number 9 and moved into the top 10 for the first time.

Of course, the Canary Islands especially Tenerife has some real bargains at present, why not check out the local estate agents and grab a property at prices paid  years ago.

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Weather | Tagged , , , , , , , , , , , , , , , , , , | Comments (0)

Sellers asking less for their homes at the cheaper end of the market

July 18, 2011 – 9:02 am

The number of vendors asking less for their homes leapt to 30,646 in May, 7% of all vendors and an increase of 73pc on last year. They reduced asking prices by an average of 8.2pc in a year.

So far this year 134,107 vendors have dropped their asking prices, 69pc more than last year and 31pc of the total.

In total, vendors are now asking 700 million Euros less in a month, 3.2 billion less this year, and 6.4 billion less in the last 12 months. That is potentially a huge transfer of wealth from vendors to buyers.

The biggest number of vendors asking less was at the cheaper end of the market, with 8.3pc of vendors with asking prices below €200,000 dropping their prices, compared to 6.5pc of vendors asking more than €600,000.

In value terms, however, prices at the cheaper end fell by an average of 8.6pc compared to 9.3pc for more expensive homes. This is the time to visit a reputable estate agent and look for that bargain in Tenerife, whether it is a cheaper property or a prime property.

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Weather | Tagged , , , , , , , , , , , | Comments (0)

Official data for Spanish house prices

April 26, 2011 – 9:52 am

The fall in Spanish house prices gathered pace slightly in the first quarter of this year, official data showed on Monday.

Data from the infrastructure ministry showed house prices fell by 4.6 percent in the first quarter on an annual basis after falling by 3.5 percent in the last quarter of the year. The fall was the sharpest since a 6.2 percent drop in the fourth quarter of 2009 and prices have now fallen for two-and-a- half years.

Spain’s housing sector worries investors because some of the country’s highly-indebted savings banks still have large portfolios of property that they may have to sell off at bargain prices, hurting their outlook even further. Meanwhile in Tenerife and the Spanish islands, prices appear to be improving, particularly for prime property.

Source: FOREXPROS.com

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Weather | Tagged , , , , , , , , , , | Comments (0)

Data indicates price fall in Spain and Tenerife

February 10, 2011 – 2:15 pm

Prices may still have a way to go before they bottom out in Spain and Tenerife

Potential market investors might be interested to learn that Spanish property prices are set to decline. Will Needham, editor of Spanish Property Magazine, said: “The best data indicates that prices are still falling and will continue to do so throughout 2011.”

“The rate of decline appears to be falling, so those looking for the bottom of the market should probably continue to wait.” He added that the number of transactions in the Spanish property market look set to show a “modest improvement” as bargain properties are taken on.

However, investors might want to be aware that the high levels of unemployment, bank repossessions and other consequences of the financial crisis in Spain “are not going away”. The research follows the publication of a survey by sunshine.co.uk, which found that the country in which people feel safest overseas is Spain.

The problem for would be investors is just when is the bottom of the market? Do they wait too long and then invest on an upward curve? Certainly prices in Tenerife are excellent value now.

Source: Expatriate Health Care

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized, Weather | Tagged , , , , , , , , , , | Comments (0)

This Spanish hotel really is rubbish!

February 1, 2011 – 1:28 pm

This hotel in Madid really is rubbish!

Madrid’s most unusual hotel has opened. It really gives a new meaning to the words, “That place was rubbish.”

The Save the Beach Hotel, constructed of 12 tonnes of litter collected from Europe’s beaches, is open to the public as part of the city’s International Tourist Fair. Designed by German artist HA Schult, the hotel, located in the city’s central Plaza de Callao, aims to raise awareness over pollution in the Med’s summer tourist resorts. 

“It shows the damage that we are causing to the sea and coast”, said Schult. “We live in an era of trash, and we run the risk of becoming trash.” Mexican beer brand Corona has also jumped on the campaign, giving competition winners the opportunity to spend the night in one of the hotel’s five bedrooms.

The International Tourist Fair has proved to boost further foreign interest in the flagging Spanish market, where real estate prices remain at record lows. However, a report conducted by Spanish property portal Kyero found that properties in the bargain lower end of the market (50,000 euro and below) saw an increase in enquiries.

Maybe time to look for  that bargain property in Tenerife or any of the Spanish islands?

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Weather | Tagged , , , , , , , , , , , , , , , , | Comments (0)

A good time to buy in Tenerife?

January 17, 2011 – 9:45 am

Bargains abound so this could be a good time to buy prime property in Tenerife

During Spain’s runaway housing boom of the last decade, tens of thousands of new homes were built on the coast with foreign buyers in mind. Unfortunately, foreign buyers didn’t  buy in expected numbers, which partly explain why Spain has such a glut of new homes on the coast.

The number of purchases of holiday-homes by foreigners have reduced considerably. They are down 87pc in the first 9 months of the year compared to the same period in 2006, and -16pc Q3/Q2 . At this rate foreigners buying holiday homes will do nothing to help absorb Spain’s glut of new homes. The figures are difficult to believe, just 490 sales in 3 months over the summer. Hopefully the  figures are not accurate, but if they are who will buy all those empty holiday-homes?  Certainly not the  vast number of unemployed Spaniards.

It is clear that vendors in areas such as Tenerife have realised that  in order to achieve a sale, the price needs to be right and so they have made the necessary ajustments to the sale cost. In fact, with the number of bargains now around in Tenerife and the Canary Islands, this is probably a good time to consider purchasing a second home or a property to rent out for income purposes. If you buy good quality prime property in a  coastal location, you could do  well.

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do | Tagged , , , , , , , , , , , , , | Comments (0)

Searching for property in Spain and Tenerife?

December 10, 2010 – 9:48 am

Searching for bargain property in Spain and Tenerife?

Those searching for distressed property in Spain and Tenerife may be interested to learn that banks in the country have an estimated €180 billion worth of “problem loans” with the country’s real estate and construction sector.

According to a Bank of Spain report, this figure could be set to increase in the coming months, with further builders, developers and homeowners expected to default on payments.

The news is likely to be welcomed by individuals looking to get their hands on some bargain property, with the homes usually being sold on with large discounts.

And it would appear that a number of potential buyers are taking advantage of this.The latest figures concerning transaction levels in the Spanish property market suggest that the sector is seeing signs of recovery.

As the National Statistics Institute reported that there was a jump in property sales of 29.6 per cent during August 2010 compared to the same period in 2009.

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Property, Tenerife, Things to Do | Tagged , , , , , | Comments (0)