The biggest annualised fall in Spanish property prices since the crisis began

April 16, 2012 – 8:35 am

Average Spanish house prices fell 11.5pc in March compared to the same time last year, according to the latest data from Tinsa, one of Spain’s biggest appraisal companies.

House prices fall in Tenerife and the Canary Islands in Spain's slump

That represents the biggest fall in the index since the crisis began and since Tinsa started publishing this index.

Housing on the coast, where most holiday homes are located, fell 10,79pc, marginally less than the national average. Prices in the Balearics and the Canaries were down 9.71pc.

Peak (Dec. 2007) to present, average national prices have fallen 28.6pc and by 35pc on the coast, all according to the Tinsa Index.

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

Average prices have declined say TINSA

August 29, 2011 – 10:26 am

Average house prices have declined 6.6pc over 12 months to the end of June,according to the house price index published by Tinsa – one of Spain’s leading appraisal companies.

Holiday homes have led the fall, with prices on the coast down 8.7pc in 12 months. The market on the coast is struggling to digest a large helping of second homes, made more indigestible by the disappearance of British buyers.

After the latest falls, prices are now back to where they were 6 years in 2005, but even that means that prices might still be too high.

Peak-to-present, house prices on the coast have fallen the most (-28.8pc), followed by cities (-23.4pc), suburbs (-22.9pc), and the islands (-20pc). On average prices are down 20pc since their peak at the end of 2007

 Tinsa state a fall of -7%  for the Canaries and Balearics, however the market appears to be improving again in Tenerife.

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

Average asking prices down for resale properties say Idealista

July 15, 2011 – 10:23 am

Resale property prices fall say Idealista

Average asking prices for resale properties in the Idealista database dropped 8.2pc over 12 months to 2,179€/m2, a quarterly fall of 1.8pc.

“The latest price index from Idealista confirms a worsening in the market situation,” explains Fernando Encinar, head of research at Idealista. “The price of resale flats is falling in ever more municipalities, and the discount is getting bigger.”

The Canaries index was down by 2.9% . If you are looking for a bargain and deal with a reputable estate agent, this could be the time to take the plunge in Tenerife.

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

Tinsa price index latest results

March 23, 2011 – 9:41 am

Tinsa index now shows positive signs for the property market in Tenerife

The Tinsa Spanish House Price Index for February (change over 12 months) is  as follows:

National average -4.5pc
Big cities – 5.2pc
Mediterranean Coast -6.7pc
The Balearics & Canaries -0.8pc

Peak-to-present:

Mediterranean Coast -27.2pc
Capitals -20.6pc
The Balearics & Canaries -17.5pc

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

Buying homes in Tenerife are back in vogue for buyers from Northern Europe

March 1, 2011 – 12:18 pm

Buying homes in Tenerife is back in vogue

After years of absence, Northern European buyers are back buying homes in The Canaries, if data from local real estate companies is to be believed. British, German, and Scandinavian buyers made up 20pc of the market in the last year and a half, according to reports in the Spanish press (Provincias).

Resurging demand is being driven by stronger economies in the North coupled with lower property prices in The Canaries. Beach-front properties between 110,000 and 120,000 Euros are most in demand, particularly in Tenerife’s prime property areas, such as Adeje and Fanabe.

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

30% increase in British reservations to Tenerife and Balearics

February 9, 2011 – 9:35 am

The troubles in Egypt and Tunisia are Tenerife's gain

Thomas Cook says Spain is benefitting from the troubles in Egypt and Tunisia. It has said that the number of reservations from British tourists for the Baleares has increased by 30% over the last four weeks. The company is putting the rush to book down to the events in Egypt and Tunisia. It seems that Spain in general, and the Canaries and Baleares in particular are the destinations to benefit the most from the unrest, followed by Greece where UK bookings are up 20%. It has even been suggested that the increase traffic to Tenerife has resulted in a number of positive property enquiries and transactions.

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

Asking prices increase states Facilismo

December 15, 2010 – 3:04 pm

Property prices on the rise once more in Spain and its islands?

Facilismo.com states that between October and November, vendors put up their asking prices by an average of 0.05%, the first time Facilisimo’s asking price index has increased since June 2007, bringing to an end 40 months of monthly price declines. Compared to November last year, asking prices were still down 4.2pc, but that is the lowest annualised decline this year.

Asking prices rose month-to-month in eight regions lead by Galicia (+3.46pc), Cantabria (+2.73pc) and Murcia (+1.19pc), and declined in eight regions lead by Navarre (-1.32pc), Aragon (-0.34pc), and The Valencian Community (-0..24pc).

“The end of mortgage tax relief and the almost total lack of new construction means that price declines are coming to an end,” explains Juanra Doral, head of Facilisimo.com. “Despite the government urging vendors to lower their prices, the majority will only do so if they really have to, preferring to maintain the present minimum value.”

But according to Idealista.com, another big Spanish property portal, (resale) asking prices fell 1.2pc in November compared to the previous month.

Prices fell in 14 regions, compared to 11 the previous month, and at an increasing rate. Asking prices rose a fraction in just 2 regions; Extremadura and Asturias, didn’t change in Andalucia, and fell the most in The Canaries (-2.4pc) and The Valencian Region (-1.4pc).

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

Canaries property prices fair better

November 26, 2010 – 12:31 pm

Canarian property fairs better than that on the Spanish mainland

Residential property prices in Spain have fallen between 3.7% and 5% over the 12 months to the end of September with the popular coastal regions taking the worst hit.

The latest figures from the Ministry of Housing show prices down 3.7% while the Tinsa index is down 5% year on year.

The average price of property is €1,832 per square meter, down from €1,903 per square meter a year ago, according to the figures from the Ministry of Housing.

The Tinsa index fell 5% in September, compared to declines of 4.6% in August, and 4% in July. Up until then prices had been trending towards smaller declines, suggesting they might even make it into positive territory on an annualised basis before the end of the year

Prices on the coast, where most holiday homes are located, saw the steepest declines, down 8.7% in September compared with a fall of 4.9% in August. The Balearics and Canaries fared slightly better, down 4.2% compared with a drop of 5.3% in August.

It means that prices on the coast are now down 25.7% at €1,924 per square meter compared to their December 2007 peak of €2,590 per square meter.

Prices falls have accelerated in each of the last three months but these latest figures are a set back to recovery. A lot will depend on what happens in the last three months of the year, according to Mark Stucklin  ‘The big question is why are price declines accelerating again, especially when the latest property sales figures show a strong rebound in transactions?’ he said.

‘We have to keep in mind that it might be just a temporary anomaly lasting a few months after which prices return to an improving trend. You can never be sure with just three months of data. But more likely it shows that average Spanish property prices have still not fallen enough, and vendors are having to give more ground to find buyers,’ he added.

The poor price figures come as the number of repossessions in Spain are on the rise. The credit crunch and rising unemployment have driven home repossessions to a record level.

There were 27,561 repossessions procedures in the first quarter of this year alone, an all time record for Spain, following on from an increase of 126% in 2008 and 59% in 2009. Spanish banks now have €20.5 billion of repossessed property on their books

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

Significant interest in Canarian property by British buyers once more

May 23, 2010 – 5:39 pm
Significant interest in Tenerife and Canarian property by British buyers once more

Significant interest in Tenerife and Canarian property by British buyers once more

Taylor Wimpey Espana, the leading UK developer in the Spanish market has reported a significant rise in interest from British buyers seeking to buy holiday homes in Spain and the Canary Islands. Easter has traditionally witnessed a surge in interest from the UK market, April being just behind July as the best month for sales in Spain, but this year has seen a noticeable jump in enquires and sales.

Interest is particularly strong in the Costa del Sol and in the Balearics  and Canaries.

The company is also reporting that the profile of the typical British home buyer in Spain is not the traditional stereotype of a retiree. On the contrary, according to Taylor Wimpey Espana 75% of buyers are middle class executives, between 35 and 50, with a wife and children. More than 50% are looking for a second home for family holidays, attracted by the climate and culture. Although these buyers’ stays are concentrated during the summer, on average they spend between 45 and 60 days a year in Spain. Typically buyers are taking a long holiday of 20 or 30 days between July and August and the rest in the weekends throughout the year. During their time in Spain buyers spend an average of 6,300 euros a year which covers the maintenance costs of the home and food and transport (70% rent a car).

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

Spanish property market grows once more

May 16, 2010 – 11:17 am
Spanish and Canarian property on the risw once more.

Spanish and Canarian property on the rise once more.

The Spanish property market grew by 16% in February compared to the same month last year, according to the latest figures to be published by the country’s National Institute of Statistics
Not including social housing, there were 35,720 home sales in February, 21,368 of them newly built and 19,665 resales. According to analysts the market has touched bottom and is starting to recovery after two years of decline but the improvement is patchy and volumes are still 47% below what they were in 2007.

An examination of the figures shows that 79% of the increase in transactions came from just two regions. Catalonia saw a 43% increase and Madrid was up 36% while the market continued to shrink or stagnate in many coastal areas popular with foreign buyers. Malaga and Alicante saw year on year increases of 3% and 3.8% respectively and Andalucia saw a 7% rise. Granada and Cadiz were both up 14% and Valencia saw 23% growth.

Local figures suggest that Marbella is leading the way to recovery with figures from the town’s tax office revealing that 2,499 properties were sold in the first three months of this year, a rise of more than 200% compared to the same period in 2009 when just 820 properties were sold and the highest for four years.

Meanwhile, the latest property price index from Tinsa shows that prices fell by 5.3% over the 12 months to the end of March, a slight improvement on the previous month. The figures from Tinsa, one of Spain’s leading appraisal companies, are however based on their own valuations not actual transaction prices.

Since the peaks of December 2007, prices are down 16.2% nationally, 22.5% on the Mediterranean coast, and 13.6% in the Canaries and the Balearics. But there are no signs of foreign property buyers returning to the Spanish market. The latest figures from the Bank of S;pain show that the amount of money invested by foreigners in Spanish property has fellen to its lowest level for a decade.

Foreigners invested €3.7 billion in Spanish property last year, the lowest level since 1999, when it was €2.9 billion. Foreign investment in Spanish real estate was down 32% last year compared to 2008, and by 48% compared to 2003, when foreign investment in Spanish property peaked.  But the weak economy, high unemployment and enormous inventory of new houses will slowdown any recovery in the Spanish market, according to a report from PricewaterhouseCoopers and the Urban Land Institute into European property market trends.

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