Home construction in Spain to recover in 2013?

May 21, 2012 – 8:30 am

Construction in Spain and Tenerife set to improve in 2013

Home construction in Spain will begin to recover in 2013, according to the
Corporate Practise Institute.

The IPE’s Real Estate Pulsometer has predicted that the country’s inventory
of unsold will decline by 23.6 per cent this year, with up to 611,250 homes
being snapped up.

The report also notes an increasing trend for purchasing Spanish property
with cash, predicting that mortgages taken out will amount to just
one-third of the level seen in 2006.

However, while the market’s outlook is promising for the next 24 months,
“the report stresses that current construction activity has been reduced
to 20% of that achieved in 2007″,  Spanish rents rose by 0.7 per cent in April.

Figures from the National Statistics Institute showed that rental rates
increased compared to April 2011, with only two regions recording a
decrease in price: Murcia and La Rioja, where prices fell by 1.2 per cent
and 0.3 per cent respectively.

Rents increased by the highest amount in Catalonia, 1.4 per cent, followed
by Asturias and the Basque Country, where rates jumped by 1.2 per cent.
Rents rose by 1.1 per cent in Castilla y Leon and 1 per cent in Galicia.

Increases of less than 1% occurred in Andalusia (0.8%), Melilla (0.7%),
Ceuta (0.7%), the Canary Islands (0.6%), Extremadura (0.5%), Castilla-La
Mancha (0.5%), Cantabria (0.4%), Aragon (0.4%), the Balearic Islands
(0.4%), and Madrid (0.2%).

Source: Kyero

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Latest Tinsa property prices.

May 9, 2012 – 1:03 pm

Latest Tinsa property prices for Tenerife and Spain

Spanish property prices fell again in April, according to TINSA. The firm’s latest report saw that IMIE General Index of real estate values declined by 12.5 per cent last month, marking a cumulative drop of 29.8 per cent from, the market peak at the end of 2007.

The Mediterranean coast continues to record the biggest falls in year-on-year prices, with a decrease of 14.3 per cent in the area’s prices compared to 2011. This was closely followed by “Capitals and Major Cities” which fell by 13.7% compared to the same month last year. In both cases the decline was higher than the market average.

Below the market average were the “Balearic and Canary Islands” which fell by 12.3% year-on-year, followed by “Metropolitan Areas” with 12%; while the lowest declines were recorded by “Other Municipalities”, defined as those not included in the other segments, which recorded a fall of 10.6%.

In terms of cumulative declines from the top of the market by segment, the “Mediterranean Coast” was down by a total of 37% in April; followed by “Capitals and Major Cities” with 32.8%, Metropolitan Areas” with 30.7%, “Balearic and Canary Islands” with 26.9% and lastly “Other Municipalities” with 24.2%

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Brits taking advantage of weak Spanish property market

May 8, 2012 – 9:36 am

Brits taking advantage of cheaper property in Spain and Tenerife

The volume of Brits taking advantage of the weak Spanish property market by purchasing homes continues to grow, new research shows.

According to latest figures from the National Statistics Institute, the number of British residents in the Balearics has risen by 75 in the past year bringing the official total to 23,773 people. The average age of this British contingent is now 46.6 years old.

Stephen Dight, managing director of Mallorca, and Ibiza, Sotheby’s International Realty, says: “The Balearics are a much more aspirational destination and, with higher property prices and lower supply of quality homes than mainland, attract a wealthier expat. Fluctuations in exchange rates lessening pension income or small percentage falls in property values are unlikely to affect our British Balearic expats and be a tipping point to force an exodus  they are simply not living on tight budgets.”

The largest in the Balearic archipelago, the Island of Mallorca features a host of popular beaches, villages and marinas, fertile agricultural plains, 26 golf courses, an impressive capital city and imposing mountain ranges, which partly explains why it attracts over 10m tourists each year.

Meanwhile the Canary Islands, particularly Tenerife are experiencing a similar upturn of interest in the top end coastal properties.

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Rising airport charges could cost Spain and Tenerife’s tourism

April 24, 2012 – 9:33 am

Rising airport charges could damage tourism in Tenerife, the Canary Islands and Spain

Rising airport charges could cost Spain 2.87 million tourists, industry figures have warned. The Alliance for Tourism Excellence, Exceltur, labelled the increase in charges as “disproportionate” following their announcement in the State Budget for 2012. The fees, announced this month, could cost the country 2.87 million visitors, the association warned. The reduction in visitor numbers could amount to €1.64 million each year. The new rates, which are expected to be incorporated into ticket prices, have sparked fears that airlines will turn to other beach holiday destinations as a cheaper alternative to Spain, a move that could have serious implications for Spain, a country which relies upon tourism as a major form of income in a post recession climate. Airports expected to be most affected include Barcelona El Prat, which could lose 1.16 million tourists, Madrid Barajas, with 945,115 fewer visitors, and Palma de Mallorca, which could see tourist numbers reduce by 268,567.

Source: Kyero.com

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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.

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Good news for property investors in Spain

March 28, 2012 – 4:13 pm

In some good news for property investors, Spanish airline Iberia has launched a new low-cost airline. The new airline, Iberia Express, commenced operations with prices starting at €25 for a one way ticket. Iberia Express will cover Spanish cities including Madrid and the islands such as Ibiza, Fuerteventura and Lanzarote in the Canary Islands.

The launch follows the January collapse of Spain’s fourth-largest airline Spanair. The low cost Iberia Express has 500 staff and has a fleet of four Airbus A320 aircraft, according to Iberia Express chief executive Luis Gallego. “The containment of costs will enable Iberia Express to grow and compete with the low-cost operators,” he said.

International Airlines Group is the ultimate parent, which was formed by the merger of Iberia and British Airways in 2011.

Source: FinFacts

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Valencia is the most popular area in Spain for property

February 13, 2012 – 12:05 pm

Tenerife still a popular destination to purchase property

The most popular area of Spain for property is  Valencia, according to the MoveChannel. The information, which is based upon the enquiries received by the property portal in the last 12 months, shows that buyers scour South-East Spain for real estate, with Valencia attracting 32.24 per cent of all enquiries.

Close behind is Andalucia, which received 30.84 per cent of Spanish property enquiries, followed by Murcia, which accounted for 19.04 per cent. These top three regions carve out a clear favourite corner for buyers, who look almost exclusively at homes for sale in the Costas: Costa Blanca, Costa Calida, Costa del Sol and Costa de la Luz all fall within the three regions, while Costa Brava is located in the other key popular area of Catalunia, which is ranked sixth.

The least popular areas are La Rioja and Cantabria, even  Madrid, surrounding the country’s capital, received just 0.08 per cent of all enquiries, far behind that of rising tourist zone Galicia .

Buyers also search for sun and sand away from the mainland. Together, the Balearic Islands and Canary Islands accounted for over 12 per cent of Spanish real estate enquiries. The Balearics alone received 5.13 per cent, more than the whole of northern Spain combined. Given the wider popularity of Spain’s island regions, the absence of the Canaries or Balearics from the top 10 suggests that buyers search for property by island as opposed to looking for specific cities.

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Lowest level of quarterly sales since crisis began but Canary Islands buck the trend

December 19, 2011 – 10:58 am

Canary Islands buck the trend of falling Property sales in Spain

The lowest level of quarterly sales occurred since the crisis began, according to figures from the property register.

There were 84,852 homes sold in Spain between July and September, 31.9pc less than the same period last year and 9.3pc less than the previous quarter. It was the lowest quarterly level of sales since the data series began.

 Q4 may well be another record low, but after that  the market is expected to  bottom out in the course of 2012. Which is not to say there will be a strong recovery after that , but at least the market will have stopped shrinking.

However, if the credit crunch gets worse, then we could still find major problems as  mortgage financing is the key to any market recovery. However parts of the  Canary Islands have bucked the trend and may well continue to do so as  tourism increases in 2012

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Latest Price Index from Tinsa

November 17, 2011 – 9:53 am

Tenerife and the Canary Islands fare best in Tinsa's latest property index

Average Spanish house prices fell 6.9pc over 12 months to October, according to the latest House Price Index published by Tinsa, one of Spain’s leading appraisal companies.

Prices fell the most (-8.1pc) in regional capitals and metropolitan areas (-7.5pc), followed by the Mediterranean coast (-6.9) where holiday homes are concentrated, and where prices dropped considerably less than September. Prices fell the least in The Balearic and Canary Islands (-3.4pc).

Peak to present, prices are down on average 30pc on the coast, and 20.5pc on the islands.

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Russians buying more property than the British in Spain

November 2, 2011 – 9:50 am

Russians buying more property in Spain, particularly in Tenerife, the Canary Islands and Alicante,

Russians have taken over from the British as the biggest buyers of holiday homes in Alicante province, at least for one month this summer.

The majority of homes sold in Alicante this August were bought by Russians, reports the Spanish press.

The information comes from Jesualdo Ros, head of the regional developers’ trade body, who also said that Brits have fallen behind Scandinavian, Dutch and Belgian buyers.

Russians are said to be buying on some of the most up market developments, as well as some of the cheapest.

With a glut of 18,000 new homes to sell in Alicante, the Russians are being welcomed with open arms. Certainly we are seeing a similar rise in property purchases in Tenerife and the Canary Islands from Russians too.

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