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

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

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.

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

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.

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

Record number of repossessions in Spain this year?

October 21, 2011 – 2:51 pm

Repossession bargains in Spanish and Tenerife property

 A record number of homes in Spain could be repossessed this year, according to estimates by the ADICAE banking and insurance consumer group, presenting prospective buyers with an even greater selection of distressed housing stock to choose from, once the banks start to release these properties back onto the market.

The group projects that around 16,500 homes in Spain were repossessed in the second quarter of 2011, squashing some claims that the market is now on the road to recovery.

With Spanish home prices having declined by up to 70% since 2007, caused primarily by a severe oversupply of homes, property buyers are bagging some genuine bargains, particularly in coastal resorts such as in Tenerife and the Canary Islands.

Spanish property commentator Mark Stucklin said: “If the trend continues, there will be a total of 160,000 home repossessions this year, on top of the 140,000 families that have already lost their homes since 2008.” He added: “To make matters worse, many of those families will still have to pay off mortgages for the homes they have lost.”

According to ADICAE, a further 270,000 families are behind on their mortgage payments, suggesting that the more repossessions could follow,

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

El Hierro power scheme viewed as a model for renewable power projects

October 5, 2011 – 10:08 am

El Hierro in the Canary Islands,supplies residents with renewable energy

Intermittency is a well-known weakness of solar and wind power, they’re good when the sun shines and the wind blows, say critics, but what about when it doesn’t? (Though there are some questions about all that.) The response of alternative energy enthusiasts tends to come in two flavors: better grid balancing–where reliable power sources, such as nuclear, take up the slack when needed or improved energy storage. The trouble with many of today’s storage methods, though, is that they are either not very good or too expensive. There are several new ones, including salt, but none are yet ready at scale. If you wanted to be hopeful about renewables, you might look at a project 900 miles off the coast of Spain, on the smallest of the Canary Islands. El Hierro measures only 104 square miles, but it is being viewed as a model for projects combining renewable power with pumped hydropower storage–perhaps the most viable currently available storage method. El Hierro’s $87 million scheme consists of an 11.5 megawatt wind farm (five turbines) that will provide the island’s 11,000 inhabitants with the majority of their power. Source: FastCompany.com

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

Optimism in Spanish property market once more.

September 21, 2011 – 8:53 am

Spain and Tenerife property market improves again

“Gazanging”,  is when a property seller changes their mind, leaving frustrated buyers hanging with an unfinished deal. According to a recent survey, 54,000 people have been gazanged in the UK this year, but it’s not a word that property buyers in Spain have had to learn.

The number of UK sellers with cold feet has increased by 20 per cent from the end of 2010, says the research from In-Deed, who coined the term . The rise in gazanging and the decline in UK home sales over the past year have been attributed to low market confidence, but it’s a different story in Spain, where sales have shot up in the second quarter of 2011.

90,746 houses were sold between March and June this year, a 21.9 per cent increase on the first quarter, which has boosted optimism in the Spanish property market.

The department for housing suggests that overseas buyers continue to be one of the key driving forces, while sales to foreigners who reside in Spain increased by 22.9 per cent, pushing up prices in areas including the Costa Blanca and Costa Calida and Canary islands. 

Ignacio Osle, Sales and Marketing Director of house builder Taylor Wimpey de España, commented: “Although Spanish property prices are yet to catch up with the highs seen in 2007, the price increase is nevertheless an encouraging sign for investors in the market.”

A total of 396,000 homes have now been sold across the country over the past 12 months, suggesting that unlike the UK, British buyers aren’t being left hanging by many property sellers in Spain. Which prompts the question: is there a Spanish word for “gazanging”? And would they need to use it?

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

Opportunities to purchase properties at low prices in Tenerife and Spain

September 6, 2011 – 8:23 am

Property bargains available in Spain, Tenerife and the islands

During the last three decades, hundreds of thousands of Britons have purchased property in Spain. Nonetheless, a surplus of villas and apartments has spawned due to mortgage defaults from British buyers. By noting the declining property prices during the month of June, according to valuation and consulting firm Tinsa’s latest General IMIE (Spanish Property Market Index) report, one can see the opportunity to purchase Spanish property at a low price. This is why British investors are continuing to invest in the Spanish real estate market.

Along the Mediterranean coast, the Balearic and Canary Island archipelagos are amongst the most popular tourist and investment attractions in Spain. The Balearic Islands feature Mallorca, Menorca, Ibiza, and Formentera. With its Opera House, Mallorca offers a stately and elegant experience, while King Juan Carlos’ castle sits in Palma. Menorca offers a drier climate than the aforementioned Mallorca, in addition to cool breezes. Menorca has also garnered fame for its production of leather goods and gin. Ibiza has recently improved its reputation from years past, and Formentera offers an intimate and secluded getaway.

The Mediterranean Coast offers numerous overseas investment opportunities.

From the bright lights of Benidorm to the opulence of Moraira and the resorts towns of Javea and Denia, the Costa Blanca offers a smorgasbord of options. The Costa Blanca is serviced by Alicante airport, now supplemented by inexpensive flights to Valencia on the northern Costa. This enhances tourists and property buyers’ access to the Spanish region during the year. The Costa features the Mediterranean highway, which runs alongside the coast for virtually the entire length of the Costa Blanca, enabling easy travel.

Tenerife and the Canary islands, firm favourites over the years with the British has property available at prices not heard of during the last five years. Maybe this is the time to bag that bargain?

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

Tinsa price index

August 9, 2011 – 11:40 am

Prices for property in Spain fell by 6.6 per cent last month compared with June 2010, new figures have revealed.

The latest General IMIE (Spanish Property Market Index) report from valuation and consulting firm Tinsa also revealed a monthly decrease in house prices compared with May.

Overall, the largest drops were recorded on the Mediterranean coast, where values fell by 8.7 per cent over the previous year. Large cities saw a 7.3 per cent decline, while the Balearic and Canary Islands registered a seven per cent negative movement.

“As regards variations by areas, it should be highlighted that all of them showed greater year-on-year falls than in the previous month,” Tinsa said in its report.

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

No VAT increase in Spain says Salgado

June 30, 2011 – 8:55 am

No VAT increase in Spain, Tenerife and the Canary Islands

The Government’s financial vice president, Elena Salgado, has responded to the suggestion of the Bank of Spain to raise VAT in order to generate more revenue, by saying that the Government “will not increase VAT, since it would have a negative effect on consumption”, as was argued at the European Commission. “To be clearer, the Government will not increase the VAT,” she added.

At a press conference to present the Ministry of Development’s advertising campaign on rehabilitation, Salgado said that “fiscal policy is the responsibility of the Government which then must be approved by Parliament”, to which she added that Government revenues are behaving as expected, and “it is not necessary to raise VAT to achieve fiscal consolidation.”

In the same vein, she praised Brussels’ decision to back down in its request to raise Spain’s tax as a counterweight to a reduction in social contributions, and stressed that the European Commission has been “sensitive” to the Government’s arguments. At this point, Salgado also rejected the possibility of reducing social security contributions, stating that “we should wait a bit before taking steps in that direction,” at least to see how the pension reforms progress.

On the other hand, asked about the proposal of the bank run by Miguel Angel Fernandez Ordonez to set expenditure ceilings in the Autonomous Communities , the Minister of Economy stated that “the regions themselves must decide” if they set an expenditure ceiling, given their “financial independence.”

Source: Kyero.com

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