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

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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?

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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.

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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?

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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.

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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

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Spain and Tenerife amonst the property buying destinations for the Indian holiday market

June 29, 2011 – 9:08 am

European countries like Spain, Greece and Italy are among the latest property buying destinations for Indians in the holiday home segment after prices have crashed there, according to industry analysts and consultants. Real estate assets in exotic locales around the world are often packaged and marketed as “holiday homes”.

Even as Indians are restricted by the Reserve Bank of India (RBI) ceiling while investing in overseas property, their numbers have risen in the recent past in buying a home away from home. RBI has capped the overseas property investment at $200,000 per person per year.

No concrete data is available to quantify the size of the market as far as Indians going abroad to buy property is concerned, said Anshul Jain, CEO (India), DTZ, an international real estate adviser headquartered in London. Jain, however, said the number of Indians investing in prime property abroad or buying holiday homes overseas has gone up substantially in the recent months.

Spain, Tenerife and the Canary Islands and Greece, which continue to be in the grip of the economic slowdown, have seen 40 to 50 per cent decline in holiday home prices from their peak level, according to Jain. One can acquire a holiday home in these European destinations at ¤250,000-300,000, estimates suggest.

Source: Business Standard

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British still buying in Spain and the islands

June 10, 2011 – 8:47 am
  • Tenerife and Spain are  still  favourites  with British buyers.

    The price of free-market housing in Spain has dropped on average by 15.4% (more than 20% in real terms and as much as 24% in some provinces).

  • In municipalities with more than 25,000 inhabitants there has been an average 25% decrease, while in certain coastal towns the drop has been even greater. Such is the case in Marbella (40%), Torrevieja (31%) and Ibiza (29%), for example.
  • In 2010, property purchases by foreign residents in Spain increased by 20.8% over 2009.
  • In 2010, the British accounted for 23.4% of all property purchased by foreign residents in Spain.
  • In 2010, 491,000 property sales were recorded, 6% more than in the previous year and the first increase after three years of downturns; 60% of sales were in the Mediterranean coastal regions and in Madrid.
  • The number of empty housing units stands at less than 700,000 units in 2010; 61% of these are concentrated in the Spanish coastal regions.
  • The volume of finished housing has fallen by 60% in 2010 compared to the peak year of 2007, while newly constructed approved housing has fallen by 90% in 2010 from its 2006 high.
  • At present, the construction of subsidised housing (VPO) accounts for 50% of all new housing. As a result this type of housing now accounts for 11% of all residential real estate in Spain.
  • 1/3 of Spain’s more than 25 million houses are holiday homes.

    • Certainly in Tenerife and the Canary Islands the housing market is showing signs of improvement once more and their are good quality prime property bargains to be had at present.

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    Real estate sector in Europe has the potential to double in size over the next five years

    May 27, 2011 – 8:49 am

    The European listed real estate sector has the potential to double in size over the next five years, according to Fraser Hughes, head of research at the European Public Real Estate Association (EPRA).

    The European listed real estate sector has the potential to double in size over the next five years, according to Fraser Hughes, head of research at the European Public Real Estate Association (EPRA).

    The main drivers will be banks looking to offload distressed property assets held on their books and private investors turning to REIT structures to realise the value of their investments, Hughes told a seminar at the Realty 2011 trade fair in Brussels on Wednesday.

    ‘A number of opportunities are converging that have the potential to double the current EUR 300 bn market capitalisation of the European listed real estate sector over the next five years under a best-case scenario,’ he said.

    Hughes made the comments during a seminar on European real estate investment trusts (REITs). He said Europe’s three largest economies: Germany, France and the UK, have the greatest potential to increase the size of their domestic listed real estate sectors by between EUR 10 to EUR 50 bn each, but there also interesting situations emerging in Italy, Turkey, Spain and Ireland.

    With the  all year round warm and sunny climate, Tenerife and the Canary Islands  are well positioned to be part of any increased interest.

    Source: PropertyEU.info

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    Eu to reintroduce visas?

    May 26, 2011 – 12:49 pm

    EU may consider reintroducing visas for migrants

    The European Union could temporarily reintroduce visas for some travellers from outside the bloc in case of a sudden influx of migrants from a specific country, under plans presented by the EU executive on Tuesday. The proposal addresses concerns by some EU governments about a sharp increase in asylum seekers from the western Balkans, where countries won the right to visa-free travel to the 25 member states of Europe’s border-free Shengen area. It also reflects a growing reluctance in Europe to keep its borders open at a time when turmoil in North Africa is driving thousands of people to seek refuge and jobs in the EU, while public opinion grows hostile to newcomers. The European Commission said new rules would allow EU member governments to quickly restore visas in case of a “high inflow of irregular migrants or a sudden increase of unfounded asylum requests from a third country.”

    Certainly the influx of migrants to mainland Spain and particularly Tenerife in the  Canary Islands has put the authorities under pressure at already increasing difficult economic times.

     Source: Reuters.com

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