Brits amongst the most active purchasers in Spain and the islands

May 15, 2012 – 9:27 am

Brits active in property market in Tenerife and Spain

Official figures show that Brits were among the most active purchasers of homes in Costa Blanca last year, along with the Russian and Norwegians, which collectively made up 80% of all transactions in the region.

According to figures obtained from Spain’s notaries, at least 9,200 foreigners bought holiday homes on the Costa Blanca last year, including 5,200 in the Catalonia region Costa Brava/Dorada, and 4,600 in Malaga  Costa del Sol; Balearics (2,700), and Murcia (1,500).

José Vicente Dómine, Director General of Public Works for the Generalitat (Valencian regional government), told the press that more overseas nationals purchased bought homes on the Costa Blanca last year than in Madrid and Andalusia combined, and almost as much as Catalonia, the Balearics, and Murcia combined.

While the Spanish property market continues to suffer from an oversupply of homes, now is a great opportunity “for foreign buyers to bag a bargain on the Spanish coast,” said Spanish property commentator Mark Stucklin.

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Banking reforms set to hit Spanish property prices

March 20, 2012 – 10:11 am

Banking reforms in Tenerife and Spain affect property prices

New banking reforms are expected to hit Spanish property prices hard, causing values to plummet across many parts of the country, particularly in popular holiday destinations, presenting further bargains for house hunters looking to buy a home in Spain.

According to Spanish Property Insight, referring to a recent article in the Spanish financial daily Cinco Días, the Spanish government has introduced reforms to reduce home prices and get banks lending again. But some experts believe that this will cause the price of holiday homes on the coast to plummet due to the chronic oversupply of unsold homes on the market.

Josep Oliver, economics professor at the Autonomous University of Barcelona, believes that property prices in the country’s main cities are now at or near the bottom of the downturn, but the same can not be said for holiday homes along the coast.

“There is not much room left for price declines,” he told the press. “Discounts of up to 50% are only being considered for holiday homes or unfinished new-developments.Whilst the stock grows in holiday home areas, demand is focused on big cities and provincial capitals where there is little excess and prices have already adjusted.”

According to CatalunyaCaixa, a savings bank, about 65% Spain’s housing glut of 800,000 new homes was built on the coast with holiday home buyers in mind, especially in Catalonia, the Balearics, the Valencian Region, Murcia and Andalucia.

The province with the biggest problem by far is Castellón, in the North of the Valencian Region, and home to the so-called Orange-blossom coast (Costa del Azahar), with around 114,000 empty new homes, compared to 57,000 in Barcelona and Alicante (Costa Blanca), 52,000 in Murcia, and 40,000 in Valencia province.

“That means Castellón, a relatively unheard of destination with a new airport that nobody yet flies to, is responsible for around 20% of the entire Spanish glut of new holiday-homes. New developments in Castellón like Marina D’or development help explain why, said Mark Stucklin of Spanish Property Insight.

He added: “The excess inventory of new homes in Malaga province, home to the Costa del Sol, is relatively minor in comparison. According to local builders there are less than 20,000 new homes on the market, most of which will have sold in the next couple of years. The Costa del Sol is a mature market with good access and diversified international demand where almost everything sells in due course.

“The Costa del Azhar is a different story. Who will buy 114,000 new holiday-homes there in any reasonable time-frame? What if prices get really cheap there? Will that help, or is there no demand at any price?”

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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.

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)

British buyers head property sales in Spain

September 13, 2011 – 12:04 pm

Brits ahead in race for prime property in Tenerife and Spain

Bargain hunting Brits have shot to the top of the property buyers’ league in Spain after years trailing behind Scandinavians and Russians in the race to secure “the best deals for a decade”. 

There are more British buyers than Spanish nationals on some prime developments in favourite areas like Costa del Sol, Costa Blanca, Tenerife and Mallorca, as they cash in on the “buyers market” scenario of lowest prices, lowest interest rates, lowest taxes and highest loan to value deals – up to 107% of the asking price. 

Source: Property in Spain

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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?

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

Spain and Tenerife makes good progress according to World Tourism Organisation.

May 19, 2011 – 9:56 am

Spain and Tenerife's tourism numbers on the increase once more.

Spain has made good progress, putting the country on course to fulfil the World Tourism Organisation’s (WTO) predictions. The WTO announced that Spain is expected gain annual increases in its tourism levels of 5%; reaching an impressive 75 million yearly visitors by 2020. This 2020 forecast represents 20 million more visitors than received in Spain’s 2005 peak.

Data recorded throughout February showed that Spain experienced a year on year tourism increase of 4.3% which is promising as visitor numbers are set to increase at higher rates during the summer.

Furthermore, growth specific to the most popular holiday resorts has been even stronger. The Costa Blanca, home to the famous resorts of Benidorm, Alicante and Orihuela saw impressive growth of 10% last year. In the Canary Islands, Tenerife saw an increase in visitors too.

Another popular Spanish tourism hot spot expected to see accelerated growth over coming years is Murcia. Host to the planned Paramount Theme Park set to open in 2015, Murcia is will welcome millions more visitors every year.

Source: SelectProperty.com

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Spanish property tours to visit England

September 11, 2009 – 4:05 pm
Spanish property exhibitions to visit England

Spanish property exhibitions to visit England

Taylor Woodrow will mark its 50th anniversary by touring England with a series of Spanish property exhibitions throughout September.

The exhibitions will offer people looking to buy property in Spain information on Spanish homes and locations, plus Spanish properties that have been reduced in price by up to 41 per cent, to reflect the recent slump in the Spain property market.

Victor Sague, Marketing Director of Taylor Woodrow de Espana, said, ” From talking with our estate agency partners in the UK, we expect there to be significant interest in these offers from both investors and second home hunters.”

Experts will be on hand to advice house hunters at each of the exhibitions, which will be held around England from Sunday 13-23 September.

There are many homes available in seaside and golfing locations throughout Mallorca, Costa Blanca, Gibraltar and Marbella,  Tenerife and the Canary Islands. A  high number of homes will be sold throughout the couple of weeks of exhibitions as it will provide house hunters one last chance to buy a quality home at a fantastic price. It really is now or never for people to take advantage of these top quality homes as these discounts will not be around for long.

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