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?
