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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“Demand Thermometer” tool shows difference between asking and offer prices

March 6, 2012 – 11:38 am

Asking prices differ compared to buyers expectations in Spain and Tenerife

The “demand thermometer” tool from idealista, one of Spain’s leading property portals, allows us to see the difference between asking prices and what house-hunters are offering. On average, house-hunters offered 23pc less than asking prices in January, according to Idealista’s demand thermometer.

The biggest difference between asking prices and offers was in Malaga, home to the Costa del Sol, where house-hunters offered 29pc less than asking prices, followed by Soria (-28pc) and the Balearics (-27pc).

Differences of more than 25pc were also to be found in Girona (Costa Brava), Tarragona (Costa Dorada), Castellon (Costa Azahar), Murcia, and Almeria (Costa Calida), all popular locations with foreign holiday-home buyers.

So it seems there is still a big gulf between vendor expectations and what buyers are prepared to pay throughout Spain, Tenerife and the islands.

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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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New brand created by tourist board to encourage Brits to buy a home

November 29, 2011 – 9:13 am

Costa del Sol brand designed to encourage Brits to buy homes.

The Tourist Board of the Costa del Sol has created the new brand ‘Living Costa del Sol’ with the aim of encouraging the British to buy a home and reside in the region for at least six months of the year, an initiative which is directed at clearing some of the surplus of about 30,000 homes.

The President of the organisation, Elias Bendodo, presented the brand at the World Travel Market tourism fair being held in London this week. He also told reporters that it is their intention that this initiative will also be used in promotional activities to be carried out in Germany, France and the Nordic countries.

According to Bendodo, ‘Living Costa del Sol’ was developed in collaboration with developers, insurance companies and financial institutions, and aims to attract new British residents, reduce the amount of unsold finished homes, located primarily in the west of the Spanish mainland, and boost Spain’s economic recovery.

The President of the Malaga organisation also assured that the developers are “fascinated with the idea”, and stressed the importance of having legal guarantees, for working with insurance companies in the countries to which the brand is focused, reported El Mundo.

Source: Kyero.com

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Real estate in the Canary Islands fairs better than mainland Spain

September 19, 2011 – 9:34 am

Tenerife and the Canary islands fairing better in the property stakes than mainland Spain

Real estate in  the Canary and Balearic Islands has experienced much lower price drops than in other parts of Spain, it has been noted.

Managing director of Spanish-Living Adrian Warriner pointed out that the two archipelagos – which include destinations such as Tenerife, Ibiza and Mallorca – have fared better than their mainland counterparts, recording just a 2.5 per cent fall in values over the last year.

“This is good if you already own a property there, but not so good if you are an investor looking for a bargain,” he stated.

Mr Warriner went on to suggest that those hoping to buy a home in Spain while the market is low may want to consider the Costa del Sol, which has seen average prices decline by more than ten per cent in the past 12 months.

Source: PropertyShowrooms

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Expats set up action group to fight Nordic banks.

September 15, 2011 – 9:05 am

Expats launch scheme to challenge Nordic banks

Expats who bought into unsuccessful equity release schemes and now face losing their properties have set up an action group to fight the Nordic banks behind the schemes.

Tempted by the offer of a salary for life and an inheritance tax reduction, organisers of Equity Release Victims Association, Ian Sherdley, 69, and Euan Armstrong, 73, used their Spanish holiday homes as collateral to buy into the equity release schemes.

The schemes were sold by independent financial advisors working the expat communities along the Costa del Sol on behalf of Denmark’s biggest bank Danske Bank and Nordea Bank SA.

They were told that if they took out full mortgages against the value of their Andalucian homes, which were fully paid for, and then gave the money to the bank to invest, their inheritance tax liability would be reduced and they’d receive a small lump sum, as well as a monthly return on the bank’s investment which would cover the cost of the remortgage and provide a small salary.

Source: The Telegraph

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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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Spain still a top destination for holidaymakers

September 3, 2011 – 9:12 am
Spain remains one of the top destinations for holidaymakers around the
world, as tourist numbers and property enquiries both increased this
summer.
Figures released by the Frontier Tourist Movement reveal that Spain has
received 7.4 per cent more international tourists this year compared to the
same time in 2010, proving that the country’s beaches and culture are still
attracting visitors.
Around 32.3 million international tourists visited Spain between January
and July of this year, with July alone welcoming 7.5 million tourists. Up
to July 2011, Spanish airports received nearly 36.5 million passengers. The
busiest budget airline was Ryanair, which experienced a 25% increase in air
traffic to Spain.

Unsurprisingly, visitors from the UK led the way with 7.4 million
passengers (35.8 per cent), while Germany and Italy followed with 4.2m (20
per cent) and 2.2m (10.7 per cent).

The biggest rise to Spanish shores came from Swedish visitors (40.8 per
cent), who are purchasing an increasing amount of property in Spain. France
and the Netherlands also saw their number of tourists grow. Estate agent
Spanish Hot Properties comments: “Of all the tourists who chose to holiday
in the Costa del Sol, around 72% said they were attracted mainly by the
prospect of sun and sand which will come as no shock considering the
region’s exceptional climate.”

Spain continued to attract foreign interest in August too, Robin Brayne, Commercial Director of the overseas property portal, comments: “Once again, Spain is head and shoulders above the rest of Europe. People remain attracted by the country’s sunny coast and relaxed lifestyle, and further interest has been fuelled by the glut of repossessed & distressed properties being sold on by Spanish banks, offering homes at
superb value.”

Of course the Canary Islands, perticularly Tenerife remain popular for sales and purchase of propertyand holidays. As Spanish tourism soars this summer, the property market is looking increasingly sunny.

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Low rental yields in Spain.

May 23, 2011 – 9:59 am

Low rental yields (gross) imply that property prices have not fallen enough, according to new research by Idealista.com.

The highest gross rental yields in Spain are to be found in the Catalan province of Lerida (4.7pc), followed by Las Palmas in The Canaries (4.5pc) and Málaga, home to the Costa del Sol (4.3pc). These rental yields imply around 22 years of rental income to pay for the average property.

The lowest yields are in the North of Spain, with yields of just 2.9pc in the Galician province of La Coruña. That means the average property in La Coruña would cost almost 35 years of rent.

Idealista calculated rental yields per province for Q1 20011 by dividing the average rental asking-price by the average sales asking-price, both in terms of €/m2. Asking prices are not a perfect guide to market prices, but they are the best guide we have.

These figures do not distinguish between primary and holiday homes, and probably overstate expect gross rental yields for holiday-homes on the coast. Net rental yields for foreign owners are likely to be very low, in the 2pc range or less.

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Burglar suspect found on Tenerife beach.

March 28, 2011 – 9:42 am

 

Burglar found living on beach in Tenerife

A suspected burglar has been arrested after being found living on a beach in Tenerife. The 29-year-old, from Stoke-on-Trent, was captured yesterday afternoon. He is wanted in connection with a burglary when he allegedly slashed his victim’s face.

Lejman, also known as Lehman, pictured left, had been placed on a list of the top 10 criminals police believed were hiding out on the Costa Del Sol in mainland Spain. Crimestoppers and the Serious Organised Crime Agency (SOCA) issued descriptions of the 10 individuals on the list in February.

After Friday’s arrest, Lejman will face charges relating to an aggravated burglary in Henry Street, Tunstall, in the early hours of December 28, 2008. Lejman,  is accused of kicking the front door off its hinges with accomplice Lee Staples and making their way to the upstairs bedroom, where they threatened a man and his female partner.

Lejman is alleged to have slashed a kitchen knife across the man’s face, leaving him with a 6cm cut from his ear to his mouth. The man also suffered a broken cheekbone. Father-of-two Staples was jailed for five years in 2009 for his part in the attack, but Lejman, who has many tattoos including a pit bull’s head and the words “only the strong survive”, went on the run after failing to answer his bail.

SOCA and the Spanish police authorities were involved in the operation to track Lejman, codenamed Operation Captura. Once in custody, the suspects appear in a Spanish court before being returned to the UK under European Arrest Warrants. The operation, launched in October 2006, has led to the arrest of 43 suspects from a target list of 60.

Dave Cording, Crimestoppers’ director of operations, said: “Not only is the campaign successful in tracking people down in Spain, but it displaces them as well, but as we can see, no matter where these wanted individuals run to, law enforcement will find them. “I hope this further reinforces to fugitives, that you can run, but can’t hide forever.”

Ken Gallagher, head of European operations for SOCA, said: “Operation Captura is helping make the ex-pat community in Spain an uncomfortable place for fugitives. “Having the public’s attention focused on these individuals goes a long way to making it harder for them to hide.”

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