Tinsa shows house price index down by 8pc in 2011

January 19, 2012 – 8:45 pm

Tinsa shows property sales in Tenerife and Spain down in 2011

Spain’s most reliable house price index fell 8.1pc in 2011, making last year almost as bad as the crisis year of 2008, when prices fell 8.8pc. There is a clear double-dip in the curve with price falls accelerating again after staging a feeble recovery last year.

One of the reasons house price declines have picked up speed is because of the return of the credit crunch in Spain. The double-dip in house prices is mirrored almost exactly by a double dip in new mortgage lending.  In coastal areas where holiday homes and much of the glut are concentrated finished the year better than other areas, with prices down 7.2pc over 12 months, compared to 9.1pc in cities and 8pc on the islands such as Tenerife.

Some experts argue that popular coastal areas will recover before the rest of the market thanks to diversified international demand from economies doing better than Spain

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

Spain receives 9million international tourists in first three months of the year

May 12, 2011 – 10:10 am

Spain received 9 million international tourists in the first three months of the year, according to figures drawn up by the Ministry of Industry, Tourism and Trade and published by the Frontur opinion poll.

This represents an increase of 2.9% over the same period last year. This increase is nearly ten times higher than the 0.3% registered in the first quarter of 2010. Particularly noticeable, were the increases in tourists from the Netherlands (22.3%), Belgium (20%), Switzerland (14.8%), Scandinavia (11.7%) and Italy (10.9%).

However, the UK remained Spain’s number one market, with 1.8 million tourists (albeit a decrease of 4.8% from 2010), followed by Germany with 1.47 million (3.7% less), and France with 1.2 million (2.7% more than last year).

In March, international tourist arrivals rose 0.6% to 3.5 million passengers, the Ministry said, recalling that last year’s Easter Week (Semana Santa) began in this month.

An increase in tourism usually spells greater interest in property purchase for second and holiday homes. Areas such as Tenerife are seeing a return of interest in the market as a result of such tourism

Source: Kyero

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

This Spanish hotel really is rubbish!

February 1, 2011 – 1:28 pm

This hotel in Madid really is rubbish!

Madrid’s most unusual hotel has opened. It really gives a new meaning to the words, “That place was rubbish.”

The Save the Beach Hotel, constructed of 12 tonnes of litter collected from Europe’s beaches, is open to the public as part of the city’s International Tourist Fair. Designed by German artist HA Schult, the hotel, located in the city’s central Plaza de Callao, aims to raise awareness over pollution in the Med’s summer tourist resorts. 

“It shows the damage that we are causing to the sea and coast”, said Schult. “We live in an era of trash, and we run the risk of becoming trash.” Mexican beer brand Corona has also jumped on the campaign, giving competition winners the opportunity to spend the night in one of the hotel’s five bedrooms.

The International Tourist Fair has proved to boost further foreign interest in the flagging Spanish market, where real estate prices remain at record lows. However, a report conducted by Spanish property portal Kyero found that properties in the bargain lower end of the market (50,000 euro and below) saw an increase in enquiries.

Maybe time to look for  that bargain property in Tenerife or any of the Spanish islands?

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

Spain plan to part nationalise weakest banks

January 24, 2011 – 9:30 am

Spain to consider nationalising weaker cajas

Spain plans a part-nationalisation of its weakest savings banks as it seeks to reassure investors a rescue will not weigh on its deficit, sources and reports said on Friday.

A source familiar with the matter told Reuters the government will force debt-laden savings banks to become conventional banks and seek stock market listings to persuade skittish investors that they are good investments.

The state-backed bank restructuring fund (FROB) would then take stakes in the banks - known as cajas - which fail to attract private investment, the source said. Up to now the FROB has functioned as a lender to the cajas.

High levels of bad property loans at the savings banks is seen as a major risk for Spain’s government as it aggressively cuts its budget deficit to stave off fears it will need an Irish or Greek-style rescue from the European Union and International Monetary Fund.

Estimates of the cost to recapitalise the savings banks range from 17 billion euros (14.4 billion pounds) to 120 billion euros, with consensus falling in the 25 billion to 50 billion range.

By Angela | Posted in Economy, General, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do | Tagged , , , , , , , , , , , , , | Comments (1)

Older generation wiser on property matters

September 2, 2010 – 8:54 pm
Time to search for that property in Tenerife?

Time to search for that property in Tenerife?

Results from the latest Worldwide Property Group confidence tracker survey reveal some interesting differences between the generations. Although the vast majority of people who took the survey are of the opinion that property prices will not fall over the coming year, there are large differences in opinion between the generations with the 45 – 54 age category showing the greatest confidence.

60% of respondents within both the 45-54 and 55-64 age group expect prices to rise in the next 12 months versus just 23% of the 35-44 age group. What’s more a huge 100% of 45-54 year olds believe that right now is a great time to buy  property with 90% of the opinion that the current market  offers excellent opportunity overseas; indeed 80% are currently considering buying an international property. This is in stark contrast to the under 25′s where just 50% feel that today is a good time to buy a property in the UK.

Interestingly, less than half of all respondents are of the opinion that interest rates will increase over the next 12 months with 7% actually expecting a further reduction. On the subject of investments a huge 75% said that property offered the best investment potential of Property prices all major investment options.

Commenting on the figures, Kevin Wilkes, Managing Director of the Worldwide Property Group said: “It is interesting to see how different groups have differing opinions regarding the property market, but actually not that surprising.  may seem very high to the younger generations where many are still looking to buy their first homes. However, affordability has dramatically improved over the last few years and if our survey respondent’s interest rate predictions are correct this will remain the case for quite some time.

Confidence in property as an investment continues to ride high as it offers great stability when compared to other investment categories and can provide much greater returns and safety in the long term. Interestingly shares didn’t receive even one vote.”

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

Searches for international property double

December 17, 2009 – 12:51 pm

 

In Spain, Tenerife and the Canary Islands, property searches are beginning to increase once more.

In Spain, Tenerife and the Canary Islands, property searches are beginning to increase once more.

The number of searches for international property in November 2009 was double the level of November 2008, signaling that this sector may have turned a corner.

Primelocation International recorded over one million foreign property searches in November, taking interest back up to pre credit crunch levels. Almost one third of searches were carried out for property in Spain, Tenerife and the Canary Islands which has overtaken rival France to become the most popular country after twelve months in second place.

The pent up demand for second home and investment purchases is likely to spill over into increased activity and sales next year if an economic recovery causes the pound to rally.

After a sustained period of rising interest in international property as a whole, I think we can be confident that foreign property purchase is now back on the agenda, in spite of certain barriers such as exchange rates and finance, which may be continuing to stall actual sales.

The total number of searches is almost on a par with pre credit crunch levels and, as the health of the economy continues to improve and consumer confidence returns, we could see a marked increase in market activity next year and a long term stabilisation of prices.

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

Advice on purchasing a property in Tenerife and overseas

October 11, 2009 – 11:05 am

The 64-page guide is available in both hard copy and online digital format (for the first time this year) and is full of useful advice for those looking to buy a property overseas.

Advice is available when purchasing property in Tenerife and overseas

Advice is available when purchasing property in Tenerife and overseas

The Association of International Property Professionals (AIPP) has released the 4th edition of its annual guide, Buying Overseas Property Safely – The Consumer Guide from the Industry Body.

The guide explains how the AIPP can help you; the top tips to buying overseas safely; the 10 questions you should ask agents or developers before paying any money and how much it costs to buy – with a few examples of properties overseas. It also explains who buyers will need to hold their hand through the process, from agents and developers to lawyers, foreign exchange specialists and financial advisers.

This year’s edition is full of useful tips along with a few ideas for avoiding common pitfalls and a full list of AIPP Members, of course, all voluntarily committed to follow our professional Code of Conduct.

“In a largely unregulated sector, our sole aim is to make the international property market a safer place in which to buy property,” explains Paul Owen, Chief Executive of the Association.

The guide will be available as a bagged supplement in A Place in the Sun magazine or you can view the AIPP Guide online.

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

Buyers looking at Spain once more

September 23, 2009 – 6:48 pm
Buyers looking to return to Sapin and Tenerife

Buyers looking to return to Spain and Tenerife

Spain was last at the top in June and it returned victorious in August, claiming first place in  a monthly snapshot of the most popular countries, July’s winner, the USA,  was second. Despite being the subject of more bad publicity than virtually any other country during the credit crunch, buyers are starting to look to Spain once again.

Favouring traditionally popular destinations, international buyers are looking once more to markets such as Spain and France and Brits are proving that the love affair with Spain is far from over.

International mortgage firm Conti revealed that interest in Spanish properties accounted for 22 per cent of the total information requests so far this year, second only to France and up from 14 per cent in 2008.

Assessing the prospects for British buyers in Spain, the company said, “Buyers are in a strong position due to the number of homes available, low interest rates and the opportunity to negotiate price reductions from motivated vendors. “Sensible investments carried out on a long-term basis have a good chance of bringing in healthy returns.”

Prospective buyers are now chasing long term gains and as it had been hit so hard by the global recession, prices could remain low and offer good bargain potential for years to come. Cash buyers have been tipped as the ones most likely to be able to pick up a real bargain in the country as they don’t have to worry about mortgage financing, can bargain hard with struggling developers and can move the transaction quickly along.

The TINSA survey, which prides itself on being ‘Spain’s most reliable guide to property values,’ has found that the decline in prices has stabilized.

Spanish cities are tipped for a brighter future over the next few years, with the Assures Financieros Internacionales (AFI), suggesting that property prices in cities may rise to previous levels during 2010.

Once the glut of unsold properties in Spain is shifted, this will help to aid the recovery and push the market back up in 2010. This of course will also help the market in Tenerife too.

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