Tow in three second home owners are considering selling their property

March 19, 2012 – 12:12 pm

2 out of 3 second home owners consider selling their property

Two in three (65%) second homeowners are considering or would like to sell their property, according to a new survey from holiday rentals company HomeAway. It revealed that almost 60% also confirmed that their property had taken a nose-dive in value since they purchased it and 37% were feeling the squeeze, saying it was a bigger financial burden of late.

The vast majority bought their properties in the last six years, following the boom in UK house prices in 2007 which resulted in a huge rise in equity that owners quickly put to good use buying a second home in the UK or abroad.

More than 90% of respondents stated they had property in Europe, with France and Spain unsurprisingly the top two countries.

Source: PropertyTalkLive.co.uk

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Property, Tenerife, Things to Do, Weather | Tagged , , , , , , , , , , , , | Comments (1)

Spanish banks prepared to lend over 100% on repossessed properties

January 12, 2012 – 10:51 am

Spanish Banks are prepared to lend over 100% on their own properties that have been repossessed, it has been revealed. They are also selling them at rock bottom prices to attract buyers so that they can reduce the amount of property on their books.

According to Adam Cornwell, managing director of Feltrim International these are quality properties in desirable areas. Recent reports from a leading risk adviser say banks have around €30 billion worth of property that they can’t sell.

Source:  PropertyWire.com

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

Property demand in Spain set to soar?

June 13, 2011 – 8:40 am

Property demand set to soar in Tenerife and Spain?

Demand for property in Spain could be set to soar as banks move to sell off billions of euros worth of distressed property assets.

Analysts have estimated that financial institutions in the country control more that €100 billion (£86.7 billion) in real estate, The National reports.

Most are second homes in developments built during a ten-year construction boom targeting the same European buyers.

There are anywhere from 700,000 to a million empty apartments and villas in Spain, the majority of them in coastal areas. Tenerife has its fair share of prime property  again at reasonable prices following the market correction.

Source: PropertyShowrooms.com

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

Serious vendors dropping prices to ensure a sale.

July 25, 2010 – 2:25 pm

Serious sellers in Tenerife and Spain drop prices to ensure the saleA growing number of vendors trying to sell their homes are dropping their asking prices, according to new research by one of Spain’s leading property portals. Asking prices for 18,007 resale properties in the Idealista database were reduced in June, 30% more than same time last year, and the highest level for 2 years. The number of price reductions has been on the rise every month since January, causing the 12-month average trend to rise after falling for about a year. But if the number of discounted properties is growing, the average discount value is not. Discount values peaked at the beginning of last year and have been declining ever since, so it’s a story of more, but smaller discounts.

The markets where the biggest proportion of vendors decided to drop prices were Madrid (9.3%) and Barcelona (7.4%). That means vendors in Spain’s two biggest markets are becoming more focused on finding a buyer.

- Asking prices were down just 0.5% in Q1 over Q2, to 2,374 €/m2.
- Prices rose in 5 regions: The Balearics (+2,4%) Galicia (+1,6%), Castilla y León (+1%), The Basque Country (+0,9%) y La Rioja (+0,6%).
- Prices rose just by 2 €/m2 in Barcelona, to 4,084 €/m2. Even so, prices there are still below where they were 5 years ago in Q1 2005. They are down 16.4% from the peak of 4,888 €/m2 in Q1 2007.
- Madrid fell 0.4% in Q1, to 3,831 €/m2, 11.2% below the peak of 4,315 €/m2 in Q2 2007.
- Valencia fell 0.7% to 2,335 €/m2, 18.4% below the Q2 2007 peak of 2,861 €/m2

Sellers in Tenerife and the Canary Isles are  also following this trend to ensure a quick sale.

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

Easier to sell Spanish property to foreign investors

November 10, 2009 – 4:58 pm
Easier for the Spanish and Canary Isles to gain investment from foreigners than vice versa

Easier for the Spanish and Canary Isles to gain investment from foreigners than vice versa

It is easier at present to try to sell Spanish property to foreign investors than foreign property to Spanish ones. At least there are still some buyers for property in Spain and Tenerife, if the price is right. Spanish investment in foreign property, on the other hand, has collapsed.

The latest figures from the Bank of Spain on cross border real estate investment reveal that foreigners invested 860 million Euros in Spanish property during the second quarter of the year, down 40% on the same period last year. The Bank of Spain’s figures include all real estate investment, not just residential investors.

Look further back, and the picture is even more demoralising. Foreign investment was down 55% compared to the second quarter of 2004, the peak of the Spanish property boom, when the rest of the world ploughed 1.9 billion Euros into Spanish real estate assets. It is now back to levels last seen in the first quarter of 2000, when it stood at 777 million Euros. The appetite of foreign investors for Spanish property has been declining since the start of 2008, after staging a minor rally in 2007.

Estate agents and developers in Spain may be feeling sorry for themselves in the current market, but they can be thankful that they aren’t trying to sell property abroad to Spanish investors, who have completely thrown in the towel.

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

Pensioners suffering from the global recession

September 29, 2009 – 4:27 pm
Pensioners in Tenerife and overseas are not smiling as much since the recession.

Pensioners in Tenerife and overseas are not smiling as much since the recession.

Almost half of Britons abroad who are sending money back to the UK are aged 65 and over – suggesting that those pensioners who retired to the sun have been hit hardest by the recession and are being forced back to the UK.

Currency specialists such as Moneycorp and  HiFX has seen a 180% increase in the number of euro to sterling transactions and a 111% increase in the number of US dollar to sterling transactions in the past six months, compared to the same period last year.

Not only are more over 65s repatriating money, but they are also sending home larger amounts. This suggests that they are selling up property and returning home. In the last six months almost a third (32%) of the transactions over £70,000 have been made by over 65s. They have  calculated that British pensioners living in Europe have potentially lost out on almost €10billion of their income in the last two years due to the falling strength of sterling. When faced with this drop in their income, it’s no surprise that some pensioners are finding themselves forced to sell up.

Certainly this has been seen in Tenerife and the Canary Islands allowing the fortunate few with cash to obtain great property bargains.

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