Property in Spain
Property in Spain by Shelter Offshore in Property Abroad
Published on 29 July 2008
They say that you’re never too old to learn, and in light of the recent news that the largest builder in Spain has gone into voluntary administration, we would concur that this is indeed the case. For out of the news that Martinsa-Fadesa is facing bankruptcy, we and many who have bought off plan properties from the company have learned an awful lot.
In this article we’ll detail the Spanish property lessons that we can all learn from Martinsa-Fadesa’s bankruptcy and show how other would-be buyers of property in Spain can protect themselves as comprehensively as possible from suffering losses if their builder should also suffer a similar fate to the largest constructor in Spain.
Published on 26 July 2008
Unless you live in Spain or have a home in Spain, you’re probably like us and you’ve maybe read about the problems in the Spanish property industry and thought ‘oh well, that’s a shame’ and then moved on. However, when you stop and actually think about what the effect the terrible situation of the market is having on those who have invested all their savings and all their hopes and dreams on a new life in Spain, the whole issue takes on a much more dark and gloomy feel.
You only need to hop on to a handful of expat forums and property abroad websites and read the heart wrenching tales of those who are despairing of ever having set foot in Spain to begin to feel the real pain that so many people are going through. But just whose fault is Spain’s dire property market situation? Some smug types blame the Brits who parted with cash for off plan property, others lay the blame at the door of dodgy developers, but what about the planning officials and the banks, they all have had a role to play. And the next important question to ponder is whether there really is any life left in the Spanish property market.
Published on 24 June 2008
The oldest ski resort in Spain is set right in the heart of the stunning Pyrenean Mountain range and it is undergoing quite a transformation as we write – massive investment is being ploughed into everything from infrastructure to real estate, and so important is the resort year round that it is used in the spring and early summer as a training camp for pro cycling teams preparing for the world’s most important cycle race, the Tour de France. In the summer it is also popular with everyone from mountain bikers to microlight enthusiasts, and of course in the autumn and winter it is an amazing ski resort.
Now is a great time to consider investing in property in La Molina as the rate at which the resort is developing will ensure greater numbers of year round tourists visit the area and that their experience when on holiday in the resort is enhanced by the general improvements to the entire resort and surrounding areas.
Published on 18 June 2008
According to official data from the Spanish ministry of housing, Spain’s real estate boom saw its eventual conclusion in 2007. Overall, prices increased by just under 5% - a normal increment for a non-booming economy that nevertheless stands in sharp contrast to the strong price rises of up to 20% that took place in the ten previous ten years.
A reduction in demand (which had been disproportionately high) and more regular price rises are some of the characteristics that make buying Spanish property much more approachable for consumers. While buyers can no longer expect the purchase of a Spanish home to represent a short-term profit venture, they are still drawn to Spain by the country’s fantastic weather, beauty and culture.
Published on 09 June 2008
We recently published an article about how to handle mortgage arrears in Spain and what to do if you were struggling to afford your Spanish property…well, on the back of what many thought was a presumptuous article, written too soon about a problem that may well not present itself, we’re here to tell you that the Spanish property sale is now on. Developers and private vendors are trying whatever tricks and offers they can to offload their real estate stock.
An article in the Sunday Telegraph really highlights the extent of the situation – villas slashed in price from well over a million pounds to just nine hundred thousand, beautiful rural fincas down by 30%. And to say that this time is a real opportunity for bargain property hunters is a typical British understatement!
Published on 01 June 2008
Spain’s property market is stressed! Those who bought right at the peak of the boom in underlying prices in Spain are suffering from rising mortgage costs and reduced levels of rental income, and as a result of the negative situation that is brewing we thought we’d better talk to you today about Spanish property mortgage arrears and repossessions.
The peak of the boom for property prices in Spain in 2006 coincided pretty much with a peak in UK house prices, a peak in levels of interest among would-be British buyers of international property and a peak in lending on overseas real estate. This means that there’s a very high percentage of those who bought in Spain at that point in time who are now struggling, financially speaking, to deal with their Spanish property and their mortgage commitments.
Published on 30 March 2008
The British media may well have given the Spanish property market something of a bashing of late with great focus placed on declining real estate prices and waning interest among the buying public, but the truth of the matter is, Spain remains an incredibly popular tourism destination and one of the most popular countries in the world in which us Brits would like to own property.
So if you’re considering Spain and want to know more about the advantages and disadvantages of buying property in Spain, read on to find out some facts and some truths that may well guide your purchase decision.
Published on 23 March 2008
Tightening global credit conditions and waning consumer confidence are starting to make an impact on the Lanzarote property market according to figures recently released by one of the island’s leading property portals, namely Lanzarote Guidebook.
An analysis of enquiries relating to 636 properties for sale generated during the first two months of 2008 revealed that demand for properties priced above the EUR 300,000 mark had all but disappeared, whilst more modestly priced apartment and studio properties - especially those below EUR 150,000 - were still attracting a large amount of interest from overseas investors. All this suggests that buyers are now concentrating on lower risk and lower cost property options – therefore it’s fair to say that higher priced Spanish property is currently in low demand on Lanzarote.
Published on 19 March 2008
The latest property sales figures for Spain’s once booming property market bring hard evidence of the continued slow down. The figures produced and compiled by CRE show that the total volume of property transactions for 2007 fell by almost 14%. More alarmingly the greatest fall came in the fourth quarter when the total number of property transaction plummeted by 21% from 203,993 in 2006 to just 160,906 in the same period for 2007, giving hard evidence that there’s unlikely to be any form of recovery in the first half of 2008.
The Spanish government announced that property prices in Spain only rose by 4.8% in 2007 down from 9.1% in 2006 and Spain’s lowest property price increase since the boom began one decade ago.
Spain’s property market has been hit hard by a combination of rising interest rates and the global credit crunch, and is expected to remain soft throughout 2008.
Published on 07 March 2008
The Costa Blanca is one of the most popular regions in Spain with foreign retirees and also holidaymakers – and despite recent talk of a downturn in the region’s property market in terms of both movement and price growth, the beauty of the Costa Blanca and the stunning climate of the region means that there is still intense demand for property for sale.
If you’re looking for an area of Spain to buy real estate in and you want an area that never seems to go out of favour with expats or holiday makers, then consider the Costa Blanca, and if you want to know where to buy property in the Costa Blanca in Spain, read on…
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