Property News
Futher Downturn in Spanish Property Proces are Expected
Monday, March 10 2008
Various statistics confirming the continuing slowdown in the Spanish property market were released in February. According to the ministry of development (fomento), planning approvals fell 25% in 2007 to 651,427, a long way from the record 865,561 planning approvals in 2006. The fall accelerated towards the end of the year, falling by 40.5% in December alone. Housing appraisals, typically carried out for mortgage valuations, also fell in 2007, providing further evidence of falling activity in the Spanish housing sector. According to figures from Spain’s ministry of housing, appraisals fell by 17% to 798,063 last year, and fell by almost 30%…
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Banks warn of traumatic downturn as construction sector continues to decline at a rate faster than predicted
Sunday, February 10 2008
In its latest report on the economy, the Spanish savings banks’ association FUNCAS warns that the Spanish property market downturn might turn out to be “more traumatic than envisaged at the start of 2007.” The report suggests that construction sector output is falling twice as fast as the 10% - 15% falls expected in a ‘soft landing’ scenario. Despite evidence of a more severe correction than (they) expected, the report tries to find the silver lining. “Demand will return, albeit with less impetus than at the top of the cycle. Regardless of the level at which demand settles, it is…
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Schooling in Marbella reviewd by the SUR in English
Friday, January 4 2008
Schools in Marbella have twice as many foreign pupils than the provincial average. Almost twenty schools have special classes for Spanish language lessons, and these are attended by 3,600 foreign pupils. One out of every ten is from Ecuador. German, British, French, Chinese and even Australian. The presence of foreign pupils in schools, children of immigrants who have settled in the province, is a phenomenon which, instead of decreasing each year, keeps on growing. Teachers and school directors find themselves obliged to use their ingenuity and find ways of handling the mixture of languages in the classrooms. The objective: to…
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Antequera is getting ready to take off - almost literally.
Thursday, August 31 2006
Plans for a new international airport in the area are well under way, although subject to approval from AENA, the airport authority, which is studying the compatibility of the proposed new airport with future expansion plans for Malaga Airport. Also being studied is the effect the new airport could have on existing flight paths in the province. If approved, the new Antequera Airport, to be built by the Vera Group, will be the first private airport in the province. AENA carried out a preliminary study in October 2005 on possible operative and technical difficulties in relation to the location of…
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Spanish eyes on holiday homes.
Thursday, August 31 2006
Many of us love the idea of a place in the sun. And despite many surveys indicating that Bulgaria, Romania or Estonia are the places to be, Spain is still where many Brits opt for a holiday home. Thanks to Spain's popularity and easy access, for many there has been the added bonus of being able to rent out the property to friends or holidaymakers and make some spare cash. But a large number of Britons who let properties have been omitting to tell the Spanish taxman and, after years of turning a blind eye, the authorities are now on…
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Spain is top holiday spot.
Thursday, August 31 2006
Spain has regained its crown as the top European summer sun destination for British tourists. The country has overtaken former hotspots like Turkey and Greece, according to online travel agency Holidays-Direct. "On assessing confirmed bookings we see Spain is the destination of choice, ahead of other countries," said Paul Reeve of Holidays-Direct. "The phrases that visitors to our site are searching for also point to Spain being the top country as it features in a huge number of searches. "When people search for Spain it is usually alongside other phrases, such as "sun deal" or "bargain holiday". "Spain is definitely…
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‘Land Grab’ in Valencia – does it affect the Costa del Sol?
Thursday, August 31 2006
In short, the answer is a resounding ‘no’. However, due to the media hype surrounding ‘land grab’ (Ley Reguladora de Actividad Urbanistica – LRAU) and the high profile given to a few unpleasant cases, a degree of fear has been put into the would-be Spanish property purchaser – on whichever Costa that may be. Paul Rossiter, Managing Director of Carrington Estates, a real estate agency specializing in land for self-build, is only too aware of this publicity-induced fear. Having recently exhibited at the Grand Designs Live exhibition at London’s Excel Centre, he spent considerable time fielding ‘land grab’ related questions.…
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Property Guide Spain
Thursday, August 31 2006
Hiperprop has affiliated with the Property Guide Spain and now provides a new free online guide service to help buyers make the right decision while looking for property along Spain’s southern coastline. The new service provides the complete “HOW TO” on buying, selling Spanish property and relocating to Spain in English (with Dutch, Danish and more languages coming soon). People looking to buy Spanish property frequently browse the internet before coming to Spain. While finding great properties is easy, finding out how to buy them is often confusing and difficult. The Guide has been designed to fill this gap by…
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A small gem hidden in secret Spain
Thursday, August 31 2006
Andalucia may have been invaded, but you can still find an exquisite home there, writes Nick West Andalucia is widely thought of as quintessential Spain - spectacular countryside, beautiful beaches, white-hot days, tapas nights, flamenco, bull-fighting, the majesty of Seville, the beauty of Granada and the breathtaking Mesquite at Cordoba, all combine to create an entrancing land. The problem is several thousand Brits got there first. Five years ago the campo, or countryside, was the domain of the intrepid foreigner - cheap, but unfashionable. Now everything has changed. Prices have risen exponentially, but, more remarkably, the spread of foreign buyers…
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Escaping British weather more important than profit
Thursday, August 31 2006
68% of Britons would like to buy property abroad, according to research from HIFX, the currency experts. The study, carried out by YouGov, found that Britons rate overseas weather and lifestyles as more important than effective investment or making a profit when they pour their cash into properties abroad. HIFX’s research found that almost two thirds of Brits (62%) see the main benefit of buying a property abroad as the chance to escape the cold and rainy UK weather. Half (50%) think it would be good to escape their stressful UK lifestyle of long working hours and high taxes and…
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Strong Property Market Freezes Interest Rates
Monday, July 3 2006
Strong Property Market Freezes Interest Rates As has been widely anticipated in the last few days, the Bank of England has decided to keep interest rates at 4.5 per cent, with the strength of the property market a key reason behind the decision. After the interest rate cut in August 2005, the property market almost immediately showed signs of recovery and confidence has been steadily rising ever since. While first time buyers had previously been reluctant to commit to any property purchases, Yorkshire Bank found this week that they are now willing to overpay to ensure they secure a place…
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Spanish taxman homes in on Brits
Monday, July 3 2006
Spanish taxman homes in on Brits Some half a million Britons are said to own a home on the Iberian peninsula - and many rent it out without paying tax on the income. The Spanish revenue has had enough and is launching an efficient clampdown. Spanish tax authorities are targeting overseas property owners as part of a wider clampdown on tax dodgers - a strategy that raked in an extra £1bn last year. More than half a million Britons are thought to own homes in Spain either as an investment or a holiday home which may be let for odd…
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Britons Spend 23bn on a Place in the Sun
Monday, July 3 2006
A huge demand for homes in the sun has seen Britons' spending on properties overseas increase by 45 per cent in four years. The number of Britons owning second homes abroad now exceeds a quarter of a million people, at 257,000. An official report today says British families have invested more than 23 GBP billion in overseas property, with most of that invested in Spain and France although increasing numbers are turning to Canada, the Caribbean and New Zealand. But people buying villas and apartments have been blamed for soaring house prices in areas of France, Spain and Italy. Figures…
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Where should you consider when buying abroad?
Monday, July 3 2006
Our top tips, whether you want a holiday home or an investment Will 2006 be the year you finally take the plunge and buy a property abroad? If the answer's yes then you certainly won't be alone. An estimated 80,000 Britons are expected to splash out on a second home over the coming months. And while most will be used for holidays and short breaks, an increasing number will be bought as long-term investments and rented out to generate income. According to Chris Hall of Norwich-based Villas Abroad, demand from potential buyers is still strong - even though the stagnant…
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Tourist Record
Sunday, June 25 2006
RECORD numbers of tourists visiting the Costa del Sol last year have convinced the authorities that success in the future is guaranteed. Figures just released show a reversal of the trend which has seen the Costa’s share of tourism falling steadily in recent years, in favour of cheaper areas such as Greece, Croatia and the Czech Republic. More than nine million visitors arrived last year, 6.1 per cent up on 2004 and the first increase for three years. It comes after the Costa del Sol Tourist Board and Andalucia’s regional government spent millions of euros trying to publicise the coast…
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Spain Leads European Economic Growth
Monday, June 5 2006
The Spanish economy is continuing to grow at an impressive rate, making it an increasingly attractive option for investment projects.In the first quarter of 2006, the economy expanded by 3.5 per cent, which compares to a rate of two per cent for the economies of the 12 nations sharing the euro, reports Bloomberg.The impressive growth means that the economy has now expanded at a rate of 3.5 per cent in each of the last three quarters, which again outperforms the EU average of 1.8 per cent during the same period.Domestic demand is the driving force behind Spain's economic performance, according…
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More Spanish Property Price Guides
Monday, June 5 2006
We've expanded and updated the Kyero.com Spanish Property Price Guides. There's now more of them (24 in total) and they're even easier to get hold of and keep updated. Check out the Price Guide download page now.Every price guide is updated on the first business day of each month so that you can see how prices are trending over time and how different areas compare to each other. Now that we've added more provinces and islands, they're even more useful when comparing property prices in different parts of Spain.Every guide now contains an 'update link'. To get the latest version…
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Spain: A second bite at the cherry of success
Monday, June 5 2006
THERE are two main reasons we head for southern Europe - climate and lifestyle. On a relaxing holiday, however, the idea of doing business there would never cross our minds. Obviously business does get done, it's just that the cultures of countries like Spain and Italy tend to hide it better, making work part of a larger picture, rather than allowing it to dominate the day. However, perhaps it's the influence of the British, but some cities are becoming increasingly like the UK in their working hours, instead of taking their famous long lunches and finishing mid-evening. The informality of…
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Marbella building licence income down by 60 per cent
Monday, June 5 2006
The 17 million euros collected for these licences and construction work in 2002 is now down to 7.1 million The tricky town planning situation in Marbella, where there is, as yet, no new master town plan and control over this area of town life is being removed from the council by the Andalusian Government (to take effect before next summer), may well be making a big difference to the municipal coffers. In 2005 the income from building licences and the construction work tax (Icio), one of the main sources of revenue for the local council, dropped by 60 per cent…
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Strife in the sun
Monday, June 5 2006
The demolition threat hanging over 4,500 homes in Marbella has left British owners bewildered. Lucia Adams suggests an action plan Britons with homes in Spain have been left in doubt over the fate of their properties after the arrest of Marisol Yague, mayor of Marbella, and more than 20 others last week in a corruption investigation. It is estimated that 30,000 properties have been built illegally in the Marbella municipality. Now the Spanish courts are to decide whether up to 4,500 of these homes on the Costa del Sol will be demolished or given legal status. Some of the special…
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Spain's Govt to dissolve the town hall in Marbella
Monday, June 5 2006
Deputy Prime Minister Maria Teresa Fernandez de la Vega said an auditors' commission would take over the tourism hotspot's administration until scheduled elections in May 2007. Resort city of Marbella The Spanish government on Friday formally ordered the dissolution of the town hall in the resort city of Marbella, where the mayor and 11 others have been arrested in a multibillion-Euro real estate corruption scandal. It was the first time since 1978 that Spanish government had taken such a step. Deputy Prime Minister Maria Teresa Fernandez de la Vega said an auditors' commission, to be designated by government authorities of…
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Bulgaria trails Spain in property league
Monday, June 5 2006
Just one in ten British buying sunbelt homes last month chose Bulgaria, despite its lower prices, a survey has found. Seen as rivals for the Spanish real estate crown, Bulgarian developers have ended up at number four spot among the most popular destinations for British overseas property buyers in a recent survey topped by France and Spain. Foreign currency specialist, HIFX, reported that France and Spain accounted for almost half (43 per cent) of all its currency transactions for buying property abroad in March 2006. Australia was in third place with 11 per cent of transactions, followed by Bulgaria (ten…
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Brits looking to move overseas
Monday, June 5 2006
A third of Brits are looking to escape the cold British weather for sunnier climates by either buying property abroad or emigrating. It seems that America and Australia are the preferred destination of those considering leaving the UK, according to a survey by Banco Halifax Hispania, which is the Spanish arm of mortgage lender Halifax. Nearly 10% of the survey respondents said they'd like to head across the Atlantic or Down Under. In Europe, Spanish property came out on top, with 6% of people saying they'd love to move there. "Over recent years we have seen a huge increase in…
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Laying the foundation for a villa in Spain
Monday, June 5 2006
Paying for a good lawyer will help avoid property quicksand, writes Richard Crockett More Britons are buying a home in the sun but they must note that conveyancing law and property taxes do not end at Dover. Holiday home Place in the sun: beward of the pifalls of buying abroad Sticking to the rules, just as you would at home, may appear to add to costs but cutting corners could prove penny-wise and pound-foolish. Apart from anything else, the law is there to protect buyers and sellers. Property hunters scouring the Spanish costas for a new holiday or retirement home…
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Sleeping soundly on the Costas
Monday, June 5 2006
As reports of burglars using knock-out gas on sleeping homeowners abound, security steps are essential to combat crime on the coast One morning last month, Steven Euesden and his wife, Michel, woke up to find that they had been burgled. As they slept, small but expensive items such as laptops and digital cameras had been taken from their Puerto Banus home on the Costa del Sol. The Euesdens, who awoke with sore throats and groggy heads, are convinced the burglars used gas to knock them out in their beds. "We are light sleepers, and our dogs bark at the slightest…
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Spain surges as rivals flounder
Monday, June 5 2006
Spain is expected to enjoy a boom in popularity this summer as British holidaymakers turn their back on its Mediterranean rivals. Over the past three years, travel companies have reported a decline in bookings to Spain in favour of cheaper destinations such as Greece and Turkey. But that trend has now been reversed, with more Britons creating their own holidays in Spain using no-frills flights and accommodation booked over the internet. In previous years, most visitors to Spain were families sticking to the familiar destinations of Majorca, Menorca, Costa Brava and Costa Blanca, but visitors are also now venturing further…
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Find a good home for holiday money
Monday, June 5 2006
If you escape often to your second home in the Loire Valley or enjoy spending August sipping sherry at tapas bars off the Plaza Mayor, you might want to consider setting aside some euros ahead of time to finance your excursions. The tough part is working out the best way to maximise the spending power of your hard-earned sterling. One option is to open a current account with one of the local banks such as BBVA or Banco Santander in Spain or BNP Paribas and Credit Agricole in France. A second and arguably more manageable option would be to open…
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Transparency returns to Spanish property market
Monday, June 5 2006
While Spain has long been a favourite destination for UK residents looking to invest in property, there have always been reservations about some of the less reasonable land laws. While capital appreciation on Spanish property has been essentially unrivalled across Europe for ten years or more, individual cases seem to emerge sporadically in which investors are found to have lost money on the basis of unclear legislation or underhand negotiation. It is testament to the general appeal of popular investment regions such as Murcia and the Costa del Sol, however, that recent figures from the Office for National Statistics indicate…
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