The price of Spanish property is set to fall dramatically over the next three years, it has been suggested.
According to Spanish bank BBVA, values of homes will drop by as much as 25 per cent by 2011, with demand expected to be weak throughout the coming year.
The figures were unveiled by Jose Luis Escriva at a press conference called to present the BBVA's latest study into the real estate market in the country.
He noted that there are approximately one million unsold homes currently on the Spanish property market, a fact that those looking to purchase property in the country may welcome.
Overseas buyers looking to buy a home in Spain are likely to have greater choice in the current market and may be able to pay lower-than-expected prices.
Thursday, December 25, 2008
Sunday, December 21, 2008
Marrison Properties Launches Marbella Real Estate Website
Marbella is a charming little town located in Costa del Sol, one of Spain’s most well-known coastal regions. A resort town, it is dotted with many luxurious beaches, swimming pools, golf courses, night clubs, and other recreational facilities. The rich and well-heeled are frequent visitors of Marbella, either flying in from halfway around the world or owning one of the villas in the place. Business moguls, Hollywood and Spanish celebrities love to spend a weekend or two in this beautiful seaside town.
Aside from its beaches and watering holes, Marbella is also distinguished by its beautiful real estate properties done in the romantic designs characteristic of Spanish architecture. There are many villas, penthouses, apartments, flats, townhouses, and business establishments all around town—rustic yet sophisticated getaways from all the worries of the world.
You might wonder: How can I own one of them? Short of going to Spain yourself and contacting a local real estate agent to see what’s for sale, you can check out your prospects first by visiting the website of Marrison Properties. Marrison Properties doesn’t only have properties located in Marbella in their listing, but also those in Ojen, Golden Mile, Malaga, and Sierra Blanca among others.
Aside from its beaches and watering holes, Marbella is also distinguished by its beautiful real estate properties done in the romantic designs characteristic of Spanish architecture. There are many villas, penthouses, apartments, flats, townhouses, and business establishments all around town—rustic yet sophisticated getaways from all the worries of the world.
You might wonder: How can I own one of them? Short of going to Spain yourself and contacting a local real estate agent to see what’s for sale, you can check out your prospects first by visiting the website of Marrison Properties. Marrison Properties doesn’t only have properties located in Marbella in their listing, but also those in Ojen, Golden Mile, Malaga, and Sierra Blanca among others.
Wednesday, December 17, 2008
Spain most-searched real estate destination
According to the study, "Spain and its towns and regions outstripped France, which came second, by a ratio of over two to one." The most popular locations in Spain are Tenerife, Mallorca and Costa Blanca, all of which were more popular than Paris, the most-searched location in France, the study found.
"Most people in the overseas property industry would put France and Spain on a par, but these results suggest Spanish property is considerably more popular than previously thought," Ashley Rigg, Globaledge's managing director, said in a statement.
Most surprising, according to the study, was Portugal's position at the bottom of the list of 11 countries/regions, representing just 3 percent of the total searches.
"Most people in the overseas property industry would put France and Spain on a par, but these results suggest Spanish property is considerably more popular than previously thought," Ashley Rigg, Globaledge's managing director, said in a statement.
Most surprising, according to the study, was Portugal's position at the bottom of the list of 11 countries/regions, representing just 3 percent of the total searches.
Sunday, December 14, 2008
Spanish Property – Reasons To Be Optimistic In 2009
Over the last decade a growing number of Brits have taken the plunge of investing in Spanish property whether in the form of a holiday home, buy-to-let investment or permanent relocation.
However, due to the economic downturn, this year has seen a decline in the number of people buying property in Spain, and agents and developers have had to reduce their prices dramatically in order to sell any properties at all.
So what can we expect to see happening over the next 12 months as we go into 2009?
Experts predict both the Pound and Euro exchange rates will continue to fall during the first six months of 2009 helping to stimulate both the UK and Spanish property markets. As lower interest rates and greater governmental pressure on banks increases lending the domestic market in the UK will begin to pick up again and people will once again be able to finance their dream home in Spain.
However, due to the economic downturn, this year has seen a decline in the number of people buying property in Spain, and agents and developers have had to reduce their prices dramatically in order to sell any properties at all.
So what can we expect to see happening over the next 12 months as we go into 2009?
Experts predict both the Pound and Euro exchange rates will continue to fall during the first six months of 2009 helping to stimulate both the UK and Spanish property markets. As lower interest rates and greater governmental pressure on banks increases lending the domestic market in the UK will begin to pick up again and people will once again be able to finance their dream home in Spain.
Wednesday, December 10, 2008
Spain house sector may shed 900,000 jobs by 2010
MADRID, Dec 9 (Reuters) - The collapse of Spain's house building industry will mean up to 900,000 construction workers lose their jobs by the end of 2009, an industry head said on Tuesday, reinforcing expectations of a bitter Spanish recession.
Spain's construction sector, which until last year employed over 1 in 10 workers or 2.6 million people, has been hit by chronic overbuilding and the global credit crunch.
"We predict that the housing industry will have shed almost half a million workers in 2008 and will lose between 300,000 to 400,000 more workers next year," the chairman of the Promoters Association of Madrid, Jose Manuel Galindo, told a real estate conference.
Construction accounted for around 18 percent of Spain's economic growth in 2007, the second highest level in the European Union after Ireland.
Analysts say it could take at least 4 years to sell a surplus of over 1 million new homes standing empty in Spain.
As the housing sector stalls, economic growth is falling faster in Spain than any other large European economy, with problems spreading into service industries.
Spain's construction sector, which until last year employed over 1 in 10 workers or 2.6 million people, has been hit by chronic overbuilding and the global credit crunch.
"We predict that the housing industry will have shed almost half a million workers in 2008 and will lose between 300,000 to 400,000 more workers next year," the chairman of the Promoters Association of Madrid, Jose Manuel Galindo, told a real estate conference.
Construction accounted for around 18 percent of Spain's economic growth in 2007, the second highest level in the European Union after Ireland.
Analysts say it could take at least 4 years to sell a surplus of over 1 million new homes standing empty in Spain.
As the housing sector stalls, economic growth is falling faster in Spain than any other large European economy, with problems spreading into service industries.
Sunday, December 7, 2008
Spain’s top publicly traded real estate companies have lost a total of 9.7 billion euros in market value so far this year,
The Sanahujas spent more than a year fighting for control of Metrovacesa, before agreeing in February 2007 to split the company in two, giving control of its French unit, Gecina SA, to Joaquin Rivero, the unit’s chief executive.
HSBC provided a guarantee to the Sanahujas in March to help fund the acquisition of Metrovacesa shares, according to the prospectus of the takeover, and in April, the Sanahujas raised their shareholding to 81 percent from about 71 percent, purchasing shares at 83.21 euros. The guarantee matured in August. The shares closed today at 51 Euros in Madrid.
Two years ago, there were already signs that the real estate industry was heading for trouble, even before the unforeseen “disastrous financial and economic situation we are in now,” said Francisco Salvador, a director at Venture Finanzas SA, a Madrid-based broker. “For the Sanahujas to continue taking on debt to boost their stake and invest in projects as big as the HSBC tower was a serious strategic mistake.”
HSBC provided a guarantee to the Sanahujas in March to help fund the acquisition of Metrovacesa shares, according to the prospectus of the takeover, and in April, the Sanahujas raised their shareholding to 81 percent from about 71 percent, purchasing shares at 83.21 euros. The guarantee matured in August. The shares closed today at 51 Euros in Madrid.
Two years ago, there were already signs that the real estate industry was heading for trouble, even before the unforeseen “disastrous financial and economic situation we are in now,” said Francisco Salvador, a director at Venture Finanzas SA, a Madrid-based broker. “For the Sanahujas to continue taking on debt to boost their stake and invest in projects as big as the HSBC tower was a serious strategic mistake.”
Wednesday, December 3, 2008
European Parliament could freeze funding to Spain over real estate abuses
The European Parliament is threatening to freeze funding to Spain unless real estate abuses are not brought to an end.
The regional Valencian Government is at the centre of the EU’s attention with the past LRAU law and the current LUV town planning laws criticised in particular. Europe wants to see judicial and administrative mechanisms put in place to compensate those who have become innocent victims of the two laws.
Europa Press reports that the preliminary report from the European Parliament on town planning in Spain, calls for a moratorium on all new projects which are not environmentally sustainable, and which do not respect the right of ownership.
The regional Valencian Government is at the centre of the EU’s attention with the past LRAU law and the current LUV town planning laws criticised in particular. Europe wants to see judicial and administrative mechanisms put in place to compensate those who have become innocent victims of the two laws.
Europa Press reports that the preliminary report from the European Parliament on town planning in Spain, calls for a moratorium on all new projects which are not environmentally sustainable, and which do not respect the right of ownership.
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