Spainish Real Estate Market Looks To Build On Positive Sales Activity

The number of real estate transactions grew for the first time in 13 months in Spain last quarter, but with volume still off 60% from the market's peak, claiming recovery would be premature. An excess of supply, tight credit and hard economic times have hurt the holiday home sector, which has also been hit by the loss of British business due to the weakened Sterling. See the following article from Property Wire for more on this.

Property sales in Spain have plummeted from over a million in 2006 to 400,000 at the end of the third quarter of this year, according to the latest published figures.

Spain’s real estate register shows that there were just 110,709 transactions in the third quarter of 2009, down 15% compared to same period last year, with coastal properties suffering the most.

Spanish Banks Expected To Increase Discounts On Housing Inventory

ith Spain's real estate market expected to take years to recover from the global economic crisis, Spain's banks — which now are the largest holders of property — are expected to offer discounts as high as 50% on repossessed properties in 2010. With more than 1.5 million properties on the market, and double digit unemployment rates, analysts predict that property prices in Spain will continue to fall through at least 2012. For more on this, see the following article from Property Wire.

spain real estate
Benidorm, Spain
Banks in Spain, now the country’s biggest property owners having re-possessed so many homes, will have to offer discounts of up to 50% in 2010 if they are to shift their stock of real estate, according to a new report.

Austerity takes a slice out of Spain's ham sales

Corporate and household austerity has hit sales of Spanish ham, among the country's most emblematic delicacies, and shown that pigs, too, can form an asset bubble.

According to industry representatives, Christmas sales this year of the traditional leg of acorn-fed Iberian pig, or jamón de bellota , could be down 20 per cent, or up to 40 per cent for the year.

Other, cheaper preparations have also been hit by cutbacks in corporate Christmas hampers and household consumption, driving down wholesale and retail prices by up to half.

With more than 25m pigs, Spain vies with Germany for the European Union's largest porcine population, and is among its most important consumers and exporters of pork meat products. Of the total population, about 20 per cent are "Iberian" pigs, an indigenous breed renowned for the quality of its meat.

Key-ready properties 'best bet in Spain'

New residences that have recently been completed are the best kind of real estate in Spain, it has been stated. Known as key-ready homes, Martin Dell of Kyero commented: "The difference is that these properties are available direct from the developer - who need sales to prevent the banks from taking possession." These are better bets than repossessed lots being bought from banks, as developers are able to process matters faster and "negotiate from a more realistic property valuation", he added. Mr Dell noted that buyers looking for long term rental proeprties in Spain are able to push for bargains to the extent that only lets with no reserve price received offers at a recent auction organised by A Place in the Sun magazine.

Read more about New residences that have recently been completed are the best kind of real estate in Spain by www.propertyshowrooms.com

New residences that have recently been completed are the best kind of real estate in Spain, it has been stated. Known as key-ready homes, Martin Dell of Kyero commented: "The difference is that these properties are available direct from the developer - who need sales to prevent the banks from taking possession." These are better bets than repossessed lots being bought from banks, as developers are able to process matters faster and "negotiate from a more realistic property valuation", he added. Mr Dell noted that buyers looking for long term rental proeprties in Spain are able to push for bargains to the extent that only lets with no reserve price received offers at a recent auction organised by A Place in the Sun magazine.

Read more about New residences that have recently been completed are the best kind of real estate in Spain by www.propertyshowrooms.com

New residences that have recently been completed are the best kind of real estate in Spain, it has been stated. Known as key-ready homes, Martin Dell of Kyero commented: "The difference is that these properties are available direct from the developer - who need sales to prevent the banks from takingpossession." These are better bets than repossessed lots being bought from banks, as developers are able to process matters faster and "negotiate from a more realistic property valuation", he added.

Read more about New residences that have recently been completed are the best kind of real estate in Spain by www.propertyshowrooms.comNew residences that have recently been completed are the best kind of real estate in Spain, it has been stated.

Known as key-ready homes, Martin Dell of Kyero commented: "The difference is that these properties are available direct from the developer - who need sales to prevent the banks from takingpossession."

These are better bets than repossessed lots being bought from banks, as developers are able to process matters faster and "negotiate from a more realistic property valuation", he added.

Mr Dell noted that buyers looking for long term rental proeprties in Spain are able to push for bargains to the extent that only lets with no reserve price received offers at a recent auction organised by A Place in the Sun magazine.

Read more about New residences that have recently been completed are the best kind of real estate in Spain by www.propertyshowrooms.comKnown as key-ready homes, Martin Dell of Kyero commented: "The difference is that these properties are available direct from the developer - who need sales to prevent the banks from takingpossession."

These are better bets than repossessed lots being bought from banks, as developers are able to process matters faster and "negotiate from a more realistic property valuation", he added.

Read more about New residences that have recently been completed are the best kind of real estate in Spain by www.propertyshowrooms.com

Property Prices in Spain More Pain

0% and have only dropped 10%. The biggest house price falls to come are likely to be in the holiday hotspots where many overseas buyers have bought and will be lead by the Banks.

Banks are now Spain’s biggest property owners having repossessed property as loans went bad. Bank owned property is often lower priced with huge discounts available however BNP Paribas Real Estate, the real estate arm of French bank BNP Paribas, argues that banks in Spain will start having to offer discounts of 50% in 2010 to shift some of their stock of property.BNP Paribas Real Estate says present discounts not big enough to make sales.

The price drops could well be lead by the Banks who are now the biggest owners of Spanish real estate. BBVA, Spain’s second largest bank says that Spanish property prices were 30% over-valued, but have only fallen 10% so far.

Pundits suggest that the biggest Spanish property price falls will come where they are the most unsold homes. That could mean that areas around Madrid and Spanish hotspots such as Malaga (Costa del Sol), Castellon (Costa Azahar), and Tarragona (Costa Dorada) could see cut price Spanish properties in 2010

Spanish banks need to offer huge price discounts in 2010 to sell off massive stock of properties

Banks in Spain, now the country’s biggest property owners having re-possessed so many homes, will have to offer discounts of up to 50% in 2010 if they are to shift their stock of real estate, according to a new report.

Current discounts are simply not big enough to interest buyers, says the report from BNP Paribas Real Estate, the real estate arm of French bank BNP Paribas.

The prediction comes as analysts point out that it could take years for the Spanish property market to recover. According to Acuna & Asociados, highly regarded Madrid real estate analysts, it could take six or seven years just to clear the huge numbers of empty homes that won’t sell.

The firm’s annual report indicates there are 1.67 million properties for sale in Spain including 500,000 new builds, 500,000 resales and the rest are buildings that have yet to be completed.

Indeed, the latest report from BBVA, Spain’s second largest bank, also indicates that a recovery will be slow and drawn out over several years.

Spain’s Zapatero Says Economic Recovery “Imminent”

MADRID – “The growth train is very close,” Spanish Prime Minister Jose Luis Rodriguez Zapatero said on Thursday, announcing measures to improve economic competitiveness and labor markets in a country where some 4 million people are unemployed.

“If we do what we should and rigorously apply all the reforms in progress, this train will increase its velocity until it acquires that necessary to restore job creation,” the Socialist premier said in Madrid before leaving for Brussels to attend a European Union summit.

He pledged to push changes aimed at ensuring the long-term stability of Spain’s pensions system, as well as labor market reforms that “strengthen companies without weakening the workers.”

Conditions Worsening In Spain's Real Estate Market

Costa Blanca, Spain

Spain’s house price bubble burst a long time ago. The Bank of Spain’s figures say the peak was in early 2008 (based on official valuations). Realtors say the peak was in mid-2007 (based on offers-for-sale). Whichever is true, two years later, in Q3 2009, Spanish house prices continue to fall.

Official figures show the average price of houses in Spain at €1,903 per sq. m. in Q3 2009; down 0.94% from the previous quarter, 8% from the same period last year, and 9.45% lower than the March 2008 peak (Bank of Spain data). In inflation-adjusted terms, house prices were 0.52% down on the quarter, 7% on the year, and 10.58% from peak.