he latest real estate figures on prices and transactions are giving some hope that the Spanish property market is improving but foreign buyers are still not returning to the country in any great numbers. Prices are still falling, but less with every passing month, according to the monthly house price index published by Tinsa, one of Spain’s leading appraisal companies.
Average Spanish property prices fell by 4.4% over the 12 months to the end of May. ‘If the Tinsa figures are to be believed, the rate of decline in Spanish property prices has been slowing since June 2009, when it peaked at -10.1%. If the trend towards smaller declines keeps up, average property prices will be stable, or even growing slightly before the end of the year,’ explained Marc Stucklin of Spanish Property Insight.
Monday, July 5, 2010
Thursday, January 14, 2010
Currency exchange rates help Spanish property vendors returning to UK
Spain's real estate market may still be some way from recovery but some vendors are able to sell at much less than they bought and still turn a profit, it has been revealed.
At first glance it's tricky to work out how buying a villa in Spain in 2000 for €122,000 and selling in 2010 for €85,000 can be seen as anything but an unmitigated disaster. In actuality, the client's getting a bargain and the vendor's making a profit. That's because the vendor's British and currency exchanges work in their favour.
Spain's Costa Cálida, in particular the Camposol Golf Resort promoted by real estate agent Mercers, is currently replete with vendors returning to the UK who have the strength of the euro to their advantage. This is making the local property market more price sensitive than ever with asking prices tumbling yet still not to the detriment of the vendor making a good profit.
At first glance it's tricky to work out how buying a villa in Spain in 2000 for €122,000 and selling in 2010 for €85,000 can be seen as anything but an unmitigated disaster. In actuality, the client's getting a bargain and the vendor's making a profit. That's because the vendor's British and currency exchanges work in their favour.
Spain's Costa Cálida, in particular the Camposol Golf Resort promoted by real estate agent Mercers, is currently replete with vendors returning to the UK who have the strength of the euro to their advantage. This is making the local property market more price sensitive than ever with asking prices tumbling yet still not to the detriment of the vendor making a good profit.
Wednesday, January 13, 2010
Spain Numbers Don't Add Up
If there is one thing European property experts agree on, it’s that housing data out of Spain is fairly worthless.
For example, the most recent report from the National Institute of Statistics (INE) shows the market bottoming out, down only 7 percent in the last year. Catalonia and Madrid saw drops of more than 11 percent, but the rate of declines is slowing, the data shows.
“But it is always worth pointing out that the official index is so detached from reality it is close to meaningless,” Spanish Property Insight’s Mark Stucklin reports. He cites numbers suggesting Murcia prices dropped only 1 percent in the last year. “That is farfetched, to put it mildly,” Stucklin said. .
For example, the most recent report from the National Institute of Statistics (INE) shows the market bottoming out, down only 7 percent in the last year. Catalonia and Madrid saw drops of more than 11 percent, but the rate of declines is slowing, the data shows.
“But it is always worth pointing out that the official index is so detached from reality it is close to meaningless,” Spanish Property Insight’s Mark Stucklin reports. He cites numbers suggesting Murcia prices dropped only 1 percent in the last year. “That is farfetched, to put it mildly,” Stucklin said. .
Saturday, January 9, 2010
Gerens Hill International Establishes New Real Estate Asset Management Company in spain
MARLTON, N.J. and MADRID, Spain, Dec. 21, 2009 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that a subsidiary company, Gerens Hill International S.A., has established a new majority-owned subsidiary company, Gerens Hill Gestion de Activos, S.A., that will be providing real estate asset management services.
Gerens Hill Gestion de Activos has entered into a three-year management agreement with another newly-formed company, Aliancia Zero, S.A., a real estate investment company entirely owned by nine Spanish financial institutions that has been organized with initial real estate assets of approximately $400 million.
"Gerens Hill has strong relationships with many of the largest financial institutions in Spain," said David L. Richter, Hill's President and Chief Operating Officer. "Gerens Hill initiated the development of Aliancia to help provide solutions to these institutions for the current property market," Richter added.
Gerens Hill Gestion de Activos has entered into a three-year management agreement with another newly-formed company, Aliancia Zero, S.A., a real estate investment company entirely owned by nine Spanish financial institutions that has been organized with initial real estate assets of approximately $400 million.
"Gerens Hill has strong relationships with many of the largest financial institutions in Spain," said David L. Richter, Hill's President and Chief Operating Officer. "Gerens Hill initiated the development of Aliancia to help provide solutions to these institutions for the current property market," Richter added.
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