Spanish Property News
We have all heard the recent rumours about Spain’s potential property market and it’s so called imminent collapse. Here at Emerging Real Estate we tend not to pay too much attention to this as we are acutely aware of all the advantages of investing in Spanish property right now. Away from the scaremongering headlines we always try to look at the broad picture and the fundamentals of buying in the country at this specific time. This is backed up by recent reports indicating that the actual volume of Spanish property sold increased by 13% year-on-year in the third quarter of 2010 – these figures come from the Spain Property Registry.
Meanwhile, The Overseas Property Professional magazine reported that their statistics showed residential property transactions were up by 13% with new builds increasing by 9% and re-sales by an impressive 17%. Another encouraging sign came when the Instituto Nacional de Estadistica (the Spanish National Statistics Institute) announced earlier this month that the average value of mortgages had increased by 4.2% for the month of September. Even Taylor Wimpey de Espana released their fantastic figures of a 50% rise in sales this year – mostly to foreign buyers.
While in on-line searches, Spain still continues to dominate with enquiries rising by 43% from last year according to figures from Primelocation International. Les Calvert, director of Property-Abroad.com, believes that this is a result of the growing number of repossessed homes now available on the market - "In Spain you have got an abundance of repossessed properties that the banks are now forced to get rid of. Interest in Spain will continue to dominate the searches and will push the likes of America out of the road," he confirmed.
While speaking of Spain and property, we came across the hilarious yet true story this week of the Spanish woman who is trying to claim property of the Sun and then intends to charge everyone who uses it! In fairness, Angeles Duran indicated that half of the money she earned would be used to help out the Spanish economy but we wondered if we would then be able to charge her every time we got a little bit sun-burned! Click here for more info on this story.
If you are interested in investing in sunny property on this planet and would like some information on our superb Spanish deals, then please do not hesitate to get in touch.
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