Spain House Prices and Sales Stabilising

Released on Tuesday, National Statistics Institute data showed the number of houses sold in Spain fell 8.2 percent in August, after rising for the previous three months.

On a yearly basis sales were down for the 20 th consecutive month. Here we see what is called by market analysts 'divergence' – where there is a discrepancy in the market direction shown by two indicators. Often such a technical anomaly is indicative of an imminent trend change.

The report went on to state that the year-on year volume drop of 9.9% in August (34,019 homes sold) compared with a year-on-year decline of 20.3 percent in July, and a record 47.6 percent drop in April. In other words the rate of annual volume decline is slowing. Of course making predictions is difficult, especially about the future. However it may well be that, now into the last quarter of the year, we will see sales volume stabilise, judging by these data points.

On Thursday a Spanish Housing Ministry reported annual house prices also fell – by 7.8 percent in the third quarter, up slightly from a record 8.2 percent fall in the second. Another survey by the private surveyors Tinsa came in with an 8.3 percent year-on-year fall in September compared to a 8.9 percent fall in August.

However the SHM also reported that the drop between quarters was much less, 0.9 percent compared to 1.9 percent last time. Once again, after steep falls, prices are levelling off, with a drop of under 3% over the past 6 months.

A recent poll showed that Spanish and foreign-based economists expect prices to fall on average to fall 32 percent from their 2007 peak. However, in markets, expectation is often the mother of disappointment. The global slump has lead to a collapse in new developments in Spain, meaning that supply of new homes could tighten going forward. Coupled with the divergence noted earlier in the article we could easily see Spanish property prices recovering as we move into the new year.

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Prices down and demand up in Spain

The cost of property in Spain has declined but the desire to buy property in the country has risen, new data suggests.

Recent figures from real estate agents Look & Find, which has offices across the country, showed that since the start of 2008, prices have fallen by 30 per cent, reports Spanish Property Insight.

In the 12 months leading up to January 2009, prices dropped by 25 per cent on average.

This coupled with the five per cent decline this year takes the cost of property in the Iberian nation down to the levels seen during 2004, Look & Find noted.

However, as prices have fallen, the demand for property in Spain has risen.

A spokesperson for the real estate firm told the Spanish press: "Demand that has been contained for more than a year and a half is now starting to grow again."

Major metropolitan areas, such as Seville, Barcelona and Madrid were identified as areas of particular interest to buyers.

It is at these destinations "where prices per square metre had reached the highest levels and where housing affordability was the most difficult", the company claimed.This comes after Titan Properties asserted that there has been a 20 per cent decline in property prices along the western Costa de la Luz, reports Fly-2let.com.

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Spanish Property Presents Bargains, Tenerife Growth Continues

Spanish property prices could drop by up to a fifth in the next year, according to market experts. Figures from the Spanish Property Owners Guild (SPOG) show that property prices have already dropped 16% and the body is forecasting a further 15% drop in the coming year.

Another study released shows that the number of British people buying property abroad has risen significantly since 2001, and that 54% are buying overseas property as holiday homes or as retirement homes. For these people, many of whom will buy in Spain; further price drops are great news.

While price-drops in Spain are a very negative event, especially for those who invested before the crash, but Liam Bailey, chief market analyst for overseas property portal Property Abroad talked about some of the positive aspects of the drop in prices.

"Spain is still the most popular destination with overseas property buyers, and that is almost completely undeniable owing to the fact that several recent overseas buyer surveys have put Spain in first place. And with Spain's popularity with tourists remaining strong, this translates to higher rental yields on Spanish property. In the current climate, most people are buying-to-hold for the economic recovery, and I would recommend buying a property in Spain with this in mind more-so now than I would have a year ago. If you can get a real bargain, and I mean a good property, cheap as chips in an area not over-developed, buy it."

"Despite the situation in Spain," continued Bailey. "Tenerife property has continued to grow in value; in the middle of 2008 a studio on a resort complex in Los Cristianos could be bought for €57,000. We (Property Abroad.com) are now listing the least expensive resort complex studio in the same area of Los Cristianos for £62,000, which converts to over €67,388, a price rise of £10,000 (just under 5%) in 6 months. Now undoubtedly some of that is because of the change in the sterling/euro exchange rate, but in today's climate a price-rise is a price-rise.

"I am also happy to see Tenerife properties continue to grow in value, because that is what I predicted 6-12 months ago."

About Property Abroad

Property Abroad is rapidly growing into one of the best known, trusted and most successful overseas property portals in the U.K. With a slick dynamic site and very reasonable rates Property Abroad currently has among the most extensive worldwide property listings on the net.

To find out more contact Liam Bailey on liam@property-abroad.com or the team at: info@property-abroad.com

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European Property Boosted by Credit-Crunch

Overseas property news is currently filled with Spain. One report released by the airline Monarch said that Cyprus, the Canary Islands and Malaga are currently their most popular destinations and that Spain is in fact more popular on the whole, this is particularly good news when you consider that Monarch also revealed that 43% more people have booked summer flights than this time last year.

Monarch also announced that 77% of respondents to a poll on the company website said the credit crunch would not reduce the number of flights they would go on next year, although 41% said they were looking to reduce costs.

Other Spanish news headlined Property Squeeze Hits Costa Teguise, concerned a popular location in Lanzarote that is beginning to be hit by the global situation. Meanwhile, other news told how Fuerteventura remains to be massively popular with tourists.

Liam Bailey, chief market analyst for overseas property portal Property Abroad gave us his views on what the latest news means for the various property markets:

“It is no shock to me that people plan to continue holidaying through the credit-crunch, in fact those that can afford it will tend to holiday more because of the considerable stress the current situation brings. This will be of benefit to the conventional European holiday hotspots including Spain, Turkey and up-coming Cyprus; because it will mean the holiday rental markets will remain strong.

“Just how much of a benefit it will be,” continued Bailey, “depends on how long the “credit-crunch” lasts; most people had made their holiday plans before the problems became severe and aren’t changing them. But if the problems continue three or four years down the line, then more and more people may pull-in-their-belts and holiday in Europe only – as I said, I can’t see many people, except the worst affected stopping holidaying altogether. However, more Britain’s may decide to holiday in the UK a few years down the line, which could boost holiday rentals in some of Britain’s holiday hotspots.”

Property Abroad have some excellent overseas property throughout all Europe’s holiday hotspots, including: property in Spain from £29,000, property in Cyprus from £31,000 and property in Turkey from £16,000.

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Flights Boost Canary Island Property Market

Budget airline Teleticket has announced its plan to run new flights to the Canary Islands; filling the gap left by the collapse of travel agent and airline company XL several months ago. The flights, which begin in 2009, will run from Bristol airport to Tenerife, Lanzarote and Las Palmas.
Liam Bailey, overseas property portal Property Abroad 's chief market analyst had this to say about the plans:

"Just at the time when the bulk of people start spending on holidays and property again, even people who know nothing about overseas property markets can easily see that more flights will never have a negative effect on a property market. "

"But to say that it will massively increase tourism to Tenerife and Lanzarote is a bit much-of-a-muchness; tourism to Tenerife, Lanzarote, and all the Canary Islands is absolutely huge as it is -- because of the year-round warm climate and well established tourism industries. The new flights to the Canary Islands will boost tourism though, especially from Wales, and Southern Ireland to the Canaries, the former because flights are limited and the latter because flights are more expensive than from UK airports."

Property Abroad has some excellent properties in the Canary Islands, those on a limited budget can buy a studio apartment in Los Christianos Tenerife for just £62,500. The complex is built on two levels around a well presented pool and recreation area -- 1 and 2 bedroom apartments are also available.

Those fired up about Lanzarote and with money to burn on luxury, will probably want to arrange a viewing of the recently refurbished two storey finca , which sits on 1802 square metres of land, completely enclosed by walls and is also being advertised by Property Abroad at just £220,000. The land allows for a big garden, including stables at the bottom which are further enclosed by fences. The property is set in a gorgeous rural area of Lanzarote, yet only 10 minutes from local amenities, twenty minutes from the airport, and with 4 bedrooms, 2 bathrooms, a reception room, big dining room, winery, and 2 patios, the property is absolutely perfect for holiday rentals.

About Property Abroad
Property Abroad is rapidly growing into one of the best known, trusted and most successful overseas property portals in the U.K. With a slick dynamic site and very reasonable rates Property Abroad currently has among the most extensive worldwide property listings on the net.

To find out more contact the team at: les@property-abroad.com

<news articles on Spain

NB: Please feel free to use any of our articles on your website but remember to create a link back to our website or we will ask you to remove it

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Polaris World the Survivor

Polaris World the Spanish golf resort developer based in Murcia is riding along with the credit crunch situation and although things have appeared to be somewhat quieter on the sales front the company is enjoying renewed interest in its overseas sales.

Properties in the Polaris World golf resort communities in Murcia have seen a rise in sales over the past couple weeks according to Les Calvert Director of the Property Abroad Group and owner of the Polaris World UK website.

Les commented ” we have seen a rise in enquiries and sales on the Polaris World resorts in Murcia since people have returned from their anual summer holidays. The area of Murcia is easy and cheap to get to and people want to be able to take advantage of that when getting away from it all”.

The Polaris World company have over 12 resorts dotted around the Murcia landscape all with impressive Jack Nicklaus golf courses and fantastic golf villas and apartments.
Prices range from £57,240 for a Golf Suite apartment on the Condado de Alhama resort right upto €6,000,000 for a fabulous villa on the La Zagaleta Country Club and everything in between.

Access to the Polaris World Golf Resorts is quick and easy as there are a number of low cost airlines including the likes of Easyjet, Ryanair and many others therefore ensuring the route will remain competitive and with a flight time of just over 2 hours its easy to see why so many people are choosing Polaris World for their Spanish home in the sun.

Due the companies success over the past few years and massive advertising strategy the company is well recognised in the overseas property arena and is poised to continue in it’s growth over the coming years and certainly through the current financial situation.
For more details on golf resorts and golf properties in Murcia visit their site. http://www.polarisworlduk.com/sitemap.php

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