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Top of the Props: America surprise second choice for buyers

Ivan Radford — 02/11/2011 12:36:00

America is now the second most popular overseas property destination in the world, according to the latest Top of the Props report from TheMoveChannel.com.

After a long-running battle between France and Spain at the top of the chart, the US has unexpectedly turned the two-horse race into a three-way competition for top spot. The country rose by two places in the rankings, replacing the traditional runner-up as the surprise second favourite for buyers in October.

America has always been one of the most popular places for foreign real estate investment, alongside France, Italy, Portugal and Turkey. But while Spain remains the country of choice for buyers (receiving 3 per cent more enquiries than the month before), America saw an increase of 1.06 per cent in enquiries last month.

That number may seem like a small increase, but interest in US property has grown by 3 per cent over the past three months, indicating a consistent appetite from overseas buyers for the country's heavily discounted property market. France had 1.57 per cent fewer enquiries last month, while interest in Portugal also waned, by 2.42 per cent - perhaps a sign that the continuing Euro crisis is sapping interest in continental property markets.

America's ascension was just one of several surprises, as Cyprus and Thailand both jumped several places to enter the Top 10 most popular destinations. Cyprus has been suffering from unemployment and economic woes in the years since the housing boom, but the country is now starting to claw back buyers, as property prices dropped for the sixth quarter in a row last month. New legislation to allow buyers to officially receive property title deeds is also encouraging investment, with many foreign investors already taking advantage of the more transparent system.

The Thai property market has just been hit by major flooding, although high-rise condominium sales are expected to grow as a result. Indeed, overall property transactions in Bangkok actually increased by 1,500 during the second quarter of 2011, according to CB Richard Ellis. But while Thailand and Cyprus made October a month of surprises, the biggest shock remains the US victory over France, as real estate away from the Eurozone continues to demonstrate its pull.

Director Dan Johnson comments: "French real estate has been seen as a safe investment zone in Europe for some time, so America snatching second place is a great achievement. The US market is currently full of foreclosures and repossessed property, with the affordable prices tempting buyers away from the French ski slopes and into the States.

"It's interesting to see Cyprus and Thailand regain their status as former Top 10 property destinations. The flooding may see Thailand's popularity decrease next month, but Cyprus' low prices leave a lot of room for investment as buyers look for familiar markets amid ongoing economic uncertainty."

The full breakdown of the Top 40 is as follows:

Overall enquiries for October 2011
Rank	Country	Share	Change
1	Spain	18.01	Non-mover
2	USA	9.27	Up 2
3	France	7.93	Down 1
4	Portugal	6.86	Down 1
5	Italy	6.29	Non-mover
6	Turkey	4.07	Up 1
7	Cyprus	3.65	Up 4
8	Thailand	3.17	Up 7
9	Bulgaria	2.77	Down 3
10	Brazil	2.67	Down 2
11	Greece	2.33	Up 1
12	Malta	2.23	Up 2
13	Barbados	2.02	Up 4
14	Germany	2.02	Down 4
15	Morocco	1.84	Down 6
16	Egypt	1.66	Up 3
17	Cape Verde	1.61	Up 4
18	Poland	1.19	Up 2
19	India	1.01	Down 3
20	Switzerland	1.01	Up 7
21	Hungary	0.96	Up 2
22	Cayman Islands	0.95	Non-mover
23	UAE	0.95	Up 5
24	Croatia	0.8	Down 6
25	Canada	0.8	Down 12
26	Slovenia	0.74	Down 1
27	Mexico	0.68	Up 13
28	Australia	0.49	Down 4
29	St Lucia	0.43	Down 3
30	Jamaica	0.41	Up 1
31	Indonesia	0.38	Down 1
32	Montenegro	0.35	Down 3
33	Malaysia	0.2	Up 8
34	Austria	0.19	Up 2
35	St Vincent and Grenadines	0.19
36	Albania	0.18	Down 1
37	Singapore	0.18
38	Lithuania	0.16
39	Belize	0.15
40	Philippines	0.15	Down 1

Notes to Editors

Founded in 1999, TheMoveChannel.com is the leading independent website for international property, with than 400,000 listings in over 100 countries around the world, marketed on behalf of agents, developers and private owners.

The website address is http://www.TheMoveChannel.com and the office address is 45 Lafone Street, Shad Thames, London, SE1 2LX.

Contact Dan Johnson on 0207 952 7650 for further information.

Milan goes green with vertical forest

Ivan Radford — 01/11/2011 11:44:00

Photo credit: Inhabitat.com

Milan is one of the most polluted cities in Europe, but the city is going green with a stunning new development: the world’s first vertical forest.

Bosco Verticale is a 27-storey tower development in central Milan, featuring 900 trees incorporated into the structure, as well as thousands of other shrubs.

The plants are designed by architect Stefano Boeri to work as an oxygenator, filtering out the fumes from the city. But the green technology doesn’t stop there: heating will also be controlled naturally by the trees, which feed off the unwanted water from the block and provide shade during the summer, while energy will be generated by sunlight and wind.

Stefano Boeri's design includes 900 trees

The buildings will introduce 10,000 square metres of woodland to the city within a compact space. Architect Stefano Boeri conceived the project as a response to the lack of nature in city landscapes. Located in the Isola area of Milan, the residential blocks are 110m and 76m tall, according to Inhabitat.com, and if built as stand-alone units, would cover 50,000 square metres of land.

The buildings are currently under construction:

Inevitably, this green revolution comes at a cost. Apartments in Boeri’s bushscraper will start at €750,000 and range up to €1.2m for prime tree-house property. But buyers will no doubt be attracted by Bosco Verticale's design and location - indeed, Italy remains the fifth most popular destination for house hunters, according TheMoveChannel.com's Top of the Props.

The cost isn't deterring other countries from following suit either, as Europe turns to real estate to reduce its pollution problems. Valencia has plans to construct Torre Huerta, a forest of tree-filled balconies and solar-powered energy, while Barcelona’s helical Stairscarper, which boasts gardens in each apartment roof, is scheduled for completion in 2015.

Barcelona's answer to Bosco Verticale
Photo Credit: Webecoist.com

Even London has seen proposals for a Farm Tower this year, as the Architecture Workshop in Rome launched a competition for the best agricultural and residential design.

As pollution and energy costs continue to hang in the Europe air, are vertical forests the way forward for overseas property? Or are developers barking up the wrong tree?

Looking to branch out into a second home?

Browse our tree-mendous listings of houses, apartments, and other overseas property:

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Top 10 haunted houses in the world

Ivan Radford — 28/10/2011 12:07:00

Photo credit: mksfca

With Halloween on the horizon, property buyers should be wary of the history of any house they find. Homes with a horrific past could come with a lower price tag, while a regular haunting might even boost the value of a property investment. TheMoveChannel.com picks up its torch and looks into the dark recesses of international real estate to hunt some truly terrifying property.

Here are the top 10 haunted houses in The World:

Jamaica Inn, Bodmin Moor, Cornwall

Photo credit: Christopher

Jamaica Inn is well-known for its Daphne Du Maurier connection, but as well as giving the title to one of her books, this 250-year-old inn has a history of haunted happenings. Noises in the courtyard and a man who walks through the empty corridors at night are just some of the ghostly remnants of the pirates and smugglers who used to reside in Cornwall’s spooky public house.

The Amityville House, New York

Photo credit: Nitroglicerino

America’s most famous haunted house is that of Amityville fame. Featured in several films, Amityville's horror story dates back to a real murder in 1974, when the owner, Ronald DeFeo Jr., shot six members of his family. Since then, several instances of paranormal activity have been recorded at 112 Ocean Avenue. The Dutch Colonial home was listed for sale in May last year for $1.15 million.

Monte Cristo, Junee, New South Wales

Photo credit: Island home

Regarded as the most haunted property in Australia, Monte Cristo was first occupied by William Crawley in 1884. Following his death in 1910, his wife refused to leave the two-storey home for over 20 years. Locals who witness lights and apparitions are convinced that she is still there.

Brissac Castle, Loire Valley

This mansion, built in the 11th Century, took its name from The Duke Brissac, but is haunted by another former resident, Jacques de Breze. Jacques killed his wife and her lover, then quickly sold the house to escape her ghost, which returned to haunt him. It was rebuilt in the 1600s, but the castle retains its scary reputation.

Spadina House, Toronto

Photo credit: Grant MacDonald

Spadina House was constructed in 1866 by James Austin, a Canadian investor who wanted to own an impressive piece of luxury real estate. No tragedies or accidents have ever occurred here, but researchers and visitors have reported sightings of “something” on the historic manor's third floor...

Whaley House, California

Photo credit: Miss Shari

Whaley House is two-storey property in San Diego’s old town that now houses a museum. Situated on the site of a gallows, the home is now one of California’s most popular attractions. Apparitions of “Yankee Jim”, who was hanged there in 1852, a young girl and even Thomas Whaley himself have all led to the building's status as a haunted house, officially recognised by the United States Commerce Department in the 1960s.

Joelma Building, Sao Paulo

Photo credit: Fjara Beck

The Joelma Building in Sao Paulo, Brazil, was the site of a tragic fire in 1978, which claimed almost 200 lives. Ghosts of the victims are said to have haunted the skyscraper, which has since been rebuilt and renamed.

LaLaurie Mansion, New Orleans

Photo credit: Reading Tom>

This three-storey house has a particularly gruesome past. Dr. Louis LaLaurie and his wife moved there in 1832 and kept several slaves in the property, before it burned down in April 1834. Local residents were shocked to discover the charred remains of animals and chained humans after the fire, and screams and wailings were heard in the neighbourhood for years. In 2007, actor Nicolas Cage bought the private property for $3.5 million, but then lost it to bank foreclosure in 2009. No connection is thought to exist between the two.

50 Berkeley Square, London

Photo credit: James Stringera

50 Berkeley Square has a reputation for being the most haunted house in London. Built in the 18th Century, it is now occupied by an antiquarian book dealer, but legend says that the attic is visited by the ghost of a girl who once committed suicide there. In 1879, a man was challenged to stay there for one night. He was later found dead in the house, reportedly of fright.

5 Real Street, Bélmez de la Moraleda, Jaén

This Spanish home is famous for its kitchen, where a former owner once saw the faint outline of a human face on the floor. Subsequent excavation of the property uncovered other faces and outlines and, eventually, a collection of bones from a 13th Century graveyard. It was listed for sale on the market in 2004. Spookily, there are no pictures of the house available...

Not afraid of moving abroad?

Browse our listings of houses, apartments and other overseas property, all at terrifyingly low prices:

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EU crunch time: Your real estate escape routes

Ivan Radford — 26/10/2011 12:07:00

Photo credit: Eisenrah

The world is watching Brussels today, where EU leaders are meeting to discuss the eurozone debt crisis. Disagreements between country leaders have fuelled fears that the crisis will only continue. But as the 27 European Union leaders vote to finalise financial plans this afternoon, careful buyers can still make a sound investment in Europe. It's crunch time for the EU, so where are your real estate escape routes?

France

As countries such as Greece face an uncertain economic future, central eurozone markets (including the UK) remain a safe haven for many. French property, consistently the second most popular on TheMoveChannel.com, continues to attract investors, particularly in the high-end market, where Sotheby's have seen a jump of 38 per cent in luxury homes sold at auction, reports the Guardian. For UK buyers, taxes now apply to UK pension lump sums, but the country's cautious banks have helped France's economy to stay stable amid wider uncertainty.

Germany

Taking a similar approach to France, Germany's careful economy has made it an established market for house hunters with its high yields and low prices appealing to an increasing number of foreign buyers. While central locations, such as Berlin, are seeing house prices increase, real estate across the country has grown in popularity during the eurozone crisis, becoming one of TheMoveChannel.com's top 10 property destinations earlier this month.

Italy

Italy remains one of the main points of discussion in the EU talks. One of the key countries in the eurozone, other leaders are demanding that the country outline firm plans to reduce its large national deficit. While unconfirmed rumours suggest Prime Minister Silvio Berlusconi will resign at the beginning of next year, Italy's climate is still attracting new residents, although an awareness of seasonality is advised by experts. The property market is slow, but PropertyShowrooms.com suggests that this means lifestyle buyers can pick up houses "at bargain prices if they find someone who really needs to sell or move".

Spain

Spain remains the most popular destination on TheMoveChannel.com, and its low costs and sunny coasts have built up a significant expat community. 800,000 Brits are currently living in Spain, according to the Foreign and Commonwealth Office, and although exchange rates are less favourable than a few years ago and a wealth tax has just been introduced, property prices in more popular areas have reduced by up to 50 per cent, say recent reports. These bargain homes have seen foreigners invest €1.3 billion in Spanish real estate in the second quarter of this year, according to the Bank of Spain - an increase of 37 per cent compared to 2010. Buyers afraid of Greece or Italy can still rely on Spain for a second home.

Portugal

Portugal's economy has been badly hit by EU debt, but real estate activity was less negative in September than in August, say the latest figures. It helps that the market has not been crowded by an oversupply of property. Instead, "it is the demand side of the equation that is weighing down on prices in Portugal", according to the Royal Institution of Chartered Surveyors, a finding supported by the differences between regional markets. The Algarve, for example, is faring significantly better than Lisbon and Porto. Overall confidence In Portuguese real estate is low, but prices are too, kept down by the number of repossessed property banks are now putting up for sale.

Bulgaria

Bulgaria has been a surprisingly popular place for property buyers to browse in recent months. A boom in Balkan tourism has seen construction of holiday homes in Bulgarian resorts rise - there are 5.4 per cent more homes across the country now than in 2001 - and EU citizens, attracted by the non-eurozone market, currently account for 23 per cent of all foreign residents, according to a national survey published by BulgarianProperties.com. The latest data from the National Statistical Institute shows that apartment prices are falling in the country's regional cities, but like Portugal, this rate of decline is slowing, as signs of eventual market stability may be starting to show.

Turkey

Eastern Europe has delighted in Turkey, a country that has seen strong economic growth throughout the EU crisis. Investors have rushed to Istanbul for real estate and foreign buyers have poured over $1.3 billion into the country's property market over the years. Although lending growth has slowed since Turkey's phenomenal first quarter in 2011, a strong tourism industry continues to drive investment. "Mortgages represent just 5 per cent of GDP and there is a growing population that aspires to consume," one fund manager told Interactive Investor. Indeed, there is now a shortage of accommodation in Turkey, with a projected demand for 2.9 million houses by 2015. Turkey has been waiting to join the EU for a very long time, but as the leaders meet today to solve the major debt crisis, the EU's refusal to accept Turkey has only helped its property market thrive.

Where is your real estate escape route?

Avoid the EU debt crisis by browsing our listings of apartments, houses and other overseas property both inside and outside of the eurozone:

http://www.themovechannel.com/property/all/

Britain’s cheapest house up for auction in Wales

Ivan Radford — 25/10/2011 11:23:00

Photo credit: Paul Fosh Auctions

Britain’s cheapest house is up for auction this week. The property, located in the Welsh village of Maerdy, is thought to be the cheapest piece of real estate in Britain. It will be offered to bidders on Thursday with an asking price of just £7,000.

But the low price tag comes with a cost: the house is dilapidated and in serious need of repair. Crumbling walls and ceilings will greet the property’s new owner, in addition to the mouldy front door and boarded up windows. Even the auctioneers have been unable to see inside the house due to safety concerns, so the exact level of property damage is unknown. Some reports also claim that notes are still visible, warning the previous homeowner about rats.

Property analyst Nigel Lewis at FindaProperty.com told The Daily Mail that it “may be the cheapest home in the UK, but could need somewhere between £25,000 and £50,000 spent on it to make it legally inhabitable”. The building’s low cost classes it as a “desperation home”, says Lewis, making it an ideal opportunity for an investor to renovate the property and rent it out on the UK’s booming buy-to-let market.

Auctions of dilapidated property give investors the chance to pick up a house for an extremely low price, but buyers do not have to put up with mouldy floors and peeling paint to grab a property bargain. Indeed, real estate prices in Spain have dropped by up to 50 per cent in popular resorts, it was announced this week.

Statistics released by the Spanish government revealed that the price per square metre for Spanish property is now approximately 1,700 Euros on average, a significant decline of 22 per cent since the peak in 2008. But on a local scale, Kyero reports that resorts on the Costa del Sol and Canary Islands have seen house prices decline by up to 49 per cent.

While house prices continue to fall across both the UK and Spain on a national level, some regional real estate prices are lower than the country's average. When looking for affordable property, buy-to-let investors can head to the Rhondda Valley for Maerdy's mouldy home with rats, or smart buyers can turn to Spain for an affordable home with a beach.

Interested in property in Spain?

Browse our listings of discounted apartments, houses and other distressed real estate overseas:

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Marbella property prices 'unlikely to fall further'

admin — 21/11/2011 08:00:00

The value of homes in Marbella is not expected to drop any further, with one real estate organisation predicting that the market has now reached its lowest point.

According to International Property Success, a rising number of overseas buyers based in the UK, Russia and the Middle East are targeting the Spanish destination.

The organisation added that Marbella's warm year-round climate and its reputation as one of the top resorts in the country enhance its appeal among those seeking a property in Spain.

Source: Property Showrooms

Spanish property prices will continue to fall, says Bankinter

admin — 18/11/2011 08:05:00

According to Bankinter’s latest report on the housing market in Spain, housing prices will fall an additional 6% up to the end of 2013, making an adjustment of 30% in real terms from their peak, and only begin to rise again in early 2014, when the economy is capable of generating employment and demand recovers.

With regard to their forecast made last April, the financial institution have deferred for a year the adjustment in the housing sector, saying that promoter activity will not take off until the last quarter of 2014, when the housing ‘stock’ will have reduced to below the 500,000 mark.

Until then, only discounts and minimum production, will “very slowly” digest a ‘stock’ of houses which now stands at, they estimate, between 850,000 and 900,000 homes, of which about 200,000 or 250,000 belong to financial institutions. Bankinter sees the two years ahead with demand at minimum levels because of high rates of unemployment, which in 2011 alone saw home sales plunge to around 200,000 new properties, which was 55% less than what was sold in 2007, the year with the highest recorded demand in history (412,000 homes).

Bankinter’s calculations suggest that the Spanish economy will grow 0.7% in 2011 – half of what the Government anticipated – 1.2% in 2012 and 1.6% in 2013, below the 2% needed to create jobs, reported Cinco Dias.

Source: Kyero.com

BMI Baby Expand into Alicante

admin — 16/11/2011 05:17:00

Budget airline BMI Baby has announced more flights into Alicante airport for the 2012 summer season.

There will be a new route, operating three times a week on Monday, Friday and Saturday between Belfast City Airport and the Alicante, El Altet.

They also announced a bigger commitment to Spain by offering more routes into Málaga and the islands of Menorca and Ibiza from Belfast, Birmingham to Barcelona and from East Midlands to Murcia, San Javier.

They also announced increasing frequencies on a number of their existing routes in Spain, operating between June and September, showing the value that another airline has put on the benefits of serving routes to these popular destinations.

Source: SpanishVida.com

Falling property prices in Spain attracting overseas buyers

admin — 15/11/2011 05:26:00

Average property prices are still falling in Spain but in the Costas which are popular with overseas buyers they are seeing less of a decline than other areas.

The latest figures from Tinsa, one of Spain’s leading appraisal companies, show that prices fell the most in regional capitals where they are down 8.1% in the 12 months to the end of October, followed by a drop of 7.5% in metropolitan areas.

The Mediterranean cost saw prices fall by 6.9% and the Balearic and Canary Islands saw the smallest decline at 3.4%. Since the peak of the market prices are now down 30% on the coast and 20.5% on the islands.

Meanwhile, the latest Official House Price Index from the Department of Housing, not usually regarded as being particularly reliable show that prices fell 5.6% over the 12 months to the end of quarter three.

Source: PropertyCommunity.com

Video: Global property outlook 2012

admin — 14/11/2011 06:52:00

Patrick Summer, Head of Property Equities, Henderson Global Investors shares his outlook for global property markets in 2012.

Watch the full video report on TheMoveChannel.tv:

http://www.themovechannel.tv/2011/11/ask-the-experts-global-property-outlook-2012/

Foreign Office reveals strangest requests

admin — 11/11/2011 09:58:00

What clothes to take on holiday and where to go for Christmas lunch are among the most bizarre queries asked of Foreign Office staff abroad, it has been revealed.

They are more used to dealing with lost passports and victims of crime, but British consular staff overseas are constantly plagued with strange requests from expats and holidaymakers.

Staff at an embassy in Spain have been recently been asked to find out the size of the Prince of Wales's feet so the caller could send him some shoes “as a present”, while in Sofia, a Briton asked if the consulate could sell His house.

Other requests have included asking for Phil Collins' phone number (Spain), wanting to know how to get rid of ants at a holiday villa (Florida), and how to build a chicken coop (Greece).

Source: The Telegraph

Costa del Sol in drive to attract new British home buyers

admin — 10/11/2011 07:45:00

The Tourist Board of the Costa del Sol has created the new brand ‘Living Costa del Sol’ with the aim of encouraging the British to buy a home and reside in the region for at least six months of the year, an initiative which is directed at clearing some of the surplus of about 30,000 homes.

The President of the organisation, Elias Bendodo, presented the brand at the World Travel Market tourism fair being held in London this week. He also told reporters that it is their intention that this initiative will also be used in promotional activities to be carried out in Germany, France and the Nordic countries.

According to Bendodo, ‘Living Costa del Sol’ was developed in collaboration with developers, insurance companies and financial institutions, and aims to attract new British residents, reduce the amount of unsold finished homes, located primarily in the west of the Spanish mainland, and boost Spain’s economic recovery.

The President of the Malaga organisation also assured that the developers are “fascinated with the idea”, and stressed the importance of having legal guarantees, for working with insurance companies in the countries to which the brand is focused, reported El Mundo.

Source: Kyero.com

Annual property prices down 5.6pc in Spain, latest figures show

admin — 08/11/2011 10:23:00

It is a picturesque village first recorded in the DomesdResidential property prices in Spain fell 5.6 per cent over the 12 months to the end of quarter three, according to the Official House Price Index from the Department of Housing.

Prices fell the most in the Costa Dorada where they were down 9.1 per cent followed by Madrid down 8.5 per cent and Murcia down 8.3 per cent.

Prices rose in just two regions. In Tenerife on the Canary Islands they increased 1.7 per cent and in Extremadura they rose 1 per cent.

But international buyers are buying holiday homes with the Russians replacing British people as ardent buyers. According to Jesualdo Ros, head of the regional developers’ trade body, said that Brits have fallen behind Scandinavian, Dutch and Belgian buyers.

Source: PropertyCommunity.com

Mallorca expects “continual improvement” in 2012 after exceptionally good year

Ivan Radford — 08/11/2011 08:57:00

Mallorca Sotheby's International Realty Market Report has been published this week, and Stephen Dight, Managing Director, reflects on an "exceptionally good" 2011 and looks forward to "continual improvement" next year:

During 2011 the Mallorca property market has been exceptionally good and has held up surprisingly well. This year has seen a marked improvement over 2010 in terms of sales, a year I would cite as being the absolute bottom, albeit still far off the volumes seen in the peak years of 2007 and 2008. Correctly priced villas in near-perfect condition in coveted locations will sell comfortably. They may not sell at a huge premium but neither will they sell at a huge discount. From the 2007 peak to the 2010 bottom, prices in this sector have only dipped ten or 15 percent.

Another factor is the different nationalities participating in real estate here. Over the years Germans have made up the majority of foreign homeowners in Mallorca and their recession is behind them so there is not a huge supply of motivated sellers on the Island. Contrast that with the Costa del Sol where over 50% of the foreign homeowners are British. Many of them are now hugely motivated to release the capital tied up in their second homes in order to fund their businesses and their interests back in the UK at a time when the British banks have effectively stopped lending.

As sterling has depreciated, these vendors are prepared to slash prices in the knowledge that the exchange rate will protect them against huge losses. This scenario has not existed in Mallorca. And, interestingly, more British buyers are participating in Mallorca real estate than perhaps people realize. At Mallorca Sotheby's we're receiving many British buying clients, especially those who converted their assets into cash before the recession hit or those entrepreneurs who have been able to profit from the recession.

One notable sale in 2011, although not one Mallorca Sotheby's can claim responsibility for, was the so-called most expensive property in Spain, the 232 acre estate of La Fortaleza near Pollenca, changing hands from one Brit to another at an alleged sales price of 40 million euros.

Most buyers believe, as do I, that prices in Mallorca bottomed in 2010 and will fall no further. If a suitable property becomes available there is no reason not to buy. There is no benefit to be gained from waiting - in fact that property is likely to have sold.

Whilst now we are busier at Mallorca Sotheby's, it is only with top quality, well-priced homes that are virtually faultless in terms of their presentation and location. The problem is with the bottom end of the market. In times of economic difficulty there is considerable divergence; anything less than desirable is not in demand. Some properties, even at huge discounts, will simply not sell. Whole swathes of substandard marginal property will continue to be ignored.

For 2012 we expect a top down recovery, that is to say continual improvement in the top quality end of the market with a trickledown effect spreading to the lower priced property. I also expect the European printed press and television media to bring closure to their antagonistic approach to Spanish property, an approach that has been very scattergun, painting all of Spain in a bad light regardless of quality or region.

There is a vast disparity between someone buying a makeshift villa without the advice of a lawyer in Valencia and an informed buyer purchasing a luxury mansion in Mallorca. You simply can't compare. The Spanish Government is also taking positive steps to restore confidence in its property market, to stimulate growth, whereas before it at best ignored problems or at worst positively damaged the market with inconsistent and questionable practices. These practices are firmly in the past.

I don't have a crystal ball, but every recession is cyclical and as it comes to its inevitable end the Brits will return in numbers, the German buyers will return in droves and confidence in Mallorca will be restored leaving it to emerge as strong as ever. Mallorca will always be a loved destination. It's easily accessible from across Europe with direct low-cost flights, has that indefinable Island vibe and is simply beautiful from coast to mountain.

Spain’s orange groves produce best property bargains

admin — 03/11/2011 07:10:00

The Costa Blanca’s Orange Blossom County is currently producing the best value holiday homes alongside its traditional citrus, dates, artichokes and pomegranates...

Many scattered villages in the Vega Baja, a lush landscape along the Rio Segura, have seen orange groves replaced by new housing as developers cashed in on low land prices compared with the coastal resorts just 10 minutes drive away.

But as the recession bites, house prices have dropped dramatically, to produce the best bargain homes in the popular Costa Blanca and they are still surrounded by orange groves and the slow pace of Real Spain.

There are bargain apartments in gated developments offering communal swimming pools and relaxing gardens in and around Algorfa, the fastest growing village in all of Spain as foreign property buyers fall for its charms. It’s also the ideal location for a game of golf at La Finca, the nearby championship course, sailing or Blue Flag beach BBQs at Guardamar del Segura or a walk in Europe’s biggest palm forest at Elche.

Source: PropertyinSpain.net

Easyjet ups flight frequency to Gibraltar

Ivan Radford — 01/11/2011 07:34:00

This week low-cost airline easyJet strengthened its commitment to Gibraltar by adding four extra weekly flights to its London Gatwick service. Scheduled to begin next summer, the airline will now operate 11 flights a week to this London airport.

Brian Stevendale, Business and Development Director for Gibraltar’s most prominent mixed-use marina resort, Ocean Village, says, “This move by easyJet makes good sense as Gibraltar rises in stature as a destination for both leisure and business travellers. The economy is thriving, particularly in the sectors of financial services and gaming, which creates increased demand for business travel, and tourist arrivals are now in excess of ten million each year. When our planned World Trade Center located adjacent to the Ocean Village site is inaugurated, easyJet, and indeed the other airlines serving Gibraltar, may want to revise their schedules upwards yet again.”

Paul Simmons, easyJet’s UK Director, was interviewed on Radio Gibraltar on Thursday and said that while easyJet had delivered a Gibraltar to London Gatwick service ever since they purchased GB Airways back in 2008, it had got to a level where demand was outweighing supply and the four new weekly flights had become necessary.

Simmons stated that there was a good possibility that the additional service would be extended from summer into the winter season as he believed that the route would be a success. With 20 bases across Europe, easyJet finds it very straightforward to turn on additional flights as soon as they see clear demand.

Simmons added that the target “load factor” for Gibraltar to London Gatwick was 80 to 85% of the 156 seat Airbus A319-100. He believed that easyJet could achieve this load factor throughout the summer and “wouldn’t be doing it if they didn’t think it would work”.

The news coincides with the opening of Gibraltar’s iconic new £50 million aircraft terminal to the public from 3 November. With building works almost complete, a period of staff training and testing of operating systems and equipment takes place prior to the terminal becoming a security restricted zone in accordance with EU aviation regulations – this window allows for public viewings by way of guided tours from 3 to 8 November. The Government is expected to release a statement shortly on the terminal’s official opening, predicted for the first half of 2012.

As part of the commitments entered into with Spain as a result of the 2006 Cordoba Agreement, the terminal building will have direct access onto Spain although this part of the terminal is incomplete as Spanish authorities delay the building of their installations.

easyJet’s Simmons noted that their Basel Airport base granted access to Switzerland, Germany and France without customs or border restrictions and it made for very easy travel. He believed that the new Gibraltar terminal was a “right size” terminal which would serve the passenger well in this modern era and give the Rock a boost – even more so when the Spain-side entrance was operational.

Recovery for Spanish commercial property 'may take more than a year'

admin — 01/11/2011 07:06:00

The Spanish commercial property sector is likely to take longer than 12 months to recover, new research has suggested.

Bloomberg Businessweek reported on data published by Savills, which stressed that a lack of finance coupled with the wider European debt issues will slow the market's recovery.

According to the firm's figures, investment in Spanish commercial real estate is now at its lowest level since 2001, with just €1.25 billion (£1.1 billion) in deals concluded in the first nine months of this year.

This represents a 52 per cent drop over the same period in 2010, with the news provider noting that a lack of funding from Spanish banks is deterring investors.

Source: PropertyShowrooms.com

How to ghost-proof your home

Ivan Radford — 31/10/2011 08:45:00

A new infographic this week teaches homeowners how to ghost-proof their homes ready for Halloween.

"In many cultures around the world," explains Credit Sesame, "ghostly superstitions are taken seriously enough to actually affect the way homes are built and maintained."

From the height of a basement to the correct number of stairs, some overseas property is heavily influenced by the prevalence of supernatural superstition.

Here is the full infographic:

(Click here to see a larger version)

Not afraid of a property bargain?

Browse our listings of houses, apartments and other overseas property, all at terrifyingly low prices:

http://www.themovechannel.com/property/all

Government measures could hurt Spanish legal system confidence

admin — 31/10/2011 08:05:00

Spain could be exacerbating its property market’s problems by making Land Registry information available in English, according to an overseas property lawyer.

Peter Esders, solicitor at Chebsey & Co., told OPP in a letter that more information being made available online in English leaves him “anticipating problems”.

“I am worried about the fact that more information is being given in English online at the Land Registry,” he said.

“Unscrupulous sellers will tell buyers that they don’t need a lawyer because there are land registry searches available in English and they can supply a notary at the end.”

Source: OPP

Budget airlines carry over half Spain’s air traffic

admin — 28/10/2011 07:56:00

Low cost airlines carried 28.9 million passengers during the first nine months of the year, which is a 14.1% increase over the same period in 2010, compared to regular airlines, who carried 21.4 million passengers, an 8.3% rise, according to data released this week by the Institute of Tourism Studies for the Ministry of Industry, Tourism and Trade, reported Cinco Dias.

Thus, the low cost airlines accounted for more than half of Spain’s air traffic up to September, at 57.5%, compared to the traditional airlines who commanded 42.5% of the travellers.

By market, the UK and Germany lead the figures for budget airline travel, with 36.8% and 20% respectively of passengers who chose this path, which is up 10.2% for the British market (at 10.6 million passengers) and 6.6% for German travellers (with 5.7 million passengers).

In September, low cost airlines transported 3.8 million passengers, a 12.4% increase, while the traditional airlines carried 2.7 million passengers, representing an increase of 8.4%. Of the 6.5 million international passengers who arrived in Spain by air last month 58.8% did so using ‘low cost’ companies.

Source: Kyero.com

Video: EU leaders reach bailout agreement

admin — 28/10/2011 05:23:00

A further financial crisis was hopefully averted in Europe as the European Union leaders reached a bailout agreement after a marathon brainstorming session.

Watch the full video report on TheMoveChannel.tv:

http://www.themovechannel.tv/2011/10/debt-crisis-eu-leaders-reach-bailout-agreement/

Spain boost as more visit, stay longer and spend more

admin — 27/10/2011 07:33:00

Spain is heading for a return to tourism domination as the 2011 visitor figures soar towards a record 57 million, boosted by higher numbers of independent travellers staying in rented accommodation along their favourite Costas.

80% of tourists now book their own flights and accommodation. Average stay in owned apartments or rented villas is now 15 days – twice that of hotels, who have had record occupancy in 2011. Average stay rose two percent and more came people from the UK than any other country.

There are now 370,000 Brits living full-time officially in Spain, drawn by the California climate, cheap food and drink, fiesta lifestyle and above average life expectancy. 1,000s more are planning to join them after Britain came bottom in a survey to find the best place to live. The summer city riots have influenced 1,00s more to quit the UK.

A Lloyds TSB survey found 67% of Brits living in Spain “had no plans to return to Britain” and 74% claimed quality of life was better. The survey found 87% of Brits felt safer in Spain “which is a better place to bring up kids”.

Source: PropertyinSpain.net

Leaders agree eurozone debt deal after late-night talks

admin — 27/10/2011 06:15:00

European leaders have reached a "three-pronged" agreement described as vital to solve the region's huge debt crisis.

They said banks holding Greek debt accepted a 50% loss, the eurozone bailout fund will be boosted and banks will have to raise more capital. Shares on European markets rose sharply on news of the deal.

The agreement is aimed at preventing the crisis spreading to larger eurozone economies like Italy, but the leaders said work still needed to be done.

After marathon talks in Brussels, they agreed a mechanism to boost the eurozone's main bailout fund to about 1tn euros (£880bn; $1.4tn).

Source: BBC

Santander set to sell 12,000 Spanish flats to NY investors

admin — 26/10/2011 07:27:00

The Spanish Banco Santander banking group is widely reported to be in talks to sell approximately 12,000 repossessed Spanish apartments to a group of Wall Street investment funds.

Cerberus Capital Management LP and Goldman Sachs Group Inc are understood to be bidding against a Morgan Stanley fund, say the reports, which cited unidentified sources close to the talks.

Santander still has about €6 billion of property to sell, according to the reports this week. Santander’s press office has declined to comment on the rumours.

The 12,000 properties concerned are thought to be worth up to €3bn. Santander is still hampered with a real estate portfolio worth €8.33bn – all of which it has acquired since the credit crunch of 2008. It remains keen to tidy up its balance sheet by selling off the properties.

Source: OPP.org.uk

Average property prices in Spain still falling but luxury locations doing well

admin — 25/10/2011 07:10:00

Average residential property prices in Spain have fallen by 7.4% in the 12 months to the end of September, according to the latest House Price Index from Tinsa, one of Spain’s leading appraisal companies.

The steepest price falls were in large cities where they declined 8.9%, followed by the Mediterranean coast where most overseas buyers have holiday homes. Peak to present, prices are down on average 24.1% and by 31.9% on the coast.

But there is an increase in foreign buyers, perhaps keen on seeking out bargain prices in some parts of the country. Figures from the Bank of Spain show that foreigners invested €1.3 billion in the second quarter of this year, up16% on the first quarter and 37% compared with the same time last year.

Foreign investment is still some 32% down on the peak of the buying market in the second quarter of 2003 when it reached €1.9 billion, but there has been a clear improvement in the last two quarters.

Source: PropertyWire.com

Video: Finance ministers meet to discuss Euro bailout fund

admin — 25/10/2011 04:58:00

European finance ministers met last Friday, followed by a meeting of ministers from all 27 European Union countries on Saturday.

Euro-area and EU leaders meet today and another Euro summit is to be held on October 26th - the deadline to finalize a plan for the Euro bailout fund.

Watch the full video report on TheMoveChannel.tv:

http://www.themovechannel.tv/2011/10/ufxmarkets-euro-bailout-fund-currency-trading-news/

Spain sees credit rating downgraded

admin — 24/10/2011 08:16:00

Spain has had its credit rating cut by Moody's this week, following similar decisions from other agencies Standard & Poor's and Fitch Rating.

Moody's downgraded the south European nation by two notches, from A2 to A1, noting that this decision was partly due to "the downside risks from a potential further escalation of the euro area crisis".

The Spanish government stated that it believes the ratings downgrade is based more on the short-term problems in Europe, rather than the "long-term fundamental outlook" for the country.

Source: PropertyShowrooms.com

Video: Property values 'holding steady' in Europe

Ivan Radford — 21/10/2011 10:51:00

Low interest rates across Europe have helped boost property values, a positive trend for real estate securities in the region, according to Ernst-Jan de Leeuw, La Salle Investment Management's head of real estate securities for Europe.

He spoke with REIT.com at the European Public Real Estate Association's annual conference in London in early September and offered a range of opinions on commercial real estate investment in the current market. He said signs within the industry suggest that the current level of strong valuations is sustainable.

You can view the video on TheMoveChannel.tv:

http://www.themovechannel.tv/2011/10/property-values-holding-steady-in-europe/

Spain's housing secretary 'in denial' about expat property problems

admin — 20/10/2011 08:02:00

The argument took place following a speech delivered last week by the Spanish housing secretary Beatriz Corredor, who called for Britons to trust in Spain and to take advantage of its ripe property market.

UKIP's Marta Andreasen MEP said: "I was quite upset that she refused to accept or mention the fact that were serious problems affecting Brits in Spain.

"She referred to new reforms that had supposedly made Spain a safe country in which to buy, but these reforms neither resolve the past nor the present problems.

"The British are among the highest proportion of foreign property purchasers, but the bad reputation Spain has earned itself has seen the level of interest in Spanish property plummet. This so-called ‘property roadshow’ was to address that with the aim of portraying that everything is fixed and the Brits can start spending their money again. How wrong this is.

Source: Telegraph.co.uk

Video: How to prepare for the Greek debt crisis

Ivan Radford — 13/10/2011 07:48:00

Greece has been living beyond its means in recent years, and its rising level of debt has placed a huge strain on the country's economy.

The Greek government borrowed heavily and went on something of a spending spree after it adopted the euro. Public spending soared and public sector wages practically doubled in the past decade.

However, as the money flowed out of the government's coffers, tax income was hit because of widespread tax evasion. When the global financial downturn hit, Greece was ill-prepared to cope.

It was given 110bn euros of bailout loans to help it get through the crisis - and has now been earmarked to recieve another 109bn euros. But many fear that will not be enough.

You can watch a video on how to prepare for Greek debt crisis on TheMoveChannel.tv:
http://www.themovechannel.tv/2011/10/how-to-be-prepared-for-the-greek-debt-crisis/

Europeans most likely to invest more in real estate, survey shows

admin — 10/10/2011 10:30:00

Only 43% of European real estate investors report any increase in risk appetite since early 2011, compared to 46% globally, and 64% in Canada where investors show the biggest uplift in risk appetite, new research shows.

According to the Colliers International 2011 Global Investor Sentiment Survey, which takes the pulse of property investors worldwide, measuring their appetite for risk, optimism, key concerns and sense of market cycles, Europeans are more likely to increase their property holdings.

However, stock remains a concern with 49% reporting the supply of ‘for sale’ property remained a key barrier to expansion and over 54% stating they were focused on core property with target IRRs of five to 10%.

With 57% of investors reporting their risk appetite had not increased since the start of the year, it is not surprising those looking to expand are focused on safe bets, says the report.

Source: Property Wire

Record-breaking €19.5 million quarter for Spanish luxury agent

admin — 10/10/2011 09:16:00

A luxury Spanish property agency has reported its most successful ever quarter in the three month period from July to September.

Lucas Fox International Properties sold €19.5 million-worth of luxury Spanish real estate in 2011’s third quarter, its best performance since opening six years ago.

Lucas Fox sells properties in Barcelona, Costa Brava and Ibiza.

Alex Vaughan, Director of Lucas Fox, said that recent rich buyers continue to enter the market despite recent negative comments.

Source: OPP

European portfolio sales dominated by retail

admin — 06/10/2011 08:53:00

International real estate advisor Savills finds that in Germany, Spain and France portfolio sales account for a significant portion of total investment volumes with the share of retail stock dominating. On average since 2007 portfolio sales have accounted for just over a third of (33.8%) of all sales in Germany, 29.8% in Spain and 14.2% in France, according to the firm. In 2011 so far 40% of portfolio sales in Germany have been retail stock, compared with 78% and 61% in Spain and France, respectively.

In Spain Savills research shows the dominance of retail portfolio sales has been boosted by a further four portfolios of bank branches sold by BBVA, Sabadell and Caja Madrid. The firm has observed a trend for smaller portfolios, with the average portfolio size standing at €77m in 2010 and €39m so far in 2011. Retail stock has also pushed portfolio sales in France with the focus mostly on small retail units, according to the real estate advisor.

Eri Mitsostergiou, director of Savills European research, says: “Portfolios are a way to quickly obtain equity for the seller and present a number of advantages for the buyer such as geographic diversification, the potential for good returns if sold in smaller lots at more aggressive pricing and the possibility for strong tenants on long-term contracts in the case of sale and leaseback transactions. In general investors have preferred retail as it is considered a safer investment.”

Savills data shows that so far in 2011 retail has dominated German portfolio sales in terms of price volume, with six of the 10 portfolio transactions falling in the retail sector. Among these three of the biggest sales of the year so far, including Cerebus Capital Management’s purchase of 44 cash and carry markets and one logistics centre across Germany for €700m.

Source: Property-Magazine.co.uk

Overseas buyers back in the Spanish property market

admin — 05/10/2011 07:33:00

British buyers have long had a love affair with property in Spain but now it seems it is other overseas buyers who are helping the real estate market to recover.

Despite a downturn in the number of British buyers specialist Murcia estate agent, Mercers, has just experienced its best summer sales period for five years with buyers coming from Norway, Sweden, Spain, France, and Ireland.

Murcia is attracting a diverse international audience who are lured by four key factors, the Paramount branded Theme Park that is being built, golf, improved accessibility and, above all, price.

‘We know that Spain is far from being out of the woods in terms of its property crisis but you can’t generalise the nation as a whole. The region of Murcia is certainly poised in pole position for recovery. Price is the driving force that puts Murcia as the top searched for Spanish destination as confirmed by leading property portals,’ said Chris Mercer, director of Mazarron based Mercers.

Source: PropertyWire.com

Murcia prices primes it for sales surge, says Mercers

admin — 04/10/2011 07:51:00

The Murcia region of Spain is poised to emerge from economic gloom as property prices drive the area forward, according to a local agent.

Specialist Murcia agency Mercers, having experienced its best summer sales period for five years, believes that below national average prices will help the area buck the trend.

Chris Mercer, Director of Mazarron-based Mercers, said: “We know that Spain is far from being out of the woods in terms of its property crisis but you can’t generalise the nation as a whole.”

“The region of Murcia is certainly poised in pole position for recovery. Price is the driving force that puts Murcia as the top searched-for Spanish destination as confirmed by leading property portals. One portal quoted average asking prices for Murcia at 163,000 euros, way below the national average of 263,000 euros, and we’re selling golf-Side property from as little as 50,000 euros.

Source: OPP.org.uk

UK pressure group set up to help Spanish property victims

admin — 03/10/2011 10:09:00

While there are similar groups already in existence in Spain, this group is the first of its kind in the UK and aims to raise awareness and pressure the UK Government and MEPs into taking action.

Many thousands of Britons are believed to have bought property in Spain and through the actions of various levels of Spanish government, property developers and banks, find themselves unable to enjoy the rights to these properties.

The Protection of Property Purchased in Europe (POPPIE) is run by husband and wife team Chris and Angela Beattie, who have first hand experience of the issues that surround buying in Spain.

In 2004 they spent €150,000 on an off-plan Andalucian villa that was supposed to back onto a golf course, hotel and villa complex. After a building delay of two years, the house was finally built, although the surrounding complex was not.

Source: The Telegraph

Spanish mortgage approvals fall

admin — 28/09/2011 06:41:00

Mortgages issued in Spain plummeted to their lowest level on record in July, according to the country's National Statistics Institute.

Bloomberg reported that the number of finance packages offered to homeowners during the month dropped by 47 per cent compared to the same time in 2010, while the total amount of capital borrowed also declined by 48.3 per cent.

Meanwhile, the news provider pointed out that there are more than 700,000 properties in Spain that remain unsold, while defaults on existing mortgages are currently high.

Figures published by the National Statistics Institute earlier this month revealed that sales of residential real estate were 34.8 per cent lower in July than a year earlier, while a monthly drop of 8.6 per cent was also noted.

Source: PropertyShowrooms.com

Barcelona stages final bullfight before regional ban

admin — 28/09/2011 06:20:00

Three top matadors slayed six half-tonne bulls Sunday in the last bullfight held in Catalonia before a ban on the centuries-old tradition comes into effect in the northeastern Spanish region.

The sold-out crowd of 18,000 applauded and chanted "Freedom!" throughout the bullfight at Barcelona's Monumental arena, the city's last active bullring which opened its doors in 1914.

Serafin Marin, a 28-year-old Catalan who is a fierce defender of the tradition, put his hand over his heart after he slayed the last bull, a 570-kilo (1,250-pound) beast named "Dudalegre".

The crowd later carried all three matadors who took part in the bullfight on their shoulders out of the arena to the applause of onlookers.

Source: Independent.co.uk

Spain breaks tourist records for August

admin — 27/09/2011 10:19:00

In August this year 7.64 million foreign tourists visited Spain, an all-time record for the country.

According to reports from FRONTUR, last month saw a 9.4 per cent increase in the number of tourists from 2010, indicating a new monthly high for the booming Spanish tourism industry.

Since the beginning of 2011, 40 million tourists have visited Spain, a 7.8 per cent increase over the same period last year. The Ministry of Industry which produces the tourist movement survey suggests that August visitor figures 'reinforces the good prospects of Spain in 2011' highlighted by the fourth best year in the history of Spanish tourism, a great achievement considering the economic recovery only began back in the second half of 2010.

Further data indicates that while Brits are one of the most regular and indeed loyal visitors to Spanish shores standing at 9.5 million, there has been impressive increases in numbers of other foreign visitors, with a rise in American, German and talian visitors. By destination, Catalonia was the largest recipient of foreign tourists receiving 1.9 million visitors in August, while the Balearic Islands followed closely behind with 1.8 million.

Ignacio Osle, Sales & Marketing Manager of Taylor Wimpey España, comments, "Despite difficult economic conditions across mainland Europe, Spain is one of the most resilient holiday destinations, remaining popular with foreigners whatever the market conditions. Recently, the IMF stated that Spain will be the only country that will experience higher levels of growth next year compared to its European counterparts of France, Italy and Greece."

The rising number of overseas visitors continues to spell good news for the property industry. Osle adds: "Mallorca is one such destination that has performed better on the property front than its mainland counterparts offering strong rental market potential."

Interested in property in Spain?

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http://spain.themovechannel.com/property/all

Spain 'a top choice' for those thinking of moving abroad

admin — 26/09/2011 08:01:00

Spain has been named among the top five destinations that people would consider moving to if they were going to leave the UK, new research has found.

A survey conducted by Post Office International Payments revealed that the European nation, which was the fourth most popular location named in the poll, was a possible choice for ten per cent of those questioned.

The firm also pointed out that it was the highest-placed nation where English is not the first language.

One of the top reasons given for buying a property in Spain or elsewhere in the world is the chance to have a better quality of life, while other reasons to move included warmer weather, discovering a new culture and the adventure of emigrating.

Source: PropertyShowrooms.com

Global Ocean Race set to make a splash in Mallorcan property market

admin — 23/09/2011 09:09:00

With only two days remaining until the start of the Global Ocean Race, Mallorca, the launch pad of the highly anticipated event, is gearing up to see thrilling high speed activity from nations doing battle on its sunlit watery landscape this weekend.

Having announced the final entries for the 2011-12 sailing extravaganza, the race is set to begin its first leg, from Mallorca to Cape Town on September 25th 2011.

The Global Ocean race, a double-handed, round the world race for Class40 yachts saw 19 teams officially entered in early summer this year, but difficulty in securing offshore yacht racing sponsorship in a changeable financial environment has meant that numbers have slowly dwindled to only six confirmed entries for the 2011-12 circumnavigation.

The GOR's Race Director, Josh Hall, is enormously proud of the racing teams:

"It is so impressive that six teams have made it to the start. Clearly, it is disappointing for the teams and for the GOR Race Organisation that the overall fleet total has been reduced, but it shows the commitment, ingenuity and sheer determination of the skippers that they have made it to Palma."

In spite of this, excitement is bubbling after the official opening of the race village last Friday, which houses the sponsors and various organising bodies and will be host to numerous events and presentations over the coming weeks. While the race itself attracts thousands of sports fans from across the globe to the golden island, entry to the village is free to the public with organisers aiming to give visitors an insight into one of the sailing world's toughest challenges, as well as promoting the sport to potential boating enthusiasts.

Indeed, international events of such magnitude help put Mallorca on the global stage and while many sailing devotees are attracted to these sporting events, many more stay for Mallorca's sun-soaked climate, sublime blue flag beaches and high-class restaurants.

Despite holiday company Mallorca Tours, the official tour operator for the racing event, organising hotel discounts, savvy property hunters have their own ideas, with homes close to marinas in particular becoming more desirable.

Indeed, for buyers, owning a home on the Balearic Island can provide the opportunity to reap a generous rental income throughout the year.

Ignacio Osle, Sales and Marketing Director of Taylor Wimpey España, explains:

"Mallorca is highly regarded in the world of water sports, hosting an array of premium yacht racing events such as the Copa del Rey, the Palma Velas, the Superyacht Cup and the Global Ocean Race, as well as being noted as a leisurely holiday stop for the rich and famous.

"The island evokes a sense of style and sophistication and tourists as well as property buffs want to take ownership of that lifestyle by purchasing a high quality property."

Diving into Mallorca's property waters?

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http://spain.themovechannel.com/property/balearic_islands/mallorca/

Spanish government to reinstate wealth tax

admin — 16/09/2011 03:40:00

At a meeting of the Council of Ministers this Friday, 16th September, the Spanish Government plan to reintroduce the Wealth Tax, which was abandoned in 2008.

Speaking at a rally in the Jaime Vera de Galapagar Institute in Madrid on Sunday, the socialist candidate for president, Alfredo Pérez Rubalcaba, asked the prime minister, José Luis Rodríguez Zapatero, to “reactivate immediately” the “tax on large estates”, a measure which also appears in Rubalcaba’s election manifesto.

Moreover, according to sources close to the candidate, he has requested that the minimum at which tax is payable be raised significantly, thus only taxing the wealthy and not the middle class as was the case previously before the tax was abolished.

Rubalcaba pointed out that the benefits of this decision would be seen in 2012 and “the new government in power would be able to use them.” “If you give me the opportunity to decide in 2012 what to do with it, I will invest it in youth employment,” he explained.

Source: Kyero.com

Properties in Canaries and Balearics perform better than other parts of Spain

admin — 14/09/2011 09:31:00

Real estate in the Canary and Balearic Islands has experienced much lower price drops than in other parts of Spain, it has been noted.

Managing director of Spanish-Living.com Adrian Warriner pointed out that the two archipelagos - which include destinations such as Tenerife, Ibiza and Mallorca - have fared better than their mainland counterparts, recording just a 2.5 per cent fall in values over the last year.

"This is good if you already own a property there, but not so good if you are an investor looking for a bargain," he stated.

Mr Warriner went on to suggest that those hoping to buy a home in Spain while the market is low may want to consider the Costa del Sol, which has seen average prices decline by more than ten per cent in the past 12 months.

Source: PropertyShowrooms.com

Expat equity release victims take on banks

admin — 14/09/2011 08:56:00

Expats who bought into unsuccessful equity release schemes and now face losing their properties have set up an action group to fight the Nordic banks behind the schemes.

Tempted by the offer of a salary for life and an inheritance tax reduction, organisers of Equity Release Victims Association, Ian Sherdley, 69, and Euan Armstrong, 73, used their Spanish holiday homes as collateral to buy into the equity release schemes.

The schemes were sold by independent financial advisors working the expat communities along the Costa del Sol on behalf of Denmark's biggest bank Danske Bank and Nordea Bank SA.

They were told that if they took out full mortgages against the value of their Andalucian homes, which were fully paid for, and then gave the money to the bank to invest, their inheritance tax liability would be reduced and they'd receive a small lump sum, as well as a monthly return on the bank's investment which would cover the cost of the remortgage and provide a small salary.

Source: The Telegraph

British buyers lead the way in Spanish property sales

admin — 12/09/2011 07:56:00

Bargain hunting Brits have shot to the top of the property buyers’ league in Spain after years trailing behind Scandinavians and Russians in the race to secure “the best deals for a decade”.

There are more British buyers than Spanish nationals on some prime developments in favourite areas like Costa del Sol, Costa Blanca and Mallorca, as they cash in on the “buyers market” scenario of lowest prices, lowest interest rates, lowest taxes and highest loan to value deals - up to 107% of the asking price.

Source: PropertyinSpain.net

All eyes on Mallorca, location of The Inbetweeners Movie

admin — 06/09/2011 07:35:00

With its opening weekend on the big screen grossing £13.2 million, the biggest of any British-made comedy film, The Inbetweeners movie seems to have taken the UK by storm with holiday experts expecting the film to set the travel trend for 2012.

The movie, an extension of the hit television series, follows four main characters to Malia, Crete where the comically crude lads plan to vacation before going to university. Unsurprisingly, following its release, the UK's leading youth brand Club 18-30 has seen an increase in searches for clubbing holidays to Malia according to Russell Whitton, the club's trading manager.

In spite of this, it is becoming publicly known that while some parts of the film were shot in Malia, the film company decided to shoot most of the movie in Magalluf, Mallorca, as well as Soller and Palma, where many of the local businesses and workers were used as extras.

Spanish house builder Taylor Wimpey de España comments: "Even though Magalluf was not mentioned, it was the unnamed star of the movie and we fully expect Mallorca to feel the new travel trend already taking place in Malia, especially when people find out where the film was actually shot."

"Magalluf is a cheap and cheerful party haven especially for the younger generation and attracts some of the world's top DJ's to the super trendy clubs. It should definitely be experienced at least once. However, Magalluf is not to be confused with the rest of Mallorca, which affords regions of complete tranquillity and areas of genuine class and sophistication."

A favourite destination with the King and Queen of Spain, who regularly holiday on the island, as well as British blue bloods like Prince Harry, who was spotted enjoying a meal in Port Andratx last month, Mallorca has also become an exclusive second home location with model Claudia Schiffer owning a £6 million paparazzi-proof lavish hilltop estate in Camp de Mar.

Other glitterati A-listers including Michael Douglas and Catherine Zeta-Jones and Boris Becker own property on the island.

Want to live the party lifestyle in Magalluf?

Browse our listings of apartments, houses, villas and other Spanish property:

http://spain.themovechannel.com/property/all

Barroso says Europe will avoid return to recession

admin — 05/09/2011 10:43:00

Europe will not slide back into recession, and the euro remains "strong and resilient", the president of the European Commission has said.

Jose Manuel Barroso added that the Commission and national governments were "doing all it takes" to tackle the debt problems in the eurozone area.

His comments came after rating agency Standard & Poor's (S&P) said last week that the risk of a double dip recession in the eurozone had grown.

Yet S&P said that it should be avoided.

Source: BBC

'Promising signs' in Madrid office market

admin — 02/09/2011 05:49:00

The office market in Madrid's central business district (CBD) is showing signs of recovery, the latest research from Savills has revealed.

According to the organisation, vacancy rates in the Spanish city dropped during the second quarter of the year to reach 4.73 per cent, compared to the 5.31 per cent recorded in the first three months of 2011.

Meanwhile, Savills also noted that a lack of new developments has resulted in landlords refurbishing their properties in Spain to bring new space on to the market.

Ana Zavala, head of office agency at Savills Madrid, described this as "a promising sign", although she noted that there are still concerns over the economy that are affecting commercial real estate.

Source: PropertyShowrooms.com

Spanish luxury market rallies as Russians buy in

admin — 31/08/2011 06:45:00

Spain’s luxury residential market is showing some resilience as Eastern European and non-mortgage buyers surge into the market, according to new research.

New reports from Lucas Fox International Properties show that the average prices in the areas remain way above the national average.

And as finance becomes less scarce the luxury market has shown more strength than others.

Russian buyers are particularly active in Barcelona according to marketing director Anthony Leaton.

Source: OPP.org.uk

Expat property buyers win day in court with developers

admin — 25/08/2011 04:17:00

It has taken five years but a group of determined expats have finally won a courtroom showdown with the Spanish developers who left their homes surrounded by an abandoned building site rather than the promised five-star facilties.

The nine Britons who put down off-plan deposits of up to €200,000 each on properties at the Corvera Golf and Country Club near Murcia in 2005 and 2006 were promised that their homes would be part of a complex that would include a five-star hotel and state-of-the-art leisure facilities.

The majority of the proposed facilities were never built while the developers Corvera Golf and Country Club SL allegedly ignored pleas from homeowners to explain why construction had suddenly stopped.

A preliminary hearing in Murcia has now confirmed that the developers will have to answer these allegations in a trial in July next year.

Source: Telegraph.co.uk

Spain again tops overseas retirement hotspots

admin — 25/08/2011 03:59:00

Spain is the number one retirement destination for British expats, followed by Australia, the United States, France and then Ireland, new research shows.

It is not enough though, as people are planning ahead for their retirement, according to the study from Standard Life.

‘Retiring abroad is a dream for many people, but does require careful planning and advice. Many people think living abroad is cheaper than living in the UK, but this isn’t always the case,’ said John Lawson, head of Pensions Policy at Standard Life.

‘Doing your homework in advance of moving, matching your retirement income and expenditure, and making the appropriate decisions around purchasing an annuity or using income drawdown are key considerations. Your retirement income could also be subject to exchange rates and currency fluctuations, as well as local tax laws,’ he explained.

Source: ExpatForum.com

More distressed properties coming to market: RICS

admin — 25/08/2011 03:32:00

The level of distressed properties coming to market is set to continue to rise globally in line with increasing investor demand, according to the Royal Institution of Chartered Surveyors (RICS).

The latest RICS Global Distressed Property Monitor reveals that over half of the countries surveyed anticipate a rise in forced selling of commercial buildings for the coming quarter. Not surprisingly, the Republic of Ireland, Spain and Italy expect the highest number of foreclosures, while Brazil, Malaysia and Russia expect the lowest.

Property professionals in Russia foresee a continued decline in the level of distressed property, albeit at a slower pace than previously expected. This, together with a positive swing in investor demand, will likely stabilise distressed property prices in the country over the course of the coming quarter. Germany remains a strong performer as well, with supply of distressed properties expected to rise at a slower pace from July to September compared to the second quarter.

The survey also highlights a surge in worldwide demand for distressed properties. Over 80% of the countries surveyed reported increased levels of interest from specialist funds from April to June. Investor demand rose most dramatically in Hungary, while RICS members also reported noticeable shifts in Italy and Poland, where demand is now back to positive. Asian commercial property markets also echo this global trend, as demand outstrips expected supply in Japan, China, Singapore and Hong Kong.

Source: PropertyEU.info

Advantage Spain: Marbella Masters 2011 serves an ace for tourism

admin — 24/08/2011 07:42:00

The Puente Romano Tennis Club in Marbella will once again play host to this year's Marbella Masters Tennis Tournament from the 25th-27th August, an event expected to boost the area's tourism and attract new homeowners.

With a grand slam line-up of tennis legends including Bjørn Borg and Yevgeny Kafelnikov battling it out on the famous clay courts, the club will also welcome Wimbledon Champion Pat Cash and Iranian tennis star and entertainer Mansour Bahrami.

As a member of the ATP, the Puente Romano Tennis Club, situated in the heart of the Golden Mile, a residential district between Marbella and Puerto Banus, has hosted some prestigious matches including the Davis Cup and the WTA over its 31-year history.

Indeed, it is likely that this year's tournament will surpass last year's 15,000 spectators, with fans flocking to not only view the entertaining sporting action but to bask in Marbella's perfect setting, one that provides sunny skies, dazzling scenery and rich culture for such an esteemed event.

Angel Mora, City Councillor of Sports in Marbella has been encouraging tourists to visit the city to experience all the area has to offer and to enjoy the admired event.

Ignacio Osle, Sales and Marketing Director of leading house builder Taylor Wimpey de España, explains:

"International events of such magnitude help boost Marbella's and indeed Spain's global appeal... Events such as these are located in parts of Spain where the sun always shines, and where visitors can relax on the many blue flag beaches, and enjoy the numerous gastronomic delights available."

Whether you're a fan of tennis or hunting for ace property, Marbella, already voted the third trendiest and most fashionable city in Spain, will not be short of visitors this August.

Interested in property in Spain?

Browse our listings of available houses, apartments and other overseas property:

http://spain.themovechannel.com/property/all/

Can Swedes rival Brits for Spanish property?

admin — 18/08/2011 09:21:00

An increasing number of Northern Europeans are buying property in Spain, despite the continued market dominance of British expats.

Spain has always been a popular destination for British buyers, with expats accounting for one in four purchases made in 2010. A total of 4,350 properties were sold to Brits last year, but demand from Scandinavian investors is increasing.

The number of Swedish buyers has shot up by 102 per cent in the last 12 months, according to the latest figures from the College of Registrars. Other North Europe countries are moving in on Spanish property too, with Norway boosting their share of the market by 58 per cent.

Mark Stucklin, Managing Director of Spanish Property comments: "It is undoubtedly good news that international demand for homes in Spain is getting more diversified. The holiday-home market used to be far too dependent upon British buyers, which was a risk that many promoters and the banks' lending to them failed to understand. With the process of international diversification sales should slowly start to increase."

The market in Spain is improving after a subdued period during the credit crisis, with a 4.4 per cent rise in sales to foreigners last year. Although investors from around Europe are stepping up their purchases, the Spanish government continues to favour British buyers, offering them more legal information and providing cheaper Land Registry certificates in English.

Interested in Spanish property?

Browse our listings of apartments, houses and other property in Spain:

http://spain.themovechannel.com/property/all

The top 5 regions in Spain where expats are moving to

admin — 16/08/2011 06:06:00

While many expats hotspot areas have come and gone there is no doubt that Spain remains one of the more popular destinations for expats around the world. It seems that this country continues to attract the attention of overseas visitors and those looking to retire and possibly take up new employment opportunities in the region. Even though a number of relatively new expat hotspots have taken all the headlines from Spain this is still a country which acts like a magnet to many people.

We have therefore been investigating the top five regions in Spain where expats are moving to, why they are moving there, what they have to offer you and what you need to consider. We hope that the following list is of use to you and will assist you when looking at potentially taking on a new homeland.

Barcelona

Barcelona is the capital of Catalonia and the second largest city in Spain behind Madrid. It has long been one of the major expat attractions in Spain and when you take a closer look at what Barcelona has to offer it will come as no surprise. The city itself has a population of around 1.6 million although when you take into account the metropolitan zone this increases to a significant 5 million people. As a consequence, it is not difficult to see why businesses, tourists, investors and even those from other areas of Spain continue to flock to Barcelona.

Like so many areas of Spain, Barcelona has a history which is very eye-catching, shrouded in mystery and extends for some time. There are two very distinct legends regarding the history of Barcelona which are very different but give a view of life many years ago in the region. The city itself is located on the north-east coast of Spain which as we will see has played a major role in the development of the city and the region over the years.

Source: ExpatForum.com

Spanish house prices fall in July

admin — 15/08/2011 07:50:00

The latest figures published in the General Spanish Real Estate Market Index (IMIE General) reveal that house prices in the nation fell in July.

Overall, the country experienced a year-on-year decline of 6.4 per cent, although this was more pronounced in some regions than others.

Properties on the Mediterranean coast took the biggest hit, dropping by 9.5 per cent in July compared to the same month in 2010.

At the other end of the scale, the Balearic and Canary Islands saw real estate values fall at a slower rate, recording just a 2.5 per cent reduction in the same period.

Source: Property Showrooms

Video: Amanda Lamb: "Now is a good time to buy property overseas"

admin — 15/08/2011 06:53:00

Now is a good time to buy property overseas, says Amanda Lamb.

Speaking at A Place in the Sun Live, the TV presenter commented that the best time to invest in a home abroad is while prices are low.

Watch the full video report at TheMoveChannel.tv:

Mallorca's summer sensation: Record number of airport passengers in a single day

admin — 11/08/2011 09:31:00

The Balearic island of Mallorca broke its own record over the weekend by handling 160,000 passengers in a single day, according to officials at Palma International Airport.

Charlotte Ashton, a visitor from London, arrived at Palma airport on Saturday 6th August and commented, “The airport was heaving with thousands of people from Britain, Germany, France and Holland arriving. The flight from London Stansted was full and the airport at full capacity with every baggage carousel being used and arrivals chock-a-block with visitors ready to enjoy the sights of Mallorca.”

Palma’s Airport is one of the top twenty busiest airports in Europe, ranked 16th in 2010 when over 21.1 million passengers passed through as well as being the third busiest in Spain, after Madrid Barajas and Barcelona El Prat.

In 2007, Palma Airport hit record numbers welcoming 23.2 million passengers but numbers had since declined due to the global economic recession. However, it is expected that until the 14th August 2011 the Balearic tourism industry will see bumper numbers of tourists visit the islands while hotel occupancy rates are predicted to once again hit levels seen before the economic slump.

Sumptuous Spanish property still drawing luxury buyers

admin — 10/08/2011 07:45:00

Despite average house prices in Spain at €263,000 as of last quarter, and many properties at the lower end of the market seeing asking prices falling further, the top end of the Spanish property market seems to know no limits with homes up to £20 million still in high demand, according to Spanish Hot Properties.

Managing Director Nick Stuart comments: “"Historically our client base for the super lux villa has been driven by British buyers but as that market has tailed off we are seeing a huge influx of interest in our multi-million pound properties from Russian and Belgian buyers.”

The company, which has focused its attention on areas of Spain which have not been impacted as severely by the recession, has found that Marbella still remains one of the most desirable locations on the Medirranean to own a second home.

"The Marbella area again this summer is awash with celebs and this undoubtedly helps to keep the house prices at a premium,” adds Stuart. “A handful of celebs spotted already this summer include Enrique Iglesias, Danielle Lloyd, Jennifer Ellison, Phil Mitchell and Gary Linekar.”

Brits target Torrevieja bargains in Spanish property revival

admin — 08/08/2011 12:02:00

Property sales 6% up in Spain, but Brit buyers’ share of the bank-owned bargains is down 40% from peak buying year 2008, according to figures from the Spanish Property Registry.

That’s despite the fact, Torrevieja, the Costa Blanca town built for Brits, is the hottest sales spot on the Costas. Only 10 major cities, including Madrid and Barcelona have recorded more property sales so far this year.

There’s a thriving cosmopolitan population in Torrevieja, with the British owning most property that they use for fulltime living or renting out to holidaymakers. Local schools have welcomes 1,000s of English-speaking children with even more booked in for the start of the new school year in September. Many of the current sales are condominium apartments purchased as distressed sales or repossessions from Spanish banks.

Scandinavians are the main buyers in Costa Blanca and other favourite Costas, as their local economies have been largely unaffected by the recession that has hit the UK and Eire. Now the French and Russians are moving in, drawn by the lowest prices for a decade and the best mortgage deals that go to 107% loans at low interest rates.

Source: PropertyinSpain.Net

Buyers raise sights as Spanish property prices fall

admin — 03/08/2011 03:55:00

British and Scandinavian buyers, back to snap up Spanish property bargains, are raising their sights as they realise their budgets now enable to them to buy something bigger and better than they had hoped for...

At the peak of Spain’s Costa property boom in 2007 British buyers accounted for one in three property purchases, but stayed away when the recession swept in. This year they have returned in ever increasing numbers to check out the improved value for money deals on offer.

Spanish banks have cut prices on repossessions and key ready apartments on developments in default on constructions loans by up to 50% and sold off the best of the deals to savvy buyers who realised they could afford a 2-bed sea view apartment instead of a 1-bed in the back of beyond; or a villa with shared pool for the same price as a previous penthouse.

One bank, helped by generous mortgage deals, reports property sales have soared by 140% in the last 12 months, but may be left with lot of unsalable units at the bottom end of the market in poor locations.

Source: PropertyinSpain.net

Spanish commercial property market improves

admin — 02/08/2011 12:23:00

The latest European Commercial Property Survey by the Royal Institution of Chartered Surveyors (Rics) has revealed that the Spanish market re-entered positive territory during the second quarter of the year.

According to the figures, the country also saw the number of occupiers looking for space rise for the first time since the report was compiled, lead by a surge in demand for retail outlets.

Meanwhile, investment demand has also improved, with Rics anticipating further growth in this respect over the next three months.

These results are in contrast to the other nations classed as "peripheral" by the organisation - Greece, Portugal and the Republic of Ireland.

Source: Property Showrooms

EasyJet announces Southend routes

admin — 27/07/2011 09:43:00

Low-fare airline easyJet has announced the destinations it will fly to from Southend next year.

From April 2012, the no-frills carrier will offer services from the Essex airport to Amsterdam, Alicante, Barcelona, Belfast, Faro in Portugal, Ibiza, Malaga in southern Spain and Majorca.

With starting fares from £23.99, tickets went on sale today.

Catherine Lynn, easyJet's customer and revenue director, said: "This is an exciting time to be launching our routes from our newest UK base. The airport is in a fantastic location just outside London with a fast rail link into the city."

Source: The Independent

Spanish property market provides top value

admin — 27/07/2011 09:27:00

During the last three decades, hundreds of thousands of Britons have purchased property in Spain. Nonetheless, a surplus of villas and apartments has spawned due to mortgage defaults from British buyers. By noting the declining property prices during the month of June, according to valuation and consulting firm Tinsa's latest General IMIE (Spanish Property Market Index) report, one can see the opportunity to purchase Spanish property at a low price. This is why British investors are continuing to invest in the Spanish real estate market.

Along the Mediterranean coast, the Balearic and Canary Island archipelagos are amongst the most popular tourist and investment attractions in Spain. The Balearic Islands feature Mallorca, Menorca, Ibiza, and Formentera. With its Opera House, Mallorca offers a stately and elegant experience, while King Juan Carlos’ castle sits in Palma. Menorca offers a drier climate than the aforementioned Mallorca, in addition to cool breezes. Menorca has also garnered fame for its production of leather goods and gin. Ibiza has recently improved its reputation from years past, and Formentera offers an intimate and secluded getaway.

The Mediterranean Coast offers numerous overseas investment opportunities.

From the bright lights of Benidorm to the opulence of Moraira and the resorts towns of Javea and Denia, the Costa Blanca offers a smorgasbord of options. The Costa Blanca is serviced by Alicante airport, now supplemented by inexpensive flights to Valencia on the northern Costa. This enhances tourists and property buyers’ access to the Spanish region during the year. The Costa features the Mediterranean highway, which runs alongside the coast for virtually the entire length of the Costa Blanca, enabling easy travel.

Source: BuyAssociation

Spanish banks 'struggling to cope' with real estate losses

admin — 26/07/2011 06:27:00

Falling property values and rising numbers of foreclosures in Spain are among the factors putting pressure on the country's financial system.

Speaking to Time World, Santiago Nino Becerra, an economist at the University of Ramon Llull, explained that Spain's mortgage market is comparatively small compared to other nations, such as the US.

"With housing values dropping, the banks here simply can't withstand those kinds of losses," he stated.

Mr Nino Bercerra went on to add that because unemployment in Spain is continuing to rise, "when it comes to foreclosures, we're going to see some unbearable statistics".

Source: PropertyShowrooms.com

Top ten tapas and free eats in Madrid

admin — 25/07/2011 13:13:00

In Spain, the "tapa" is the traditional free snack that often accompanies a drink in a bar. Free tapas are not easy to come by in Madrid, but if you know where to go you'll find an abundance of bars where you can eat well for the price of what you drink.

Pepa Tencha, Calle de Apodaca 3, Metro Bilbao (Lines 1,4) and Tribunal (Lines 1,10) – Every Wednesday and Saturday from 8.30pm, this Italian Café offers a free "aperitif" alongside their affordable wine collection.

El Tigre, Calle de Infantas 30, Metro Chueca (Line 5) and Gran Vía (Line 1 and 5) – El Tigre is the go to place in Madrid for free tapas. Buy a round of beers and get a plateful of delicious snacks to go with it, along with the lively ambience one comes to associate with this most Spanish of Spanish cities.

La Paloma Blanca, Calle de Espiritu Santo 21, Metro Tribunal (Lines 1,10) - This small hole in the wall bar grants you a generous portion of food gratis with your beer.

Magister, Calle del Principe 18, Metro Sol (Lines 1,2,3) and Tirso de Molina (line 1) - More than just another generic Spanish bar, Magister brew their own beer and each glass comes with a tapa of your choice, from cheese, pork products, Spanish omelette and much more.

A'Cañada, Calle de Fúcar 20, Metro Anton Martín (Line 1) - This small, but packed bar is located close to the Reina Sofia Museum runs in a similar vein to El Tigre, offering plates of food for free with each drink.

Boñar de Leon, Calle de la Cruz Verde 16, Metro Noviciado (Line 2) – A friendly, family owned tavern that serves the best Tinto de Verano, a cocktail of wine, lemon and vermouth, in Madrid.

El Rincón de Abulanse, Calle Cabarello de Gracia 18, Metro Gran Vía (Lines 1 and 5) - Cheap drinks and generous tapas.

Bar La Mina Café, Calle de Mauricio Legendre 5 post, Metro Plaza Castilla (Lines 1,9,10) and Charmartín (Lines 1, 10 and trains) - While this bar is away from the centre, its location near the northern train station makes it an excellent stopping point for an "aperitivo" after a day trip to Segovía or El Escorial, offering free "pinchos," Spanish appetisers to accompany a drink, this can include Iberian Ham, mussels stuffed with béchamel sauce and breadcrumbs, cheese and Russian salad.

Mercado de Maravillas, Calle de Bravo Murillo 122, Metro Cuatro Caminos (Lines 1,2,6) - A huge market hall where you can buy all kinds of vegetables, cheeses, meats and much more, but it also houses numerous bars which offer generous portions of free tapas, such as "paella," a Spanish rice dish, or garlic potatoes.

Malaspina, Calle de Cadíz 9, Metro Sol (Lines 1,2,3) - Just round the corner from Sol, this bar offers small tapas with your drinks, from tuna and potato salad, to toasts topped with Iberian pork products.

Source: Gadling

Spain tourism up by 7.5%

admin — 25/07/2011 11:40:00

A new survey by FRONTUR found that Spain welcomed 24.8 million holiday makers so far this year. This represents an increase in 7.5% compared with the same period last year.

June was a particularity strong month according to the survey with 5.7 million tourist arrivals; a significant increase of 8.5% compared with last year.

The survey also looked at the source of Spain’s tourism in June to find that the UK and Germany still contribute the most, however while UK visitors are up by 9.6% compared with last year, German tourists have fallen by 1.8%.

Interestingly, the largest increase in tourism came from the Netherlands with a 23% more visitors, closely followed by the USA who contributed 21% more tourists compared with last year.

Source: Select Property

Holiday homes rental market 'set to improve in Spain'

admin — 21/07/2011 06:47:00

The market for holiday rental properties in Spain is on the up, it has been claimed, with more travellers heading to the Mediterranean for a break.

Chief executive officer of the Travel Rental Network Brian Schwimmer stated that rental values in Spain are on the increase, which could bode well for investors with property in the country.

He explained that many holiday home owners cut their prices dramatically in 2009 and 2010 in a bid to attract more UK tourists; however, a rising number of travellers from all over the world are now heading to Spain.

As a result, "prices are normalising once again, so people expecting the same discounts they saw last year might be in for a surprise," Mr Schwimmer commented.

Source: PropertyShowrooms.com

Luxury end of the Spanish property market is in demand

admin — 20/07/2011 04:49:00

UK buyers are returning to the Spain market to buy high quality properties, suggest experts at the Manchester Evening News.

Unlike the distressed sales of low quality abandoned projects, the demand for quality developments is growing. Experts have noted a 24% increase in interest in the first 5 months of 2011 compared with the same period last year, with company director Kim Brown explaining to A Place in the Sun that the country’s weather, lifestyle and established expatriate community seem to be the main reasons for its enduring appeal.

While the low quality end of the market is still in crisis, with Spanish ministers touring Europe in a bid to encourage sales,when it comes to the luxury end its a much better situation. However, buyers are much more savvy compared with the years prior to the economic downturn. Looking for developments with security and other additional benefits.

Select Property has a range of quality Spanish developments backed by one of Spain’s largest banks. Offering discounted high quality property with Mortgages & payment holidays available.

Source: SelectProperty.com

Spanish house prices drop 6.6% in June

admin — 19/07/2011 06:37:00

Prices for property in Spain fell by 6.6 per cent last month compared with June 2010, new figures have revealed.

The latest General IMIE (Spanish Property Market Index) report from valuation and consulting firm Tinsa also revealed a monthly decrease in house prices compared with May.

Overall, the largest drops were recorded on the Mediterranean coast, where values fell by 8.7 per cent over the previous year. Large cities saw a 7.3 per cent decline, while the Balearic and Canary Islands registered a seven per cent negative movement.

"As regards variations by areas, it should be highlighted that all of them showed greater year-on-year falls than in the previous month," Tinsa said in its report.

Source: PropertyShowrooms.com

Euro, stocks decline on European crisis concerns

admin — 18/07/2011 11:08:00

The euro dropped the most in a week against the dollar, Italian and Spanish bonds slumped, while shares slid on concern Europe’s debt crisis is worsening. Gold topped a record $1,600 an ounce and silver rose for a fourth day.

The single currency sank 0.9 percent to $1.4022 at 3:31 p.m. in Hong Kong. Yields on 10-year Italian bonds increased nine basis points, while Spanish 10-year debt yields climbed 14 basis points. The Stoxx Europe 600 Index retreated 0.7 percent and the MSCI Asia Pacific excluding Japan Index lost 0.7 percent. Standard & Poor’s 500 Index futures fell 0.6 percent. August- delivery gold rallied for a 10th day and silver jumped 2 percent. Wheat and corn both declined at least 1.3 percent.

European leaders are holding a special summit this week as they seek to contain the region’s debt crisis, after eight of the region’s banks failed stress tests and European Central Bank President Jean-Claude Trichet reiterated the ECB won’t accept as collateral bonds from a nation that defaults. President Barack Obama continued to reach out to lawmakers in both parties this weekend in search of a deficit-cutting deal as the Aug. 2 deadline for raising the U.S. debt ceiling looms.

“What you have at the moment is a lot of indecision,” Simon Flood, chief investment officer at Lion Global Investors Ltd., said in a Bloomberg Television interview from Singapore. “The biggest risk that concerns investors at the moment is what is going to happen in the U.S. People are obviously watching the developments in Europe.”

Source: Bloomberg Business Week

Holiday bookings rise could bode well for Spanish property

admin — 18/07/2011 10:51:00

Investors interested in property in Spain could benefit from more rental opportunities as more Brits choose to holiday in Europe.

According to a new study by Abta - The Travel Association, bookings to Spain have increased by 11 per cent compared to last year, showing that the destination is becoming more popular with holidaymakers.

Short breaks are also seeing more people travelling into the country, especially to Madrid, as economies around the world recover and capital has been freed up to boost overseas stays.

"During the recession, luxury holidays were substantially affected, but have now experienced a healthy comeback," Abta said in a statement.

Source: International Business Times

Prices down nearly 30% on Spanish Costas

admin — 15/07/2011 06:47:00

Average property prices in Spain have crashed to their lowest point since the boom peak year of 2007. The latest official report shows the Costas registered a massive 28.8% discount as Spanish banks clear toxic property assets with 50% price cuts and generous mortgages of up to 107% in emerging areas like the Costa Calida.

Costa home prices are down 8.7% year-on-year already in 2011 but with increasing numbers of buyers causing shortages in some areas, the price fall seems likely to bottom out soon, say some pundits.

The official IME (Spanish Property Market Index) for June 2011 dropped a full 12 points, to 1782, from May, representing a cumulative decline across the country of 22% from the peak in 2007. Mediterranean coastal resorts were down 8.9% compared with the previous month’s 8.1% and a record 28.8% from 2007 prices.

But there are even better bargains to be had for savvy international investors and families seeking a holiday home. Many current buyers are snapping-up bank-owned bargains at average discounts of 34%, and in some cases more than 50%, as developers are forced to sell their key ready apartments to repay outstanding development loans.

Source: www.PropertyInSpain.net

Aer Lingus announces 10 new winter routes

Sarah Kendell — 14/07/2011 12:02:00

As part of its effort to increase its winter timetable, Irish airline Aer Lingus has just announced 10 new routes for 2011/2012, with a new route from Cork to Las Palmas, Gran Canaria due to commence a weekly service as of Sunday 30th October 2011.

The new service will expand on the already broad choices available to customers travelling to the Canary Islands who are keen to escape to sunnier climates with scheduled services also available from Ireland to Fuerteventura, Lanzarote and Tenerife.

In addition, Aer Lingus will host three weekly flights from Cork to Barcelona and a twice weekly flight from Cork to Rome whilst services will be further extended to include a twice weekly route from Belfast to Alicante and Rome.

For those departing from Dublin this winter, the Irish airline will also provide four weekly flights to both Milan Malpensa and Stuttgart while Aer Lingus Regional will continue to deliver services to the UK, with flights from Dublin to Aberdeen and Bristol and flights from Shannon to Edinburgh.

This news is welcomed by Taylor Wimpey de España who are happy to hear that the Irish will have a greater selection of routes available to sunnier climates such as the Costa Blanca on Spain's east coast this winter with Ignacio Osle, Sales and Marketing Director of the leading Spanish builder Taylor Wimpey de España, commenting,

"Aer Lingus, unlike its Ryanair competitor, hasn't had as great an exposure to Spain, which is unfortunate especially considering the popularity of the Spanish market with Irish nationals. Now both holiday makers and property owners alike can enjoy easier and more flexible access to Spain."

To view the wide selection of properties available in Alicante from Taylor Wimpey España call today on 08000 121 020 or visit http://www.taylorwimpeyspain.com/. If you reside outside of the UK you will need to call 00 34 971 706 244.

Spanish bank IPOs threatened by worsening crisis

admin — 13/07/2011 07:39:00

The worsening euro zone debt crisis threatens to sink the share flotations of two Spanish savings banks needing to raise billions of euros, analysts said on Tuesday.

Both Bankia and Banca Civica are offering steeply discounted prices to investors, under pressure to get the deals done because they are seen as a key test of whether Spain is managing to strengthen its banks which were laid low by reckless lending during the country's property boom.

Bankia and Banca Civica are in the middle of book building to try to raise a combined 5.5 billion euros ($7.8 billion) in public share offerings, but the environment has turned ugly as European leaders fail to take definitive action on Greece's debt crisis, threatening market contagion amongst debtor nations.

Also hanging over the IPOs is uncertainty over which Spanish banks could fail to pass the Europe-wide banking industry's capital adequacy stress tests in results due this Friday.

Source: Reuters.com

Jobs boost with new Ryanair routes

admin — 13/07/2011 06:57:00

Up to 2,000 new jobs could be created after Ryanair boss Michael O'Leary announced a raft of new routes from Manchester Airport.

Mr O'Leary said 20 new routes will be added to the existing six operated from Manchester, to be opened by summer 2012 and delivering up to two million passengers a year.

New routes from the Irish air carrier include flights to Barcelona, Brussels, Ibiza, Rome, Paris and Milan.

Starting from October two new aircraft will be based at the airport, bringing 250 new jobs immediately, expanding to four new planes and 26 routes by 2012.

Source: Independent.co.uk

Spain proving popular with property investors

admin — 13/07/2011 06:24:00

Britons seeking their own slice of heaven abroad are increasingly considering luxury Spanish properties.

Experts say the sun-drenched country is once again proving popular with overseas property hunters, but they are now adopting a more cautious approach than that seen during the Spanish housing boom prior to the global economic downturn.

Buyers are seeking out investment properties that meet their precise requirements, and that has generally meant properties with a more luxurious feel.

The trend appears to be backed up by a report from the Overseas Guide Company which reveals a rise in the number of requests it has received for information about the Spanish property market.

Source: Assetz.co.uk

Take inspiration from the Mediterranean and bring a warm glow into your home

admin — 12/07/2011 03:57:00

While we’re well aware of the health benefits of a Mediterranean diet, we might not be so well-versed in the glorious colours and prints that the region’s interiors can offer.

So now, while the sun is shining outside, it’s time to inject a certain summery vibe inside our homes, too. Take inspiration from Spain, Greece, France and Turkey and create a laid-back holiday-at- home spirit.

Marina Guirey was so inspired by the fresh, vibrant colours of the Mediterranean it led her to set up online interiors shop The Linen Works, which sells a range of muted table linen, glazed French earthenware and organic cotton towels.

‘When designing our summer collection, I wanted to reflect the citrus colours — the oranges and limes — which contrast beautifully with the azure blue of the sky and sea,’ says Marina. ‘It is so refreshing to enjoy these colours at home, even if the sky can be a little greyer at times.’

Source: Daily.co.uk

Are more Brits seeking property in Spain?

admin — 12/07/2011 03:41:00

There are signs that Brits are taking an interest in property in Spain, it has been reported.

Figures released by the Overseas Guides Company (OGC) showed that the number of requests for its publication about buying real estate in the nation rose by 24 per cent between January and May this year, A Place in the Sun revealed.

Speaking to the news provider, director of OGC Kim Brown said: "The country continues to appeal because of its high level of Brits already living there providing a settled community of expats, the weather, the lifestyle and the easy access from the UK."

And there are currently some good deals to find on Spanish homes, with the nation's Central Bank commenting last month that prices may fall further.

Source: IBTimes.com

Holidays in the Eurozone demonstrating growth

admin — 11/07/2011 11:52:00

With less than two weeks before the start of the main summer school holidays, ABTA is encouraging UK holidaymakers not to leave it too late to book their summer break after trends show some encouraging areas of growth.

Despite the tough economy, the number of holidays booked for eurozone destinations such as Spain [+11%], Portugal [+8%] and Greece [+2%], have bounced back after two tough years with overall short haul bookings [Europe and North Africa] to date for Summer 2011 seeing an upturn of 9% according to latest figures from leading market research company GfK-Ascent MI. This growth has been fed by hoteliers keeping prices low, tour operators offering all inclusive options and prices in bars and restaurants coming down due to the tough economic situation on the continent. Short haul growth has also helped boost the short-break market from the UK to popular cities such as Paris, Madrid and Rome.

Great deals are to be found in Tunisia and Egypt which are very keen on welcoming UK tourists back after the political upheaval earlier this year. The travel trade is also finding that there are still bargains to be had in Turkey which has seen spectacular growth in recent years.

Cruises are continuing to be popular in 2011, with an expected 5 per cent increase in the number of passengers cruising from the UK this year. In the summer, the Mediterranean provides the most popular cruising itineraries, and while it is still possible to book some late deals for the school summer holidays, availability is limited.

Source: Travel Daily News

Protests in Spain over evictions

admin — 11/07/2011 11:49:00

There have been protests taking place all over Spain against evictions being carried out because homeowners have fallen behind on mortgage payments.

Reuters reported that people have been fighting against rising unemployment, which has resulted in many households struggling with their bills.

Property prices in Spain have dropped significantly since their peak, which means a lot of people now owe more than their home is worth.

Analyst at Idealista.com Fernando Encinar told the news provider that the problems have arisen because "Spain has been so much more exposed to the property bubble", which has been compounded by falling values and rising job losses.

Source: Property Showrooms

Spanish registered unemployment falls as tourist industry grows

admin — 04/07/2011 11:42:00

Spain’s registered unemployment dropped in June for the third month as a recovery in the country’s tourist industry created jobs.

The number of people registering for jobless benefits fell by 67,858 or 1.62 percent from May to 4.12 million, the Labor Ministry in Madrid said in an e-mailed statement today.

Spain received 7.3 percent more tourists in the five months through May than a year earlier and the Bank of Spain said on June 29 that the industry, which accounts for about 10 percent of the economy, is showing “strong dynamism.” Spain has the highest unemployment rate in the euro area and about a third of the region’s jobless are in Spain, according to the European Union’s statistics office, as the economy struggles to emerge from a three-year slump.

The doubling of the unemployment rate to 21 percent since the collapse of a decade-long property boom and the deepest budget cuts in at least three decades have eroded support for Prime Minister Jose Luis Rodriguez Zapatero, whose Socialist government suffered its worst local-election defeats in more than 30 years on May 22.

Source: Bloomberg

The summer's unmissable beaches unveiled

admin — 01/07/2011 03:04:00

If you're looking for the hippest beach in the world right now, luxury beach vacation guide Beach Tomato has come up with some suggestions for the summer.

The agency announced the winners of the Beach Tomato awards June 28, selected by a panel of travel, fashion and beauty journalists, and named Baisha Beach in Taiwan the best beach in the world.

"You will be hard pushed to find a more idyllic slice of beach life," says the site of Baisha Beach, which sits within Taiwan's Kenting National Park.

"Its remoteness and location in a beautiful national park gives you that sense of 'my own discovery' that we all love to feel when we set foot on a beach."

Source: Independent.co.uk

Spain to ease conditions for problem mortgages

admin — 01/07/2011 02:58:00

Spain will ease conditions for people who can't pay their mortgages as floating interest rates rise and unemployment remains the highest in the European Union, the government said on Thursday.

Interior Minister Alfredo Perez Rubalcaba said the government will decree on Friday a new and higher limit on the amount banks can legally deduct from the wages of a mortgage holder in default.

The government is contemplating other new rules to protect homeowners four years after a property bubble burst leaving many Spaniards stuck in homes worth much less than what they owe the bank.

"Indignados" or "indignant" protests around Spain in recent months have called on the government to address the plight of borrowers who can be evicted by the banks but still owe the entire amount of their mortgage even though the bank now owns their home.

Source: Reuters.com

'Signs of improvement' appearing in Spanish property market

admin — 30/06/2011 06:13:00

People keen to earn extra money by investing in property have been told that a recovery in the Spanish market could begin in the next 12 months.

BuyAssociation editor Paul Collins explained that investors should be cautious about purchasing assets just yet, as further falls are expected.

He said: "There is still significant inertia in the property market in Spain, with developers, agents and private sellers alike struggling to move properties."

However, Mr Collins cited research by JP Morgan Chase & Co estimating that the industry is set to "bottom out" over the next 12 months and begin to recover.

Source: KnowledgetoAction.co.uk

Spain mall sales may hit $1.4 bln in 2011- Savills

admin — 28/06/2011 07:28:00

Spanish retail property's appeal to investors will linger into late 2011, with more shopping mall assets being sold into an increasingly competitive market, potentially doubling deal volumes to about 1 billion euros ($1.43 billion), research showed.

Property consultancy Savills said Dutch, British and German funds would continue to dominate transactions, having accounted for about 90 percent of the 696 million euros deal volume in 2010.

"About 700-800 million euros is expected to be transacted (this year) but with some investment opportunities totalling 100 million euros alone, a larger total could be achieved," Savills said in a statement on Monday.

Deal volumes could rise to about 1 billion euros by the sale of two malls -- Invest Cos' Marineda City in La Coruna and Acciona's Splau in Barcelona -- that are on the market separately for a total of about 500 million euros, Savills said.

Source: Reuters.com

Spain's building spree leaves airports and roads begging for use

admin — 27/06/2011 12:06:00

In March, local officials inaugurated a new airport in Castellón, a small city on Spain’s Mediterranean coast. They are still waiting for the first scheduled flight.

To justify the grand opening, Carlos Fabra, the head of Castellón’s provincial government, argued that it was a unique opportunity to turn an airport into a tourist attraction, giving visitors full access to the runway and other areas normally off-limits. This Sunday, it will be used as the starting point for part of Spain’s national cycling championships, featuring the three-time Tour de France champion Alberto Contador.

Castellón Airport, built at a cost of 150 million euros ($213 million), is not the only white elephant that now dots Spain’s infrastructure landscape. Spain’s first privately held airport — in Ciudad Real in central Spain — was forced to enter bankruptcy proceedings a year ago because of a similar lack of traffic.

Across the country, nearly empty toll roads are struggling to turn a profit. Other projects are surviving only with continued public financing, which has been cast into doubt by Europe’s sovereign debt crisis.

Source: New York Times

Europe homes for aspiring Indians

admin — 27/06/2011 11:40:00

European countries like Spain, Greece and Italy are among the latest property buying destinations for Indians in the holiday home segment after prices have crashed there, according to industry analysts and consultants. Real estate assets in exotic locales around the world are often packaged and marketed as “holiday homes”.

Even as Indians are restricted by the Reserve Bank of India (RBI) ceiling while investing in overseas property, their numbers have risen in the recent past in buying a home away from home. RBI has capped the overseas property investment at $200,000 per person per year.

No concrete data is available to quantify the size of the market as far as Indians going abroad to buy property is concerned, said Anshul Jain, CEO (India), DTZ, an international real estate adviser headquartered in London. Jain, however, said the number of Indians investing in property abroad or buying holiday homes overseas has gone up substantially in the recent months.

Spain and Greece, which continue to be in the grip of the economic slowdown, have seen 40 to 50 per cent decline in holiday home prices from their peak level, according to Jain. One can acquire a holiday home in these European destinations at ¤250,000-300,000, estimates suggest.

Source: Business Standard

Spanish loans decline at fastest rate since housing collapse

admin — 23/06/2011 09:04:00

The number of mortgages issued for Spanish homes in April registered a drop unseen since the end of the housing boom, confirming the weakness of a real-estate market that is penalizing the country’s banks and growth.

The number of new mortgages declined 38.2 percent from a year earlier, the National Statistics Institute said in an e- mailed statement today. That’s the most since April 2009, when buyers pulled out of the real-estate market after the end of the housing boom in 2008. The value of mortgage lending slumped 45.1 percent from a year earlier, the most in more than two years, the institute said.

The decline reflects the impact of a 21 percent jobless rate on consumers’ borrowing capacity. The number of foreclosed properties in Spain has climbed tenfold since 2008, according to Idealista.com, the country’s largest property website. The extent of the drop is also due to the end of a tax incentive in January, announced by the government last year to encourage buyers to bring forward purchases and work through a backlog of 1 million unsold homes.

“This addition to a long series of negative data confirms Spanish growth is weak, but it is still too early to tell whether the real-estate sector is actually worsening,” said Javier Diaz-Gimenez, an economics professor at Madrid’s IESE Business School.

Source: Bloomberg.com

Abertis eyes Spain airports over Greece

admin — 23/06/2011 08:54:00

Abertis -- Europe's largest infrastructure operator by market capitalization -- operates tollways as well as airport and telecommunication assets and is seeking fresh investments to ensure growth in the face of a maturing asset portfolio.

"Our priority now is focused on Spanish airports... I know Greece more as a tourist than a businessman," Francisco Reynes said at the Reuters Global Real Estate and Infrastructure Summit.

Spain wants to partially privatize its airport authority AENA and assets such as its Madrid's Barajas airport and Barcelona's El Prat this year to cut national debt, steps that will also soon be taken by its Mediterranean neighbors.

But as Greece struggles to convince markets it is serious about cutting debt, Reynes said there was a plethora of foreign funds willing to join an industrial partner like Abertis for Spanish infrastructure investments, albeit at a price.

Source: Reuters.com

Where to eat in Girona when you can't get into the world's second best restaurant

admin — 21/06/2011 08:44:00

Maybe it was the fact that there were no residents of Girona actually eating there, just a smattering of English and German couples patiently awaiting their first courses. And probably it was the Andean flute version of Stevie Wonder's "Isn't She Lovely" piping through the speakers as I walked in the door. But the real moment I realized I made a huge mistake was when it was too late: the instant my food hit the table. Dry-as-a-bone rabbit, overly goopy cannelloni stuffed with a mysterious ground meat.

What I really wanted to do was eat at El Celler de Can Roca, recently rated the second best restaurant in the world by the San Pellegrino World's 50 Best Restaurants list. The description on San Pellegrino's site calls the restaurant "possibly the least well known restaurant to have ever held the much-vaunted number two spot on the list." All that is about to change though. With elBulli shutting down soon many traveling food lovers are starting to wonder who will take the spatula from Ferran Adria. Many people believe it's Can Roca, a temple of avant-garde (some would say molecular) cuisine run by the three brothers Roca.

But eating there during my recent stay in Girona was out of the question; it was booked up for months. I went on Chowhound and found someone had already posed the same question that had led me to the site in the first place: where can I eat in Girona if I can't get into Can Roca? The answer guided me here, to this sub-mediocre restaurant in Girona's historical center. So I decided to do my own research, asking locals and restaurant insiders in Girona where to eat in Girona when you can't get into the world's second best restaurant (and preferably one that laid off the Andean flute music). Here's what I found:

Nu Restaurant

Pere Massana, whose eponymous restaurant has earned a Michelin star, recently opened Nu, a great restaurant with a bad name. The menu is deceptively simple. Order "tomato, basil, vinegar, olive oil delight," which sounds a description of Caprese salad, but at Nu it's a golf-ball-sized sphere that, when bit into, oozes all the flavors of the ingredients described above. It's revelatory. Almost as good are the blood sausage raviolis with pumpkin cream.

Can Roca

A friend of mine named Jack Sagel who lives in Girona and who runs this site, emailed on my second day there to ask if I wanted to eat at Can Roca. Yes! I responded. I thought he might have an in and was excited about the unexpected offer. But I soon realized there's more than one Can Roca. There's the famous El Celler de Can Roca and then there's just Can Roca. Located down the street from the acclaimed restaurant, Can Roca is run by the parents of the three famous chef brothers. This is where they got their start, in this simple restaurant. Jack and I pulled up a seat for the three-course menu del dia, which consisted of pasta with beans, grilled boitifarra, a typical Catalan sausage. If you want avant-garde cuisine, this isn't the place (despite the name). But for simple, hearty Catalan classics, Can Roca is it.

Source: Gadling.com

Spain hires RBS to privatize airports

admin — 21/06/2011 08:37:00

The Spanish government said Monday that it selected Royal Bank of Scotland PLC to coordinate the privatization of the country's airports, in the latest step to shed state-owned assets and cut spending to narrow Spain's hefty budget gap.

Socialist Prime Minister José Luis Rodríguez Zapatero announced a plan last year to privatize Madrid's Barajas and Barcelona's El Prat airports and sell a stake in AENA Aeropuertos, the world's largest airport group by passenger traffic. He also planned to sell off part of the publicly owned National Lottery.

Source: Online.WSJ.com

Salgado says Spanish government will not raise VAT

admin — 21/06/2011 08:27:00

The Government’s financial vice president, Elena Salgado, has responded to the suggestion of the Bank of Spain to raise VAT in order to generate more revenue, by saying that the Government “will not increase VAT, since it would have a negative effect on consumption”, as was argued at the European Commission. “To be clearer, the Government will not increase the VAT,” she added.

At a press conference to present the Ministry of Development’s advertising campaign on rehabilitation, Salgado said that “fiscal policy is the responsibility of the Government which then must be approved by Parliament”, to which she added that Government revenues are behaving as expected, and “it is not necessary to raise VAT to achieve fiscal consolidation.”

In the same vein, she praised Brussels’ decision to back down in its request to raise Spain’s tax as a counterweight to a reduction in social contributions, and stressed that the European Commission has been “sensitive” to the Government’s arguments. At this point, Salgado also rejected the possibility of reducing social security contributions, stating that “we should wait a bit before taking steps in that direction,” at least to see how the pension reforms progress.

On the other hand, asked about the proposal of the bank run by Miguel Angel Fernandez Ordonez to set expenditure ceilings in the Autonomous Communities , the Minister of Economy stated that “the regions themselves must decide” if they set an expenditure ceiling, given their “financial independence.”

Source: Kyero.com

Spanish property sales plummet in April

admin — 21/06/2011 08:20:00

Just 20,997 homes were sold in Spain during April, with sales falling 32 per cent year-on-year, A Place in the Sun reports.

Analysts have claimed that the general consensus is that property prices will fall in the coming months, despite the fact that values have already plummeted by up to 70 per cent in some parts of the country, as a result of a slump in demand.

Data released by the National Institute of Statistics reveals that just over 20,000 homes were sold over the course of the month - 25 per cent down on March.

"The fall [in Spanish property sales] between December and January was dramatic - down 75 per cent," said Mark Stucklin of Spanish Property Insight.

Source: IBTimes.com

Change to mortgage foreclosure law rebutted

admin — 17/06/2011 07:02:00

Spain’s Parliament rejected a law that would have eased the effect of mortgage foreclosures for home-owners unable to meet payments.

The Galician National Block had asked legislators to amend the law to allow mortgage holders to walk away from their debt by handing over the keys to their properties. It also would have permitted homeowners to delay mortgage payments beyond stipulated deadlines and to consent to partial debt write-offs. Lawmakers rejected the proposals, Parliament said on its website late last night.

As in the UK, under Spanish law, if a foreclosed property is sold for less than the outstanding mortgage on the asset, the bank can claim the difference from the borrower. Lenders can make a claim against all of a borrower’s present and future assets and earnings.

“We are talking about a social problem of the highest order,” Francisco Xesus Jorquera, a BNG lawmaker, said by telephone from Madrid yesterday before the vote. “It’s a debate that must take place as there is social outcry for the mortgage law to be reformed.”

Source: Kyero.com

British government offers hope to property buyers in Spain

admin — 17/06/2011 06:55:00

Last month when the Spanish government organised a property road show in the UK, attempting to lure Britons to invest in its saturated housing market, it was greeted with derision and angry public demonstrations. What did it honestly expect?

There are no easy solutions to Spain’s property scandal, which has affected hundreds of thousands of Britons who have either been duped into buying illegally built homes, affected by land grabs and retrospective coastal planning laws or lost deposits on off-plan builds. To Spain’s shame, corrupt councils, estate agents, property developers, builders and lawyers have all been complicit in the chain of events that have led to many losing their life savings on worthless properties, and in extreme cases having their “illegal” Spanish properties demolished.

The British government has been hugely aware of the property issues affecting British expats in Spain but has found itself in an invidious position, being unable to intervene in local property disputes which are a matter of Spanish internal law. Instead, last year, the British Embassy in Madrid appointed a temporary special advisor to get to grips with the complex issues of property laws and regulations in the country with an aim to offering comprehensive advice through its website to future buyers, as well as those encountering problems with an existing Spanish property.

In order to better understand the situation, the special advisor has already met with a number of resident groups throughout Spain and with diplomatic missions whose nationals have encountered similar problems. The findings from her report are now being used to help the British Embassy and consulates in Spain to understand how best to offer support to British expats.

Source: Telegraph.co.uk

After El Bulli, Spain looks forward

admin — 16/06/2011 07:51:00

EL BULLI, currently the most influential restaurant in the world, will serve its last dinner on July 30. The next morning, Spain’s chefs will wake up to a radically changed universe.

Picture an armada without a flagship, a solar system without a sun, and that is what high-end Spanish cuisine will look like in the absence of El Bulli. In a single generation, it helped transform Spain from a culinary backwater to a world leader, and Ferran Adrià’s cocina de vanguardia (the term he and other chefs prefer to “molecular gastronomy”) became a global obsession among young chefs.

Food as performance art, transformed through wizardry and wit, is now seen as the signature style of modern Spanish restaurants. As Antoní Gaudí transformed the country’s architecture and Pedro Almodóvar its cinema, Mr. Adrià redefined its cuisine. Although many chefs contributed to Spain’s gastronomic revolution, especially Juan Mari Arzak, Santi Santamaría and Andoni Luis Aduriz, it was the sustained daring and smart marketing of Mr. Adrià himself that kept the bar rising.

“It is impossible to say too much about his influence,” said Carme Ruscalleda, a chef in Catalonia who has six Michelin stars to her name, more than any other woman in the world. (She spoke in Catalan; some interviews were conducted through an interpreter.) “He was the first one to tell the chefs of Spain we could think for ourselves.”

Source: NYTimes.com

EU scheme guarantees certainty when buying property cross-border

admin — 16/06/2011 06:33:00

EU parliament vice president Diana Wallis MEP has commended a pilot scheme that promises to end the probems experienced by expats when buying property in Spain and other EU countries.The scheme, set up by the European Land Registry Association and funded by the EU, allows for the purchasing procedure to be settled in the buyer's home country and under the protective laws of that country. It also guarantees compensation for unknown restrictions and violation of the contract by the seller. Currently piloted in Holland and Spain, the Cross Border Electronic Conveyancing (CROBECO) scheme means that a Dutch buyer of Spanish real estate can apply Dutch law to the contract and ask a Dutch court for compensation from the seller if he later finds out there are unknown public limitations, such as retrospective planning laws, affecting the property. Pilots with other countries are expected later this year. Diana Wallis MEP (Liberal Democrats, UK), who has long campaigned for an EU-wide guarantee of legal certainty when buying cross-border, said: "I feel more and more convinced about the work of the Land Registry.

Source: Telegraph.co.uk

More Swedes buying homes in Spain

admin — 15/06/2011 08:18:00

Since housing prices in Spain peaked in the first quarter of 2008, prices have dropped by 15 percent on average.

In some resort locations, homes have lost 30 to 40 percent of their value in the last three years.

However, the number of property sales in 2010 is up 6 percent from the year before, the first increase in three years.

In addition, purchases by foreign nationals jumped by 21 percent.

Source: TheLocal.se

The end of 100% Spanish mortgage deals forecast

admin — 15/06/2011 08:01:00

Spanish developers and their funding banks have been successful in selling off key ready apartments with a killer combination of hefty discounts and 100% mortgage offers... But now the banks are starting to withdraw their best Loan-to-value deals.

The 100% mortgage deals that have helped to revitalise the Spanish property market for the last year are coming to an end as the “Sold Out” signs go up on prime seaside developments in Costa Calida and Costa Blanca.

Whole blocks of completed apartments have been sold in the first six months of the year as troubled developers have slashed prices and their funding banks supported them with 100% loan to value mortgage deals in a dash for cash that attracted savvy buyers from Scandinavia, Benelux and Russia. Slow off the mark British and Irish buyers missed out on deals like 2-bed frontline apartments for EUR 108,000 with 100% low interest mortgages.

Offers have concentrated on developments with the best locations, best design, best specification and best prices – a winning combination that banks were willing to enhance with lower risk 100% LTV mortgage offers.

Source: PropertyinSpain.net