Sunday, August 24, 2008

Spanish construction market is expected to demonstrate growth

Developers are still completing the earlier projects and this trend of increased Construction output in Spain is expected to continue, according to reports.

According to Spanish Property Insight, construction workers are still completing projects and the number of construction completions increased by nearly three per cent between January and May to 269,954. Spanish Property Insight believes that this upward trend continues till the next quarter of the year, as other developments are still in progress. This has assured homeowners and prospective buyers that the market will pick up.

The Spanish government in December estimated its economic growth forecast for Spain in 2008 to 3.1 %. Experts have stated that Spanish government will be spending on civil engineering projects as fast as it possibly can so the economy growth in 2008 may increase. The European construction market is expected to remain relatively broadly static in the next year with increases of only 2% or less.

Conditions are expected to improve in the Spanish construction sector with house building and civil engineering sectors in particular anticipated to be revitalized during the next few years. There is still a considerable amount of renovation and maintenance work to be done, which will help continue stable albeit modest growth in the market. The Spanish construction sector has also benefited from the continuous infrastructure upgradation work, such as improving the motorway network and the significant civil engineering investment during recent years and it is expected to continue in the future.

According to the Tenerife News reports, the Spanish housing market would bounce back and see growth as early as next year.

Sunday, August 17, 2008

Spanish banks and developers offer discounted properties in Madrid

Overseas buyers who want to snap up a cheap residence have been advised to look at the Spanish market, according to reports.

According to Homes Overseas magazine, there are many bargain properties available in Spain. Overseas property buyers are advised to take advantage of the current lull in the market as the current downturn in the Spanish housing market because of various global economic problems. This means that property values in places at the top end of the market, such as Madrid, are now within the reach of more people and they could find now a good time to snap up a residence which may previously have been unaffordable.

Spanish banks and developers have teamed up to offer discounted properties in Madrid. Spanish daily 'El Pais' has reported that developers have been forced to reduce prices and meet demands from prospective customers. Several developers will team up with leading banks , such as Santander, BBVA, La Caixa, Caja Madrid, Popular and Banesto, to offer discounted properties with mortgage financing which will be available for 20 per cent less than current market costs.

According to Spanish Property Insight, nearly 25,000 new properties in Madrid are ready for purchase and their developers have promised to sell them at a discounted price. The homes will be sold between €2,000 and €3,000 per square meter. The exact price of the property will depend upon its district in Madrid, but according to the maximum price limits a 100m² flat is €320,000 which is a 20 per cent discount on current market prices.

Saturday, August 9, 2008

Murcia -Spain's star in the horizon

Housing market in many parts of Spain have been in decline for more than a year, meanwhile the Spanish government remains upbeat about the country's property sector but one province is exceeding expectations…even in tougher times.

Overseas property investors could find a number of good investment opportunities in Murcia as the region's property market is expanding at a significant pace and is likely to keep growing. In the first 4 months of 2008, the total tourist trade in Murcia increased by 16%, taking spending to a total of €166 million. This is when compared to a national increase of just 6.2% over the same period is clearly significant. San Javier Airport saw 2,002,949 passengers pass through it's portals in 2007, an increase of almost 22% when compared to 2006.

Homes Worldwide revealed that the Murcia region is increasingly becoming a hotspot for expatriates from the UK. The statistics showed that nearly 17,000 British expatriates registered as permanent residents of Murcia till last year. The website attributed the surge in popularity is due to its recent accessibility improvement, such as direct flights from the UK to San Javier Airport.

Monarch Airlines has started operating services to Murcia from Manchester Airport in the UK, which runs five times a week. This signifies a further boost to the accessibility of the area which is opened up to the people in the north-west of England. The carrier said that they are taken aback by the great response to this particular route as demand for flights to Murcia is great among local consumers.

This comes after the news that Paul Collins of the BuyAssociation website has recommended Murcia to overseas property buyers and described it as a "flourishing" market.

Census reveals the diverse appeal of Coin in Malaga

The town of Coin has great diversity with something to offer for almost everyone and is becoming increasingly popular choice for Property purchasers, it has been revealed.

Coin is one of the more traditional Spanish towns inland in the beautiful region of Malaga, Spain and has a population of 18,000. With the new roads being built through the town, it is only twenty minutes from Marbella and the shopping centre La CaƱada, also 25 minutes from tourist resorts of Fuengirola and Benalmadena and only 30 minutes from Malaga international airport.

The southern Spanish newspaper Sur has reported that the area is becoming increasingly popular with European property buyers as foreign nationalities now make up 21 per cent of the population in Coin. Nearly 800 more people of non-Spanish nationality now registered in Coin in the last 12 months. The Brits are found to be largest non-Spanish group identified in Coin, with the number of UK people living in Coin increasing by 275 since last year. A total of 64 different nationalities were found by the survey which includes expatriates from morocco, Romania and Germany.

The value of the area's property market is expected to increase dramatically over the next few years due to Coin's close proximity to some of the Costa del Sol's popular tourist spots. The town still retains the tranquil atmosphere of a traditional Spanish town and it is not perturbed by the hustle and bustle of the nearby tourist centers makes it as an attractive location for foreign property buyers.

Tuesday, August 5, 2008

Booming tourism makes Spanish property more attractive

Spanish tourism sector is on boom as Officials in Spain have revealed that the number of incoming leisure travelers is on rise this year and it could be the ideal place to invest in property.

Euroresidentes cited Government official figures that Spain attracted 26.6 million holidaymakers between January and June 2008. This is 2.6 per cent up on the amount recorded during the same period of the previous year. Statistics also showed that the number of arrivals from the UK also increased during this time. In fact, British holidaymakers were said to have accounted for more than a quarter of overall number of visitors to Spain till June.

This is despite the fact that the value of the pound plummeted against the euro by about a fifth in the last year but British holidaymakers are not willing to sacrifice a holiday in Spain, even in the current financial climate.

This will be positive reading for owners of Spanish buy-to-let sector, as it shows that tourist lodgings are in high demand. Figures from Mondial Assistance further suggest that nearly one in three British tourists are planning to spend this year's holiday in Spain. Second home buyers considering leisure as their key motivation also look for Spain when purchasing a foreign property.

This comes after the Spanish Property Owners Guild said the real estate sector may have slowed down but Spain's lifestyle attractions are still intact and Spain is likely to remain a popular destination for lifestyle buyers as property experts suggest that current market conditions are perfect for those who want a property for personal use.

Sunday, August 3, 2008

Huelva -one of Spain's safest real estate bets…

Recent research by Titan Properties has revealed that the western Huelva province of the Costa de la Luz is standing tall in property market and charting impressive gains amidst turbulent times in Spain.

Andrew Benitz, Director of Titan Properties stated that although price inflation was slowing down across Spain, prices in Huelva continued to grow at a stronger rate. Property prices increased in Huelva by 7.6% in 2007 which is the best growth performance on coastal Spain. Huelva remains the least built up of Spain's coastal provinces due to planning regulations with less than 13% of the coastline occupied by urban development.

The plans for new airport in the region should further open up the area to both international holidaymakers and property investors, potentially boosting the local economy as a result. The Foreign Property Buyer website has remarked that this is positive news for rental investors as tourism in the area are expected to increase, as an influx of visitors will be likely to trigger extra demand for rental accommodation in the vicinity.

Recently ShelterOffshore.com stated that the Huelva’s impressive golf courses, white pristine beaches and unspoilt, serene surroundings provides strikingly similar characteristics to the Portuguese Algarve but at a lower cost. The website added that properties in the province start at as low as £38,000. The Investors are recommended to buy now as the new airport is expected to have a "relatively strong impact" on property prices.