Thursday, September 16, 2010

Andalusia market is delivering great opportunities for buyers

Anyone interested in property in Andalusia property market could be interested to know that the market is alive and well and delivering great opportunities for buyers.

According to annual report on the market by Barbara Wood of the Property Finders, the stats indicate that at the end of 2009 in Andalusia, there is overall 18% fall since prices peaked in 2007, however he recommended buyers to see closer to 35% down from the peak before buying properties. There are lots of properties whose owners are desperate to sell but the locations are wrong and currently there are no buyers for second-rate positions.

He said that buyers has to be more cautious as €150,000 for a two bedroom, one bathroom apartment in a hideous block in Garrucha, Almería is not a good deal, nor is €250,000 for a townhouse in the Manilva. For this kind of money buyers can get a quality property within five minutes of Puerto Banus.

Meanwhile, National Statistics Institute (INE) figures revealed that the sale of homes increased by 1.25 per cent in Andalucia in the fifth month of 2010 compared to May 2009, with a total of 7,197 properties changing hands. The organization specified that the increase was well below the regional increase recorded nationally from 11.9 percent in May over the same month last year, a total of 37,787 operations.

In May, new home sales in May 2010 increased 3.6 per cent, with the 3,876 transfer of property, while the sale of free homes increased 5.9 percent annual rate, up to 6,469 properties. The transactions of existing homes fell by 1.39 percent for 2009, at 3,321 transactions. Most of the houses that were broadcast on sale in May were free and accounted for more than 90 percent of the total, while the remainder was (state) protected property.

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