Monday, September 27, 2010

The world cup bid will help revitalize the property market

Spain and Portugal are considered having "ideal venues" for the World Cup and having a strong chance of being elected as tournament host and this could have benefits for people with property in the nations

According to Costa del Villas, Spain and Portugal are vying with several other bidders, including England, to host the tournament and FIFA inspection delegation head Harold Mayne-Nicholls has promised the joint Iberian bid a favorable report after completing a four-day inspection as they have a great sport, hotel and transport infrastructure, as well as a strong support from their political and sports authorities.

The bid will help revitalize the nations' property markets, especially in destinations which are already popular with holiday makers, such as Marbella and Mijas in the Costa del Sol. Those who want to purchase property in Costa del Sol ahead of the World Cup could take advantage of the current low prices in the region.

Meanwhile, Home sales in Spain rose 24.7 percent in the second quarter when compared to the same period in 2009. The Housing Ministry said that A total of 149,527 houses were sold between April and June 2010, being the third consecutive quarterly rise in Spanish house sales.

The increase was due partly to a 4.6 percent rise in the sales of new builds. Resale property in Spain accounted for 54.6 percent of the total market, rose by 48.3 percent, amounting to 81,632 sold homes, in comparison 67,895 new build properties were sold.