Monday, May 31, 2010

The popularity of Spain is due to its versatile properties

Spain is one of the most popular destinations for Brits and lifestyle buyers and is due to its good weather, relaxed lifestyle and the chance to live or holiday together with the fellow Brits.

James Dearsley, European sales director for Atlas International, explained that there are two types of people interested in Spain. Firstly, there are those who "want to go there because Spain is so versatile it gives them that opportunity to get into the Spanish way of life". Besides, however, there are those who say: "'I want to go there because fellow Brits go there as it is traditionally popular with British tourists.'

The popularity of Spain is due to its versatile properties and lifestyle attractions that are extremely favorable to a high standard of living. Spain is also easily accessible from the UK, thereby allowing expats to stay in touch with their friends and family back home.

The Spanish Housing Ministry reported that prices fell by an average of 4.5 per cent year-on-year during the fist quarter of 2010, in comparison with annual falls of 6.2 per cent during the last three months of 2009 which is good news for lifestyle buyers and long-term investors.

Christopher Chadd, head of research at Property Frontiers said that individuals looking to the destination will be able to benefit from the heavy price falls incurred within the past two years. He added that the ever-popular tourist destination currently offers the "greatest bargains for the canny buyer".

He commented: "Spain's future is still uncertain, but homes are now sitting at a price where people can afford to dip their toes back into the market."

Thursday, May 27, 2010

Distressed sellers off-loading property for bargain prices

Property experts have warned that real estate investors could be missing out on Bargain on Spanish properties if they choose to wait as there are plenty of bargains to be found in Spain.

Steve Reid, retail director at Clydesdale Bank said that now could be a good time to take advantage of discounts in the Spanish property market. "With prices in Spain coming down so much there are potential bargains to be had for those looking to buy," he explained. Recently, Clydesdale and Yorkshire Banks launched a new service for individuals looking to buy property in the country.

According to told Homes Worldwide, Estate agent Peter Pickett said that oversees investors are in danger of missing out by "sitting on the fence" and waiting for Spanish property prices to drop further, when market conditions are already encouraging. He explained that bargain prices in Spain could potentially offset falling prices in the domestic housing market for Brits.

Mr. Pickett commented: "For those clients who are cash buyers the present market could not be rosier, with many really good bargains now available. Certainly the next six months should be full of good deals in the Spanish property market."

Meanwhile, Jamie Liddell, property expert with Homes Overseas Magazine said it will soon be "the perfect time to pick up a bargain" as the market settles following its correction as the downturn could yield lucrative long-term investment opportunities for new buyers.

Explaining the reasoning behind the buyers' market, he said: "As the bottom falls out of the market, distressed sellers off-load property for a lot less than they paid for it."

Tuesday, May 25, 2010

Italy to invest 11 BLN Euros in Infrastructure improvement

The Italian government has announced that it is planning to invest in infrastructure improvements across the country.

The inter-ministerial economic planning committee (CIPE) accepted the Infrastructure investments totaling 11 billion euros. Public Works Minister Altero Matteoli said that given the current difficult situation, the substantial package would give a considerable boost to the economy and help ease unemployment.

The funds will be used for motorway and other road projects, expanding rail systems and high-speed rail service, urban transport and security in schools. Such a move could add to the attractiveness of Italy as a holiday destination and place in which to invest in property.

National statistics bureau Istat reported that Italy's GDP rose 0.5% in the first three months of the year, over the last quarter of 2009, and was 0.6% higher than the first quarter of last year. Istat explained the increase in the first quarter was mainly due to GDP gains for the agriculture, industry and services sectors. Italy’s GDP for 2010 would rise by 0.6% based on the current trend, Istat said.

Meanwhile, The International Monetary Fund predicted that Italy's GDP would rise by 0.8% this year, below its January forecast of a 1% rise. The Italian government has put GDP growth for 2010 at 1%, an increase which Confindustria said was "optimistic at best".

Tuesday, May 18, 2010

Spanish bargains represent good opportunity to buy

Overseas property buyers have been advised to consider snapping up a bargain residence in Spain soon. Industry analysts have warned that property investors could be missing out on bargain properties if they choose to wait until the new government settles before entering the market. The real estate market normally dip in activity over the period building up to and just after an election as individuals look for a less risky environment.

However, the national association of estate agents (NAEA) International said that with bargain long-term rental property to be found in markets such as Spain, now could be a good time to buy. They advised that putting off investment and waiting for the market to stabilize does not guarantee buyers a better price for homes or a more favorable exchange rate

Peter Bolton King, chief executive of the NAEA International, explained that significant price cuts are unlikely as countries as the market is improving and prices are likely to begin increasing in the third quarter of the year.

Price reductions may be a negative development for short-term investors; it could be a good window of opportunity for lifestyle buyers to pick up a relative bargain in the country. Jamie Liddell from Homes Overseas magazine told the Telegraph that Spain is likely to become a "buyer's market", with increasing pressures to sell property and now appears to be a great time to negotiate a below-market value property purchase."

Wednesday, May 12, 2010

Property sales in Spain are showing signs of recovery

Spanish property market is beginning to head towards recovery following a turbulent year, one expert has claimed.

According to the latest figures from the national institute of statistics for the country, home sales in Spain are showing signs of recovery. The real estate market in the popular European destination grew by 16 per cent during February compared to 12 months previously.

Individuals with a property investment in Spain may be interested in news that Catalonia and Madrid are the most popular regions in the country which saw 43 per cent and 36 per cent increases respectively over the course of the year.

Chris Mercer, director of Spanish-based estate agent Mercers claimed that the increase was based purely on low prices, with bargain properties proving to be the most popular choices for buyers.

He commented: "The increase in sales will continue in 2010, followed by substantially more volume in 2011." Besides, Mr. Mercer predicted that because of cautious bank lending and high unemployment in the country it is unlikely that there will be a substantial rise in prices in the near future. Spain has traditionally been a popular country for UK investors looking overseas, and with the average house price at home breaking the £200,000 barrier for the first time, interest in the popular holiday destination is not likely to abate.

According to Overseas Property Professional, agents and developers in Spain recently announced that they had experienced an increase in the number of properties being sold to overseas buyers in coastal areas.

Friday, May 7, 2010

Single European sky initiative could make it easier to reach property in Spain

The implementation of the single European sky initiative could make it easier to reach property in Spain via more direct routes.

The International Air Transport Association (IATA) has announced its full support to Jose Blanco, Transport Minister, Spain and Siim Kallas, Vice President, European Commission in their call to accelerate implementation of the Single European Sky. Giovanni Bisignani, Director General and CEO, IATA stated that he support the fast track implementation of the Single European Sky.

"The volcanic ash crisis that paralyzed European air transport for nearly a week made it clear that the Single European Sky is a critical missing link in Europe’s infrastructure. The meeting must back up the technical preparations with an implementation time line for a fully integrated Single European Sky and the political will to achieve it," he added.

He also said that The Single European Sky is much broader than a crisis management mechanism. He also claimed that indirect routes taken due to the existing arrangements between different countries create 16 million tonnes of carbon emissions. However, adopting a single European sky could help to improve this, as well as making property in Spain and beyond easier and faster to reach.

Sunday, May 2, 2010

Marbella property to benefit from redevelopment

The city council of Marbella is trying to promote investment in the city by introducing new property rules and improving infrastructure. The plans have been welcomed by developers in the city that the redevelopment will attract an increasing number of foreign investors.

Property companies have given their support to the latest plans of Angeles Munoz, The mayor of the popular tourist destination who has introduced new property rules to develop the Spanish city of Marbella. Property sales in Marbella are already showing increasing trend, as in the first three months of 2010 a 200 per cent sales increase was seen in comparison to the same period last year.

Ms Munoz told Overseas Property Professional that they have huge opportunities for international tourists that provide fantastic experiences. Without resting on the laurels, they will continually improve the city.

She commented: "Our objective is that through this new initiative the infrastructure, services and strategic plans will establish the character of Marbella as an important European city."
The City Council, through the municipal delegation of Tourism, has launched an advisory group, called “Think Tank Advisory Group”, with the aim of bringing together the international business sector in Marbella and to advance economic development in the town and its surroundings. The “Think Tank Advisory Group” comprises representatives and foreign business groups in the area, among which are the Center for Tourist Initiatives (CIT), the British Chambers of Commerce and German-American Club and Dutch Business Club.

“The group will develop joint actions to achieve integration between the business community and foreigners resident in Marbella in the first phase and then address Spanish business in the second phase”, stressed the Councilor for Tourism, José Luis Hernandez.

He said that 137 nationalities living in Marbella “must be integrated to become a rich resource, not an element of division”. It will also develop networking initiatives, such as golf tournaments, “which will allow the City Council set the stage for the business has a permanent and direct contact.