Friday, July 30, 2010

Brits are currently able to pick up tremendous value properties

Property investors in Spain will be pleased by news that the European destination has been tipped to become the top tourist hotspot this summer, despite increasing competition.

According to the Association of Independent Tour Operators (AITO)., Holidays to Spain will be the top choice in 2010 by British tourists. Ian Bradley, spokesperson for the group, said that Spain will be sure to come out on top by the end of the year while destinations such as Egypt and Turkey are currently showing signs of growth in the travel market.

He said that customers are looking for good value in spite of the ongoing strength of the euro, they need to bear in mind that many hotels throughout the eurozone, particularly in Spain, have slashed their prices. The claims are sure to be welcomed at a time when the property market in the country remains bleak amidst falling prices and a poor exchange rate.

Meanwhile, property company Property Frontiers said that Brits are currently able to pick up "tremendous value" properties in countries such as Spain. Christopher Chad, project manager at the company, explains that massive price falls in 2010 will help to attract investment from foreign buyers.

Tuesday, July 20, 2010

Current recession good for investment

The Spanish property market is showing hints of stabilizing and individuals looking to invest in Spanish property should do so in the early part of 2010, it has been suggested by a property buyer.

The purchaser purchased a house in 1994 in Marina Alta, a northern part of the Costa Blanca, when Spain was still in recession. He said that with little demand for building work at the time, he was easily able to source the local labor. The relocation to Spain helped develop new friendships, the buyer said, something that aided him settle into his new life along with choosing to join local clubs and become familiar with the area's traditions and culture.

Des Rowson, spokesperson for the National Association of Estate Agents International (NAEA), believes that investors should buy quickly to capitalize on rising house prices in the country.

He stated that it was doubtful there would be a significant change in the market until the GBP strengthened and confidence returned among purchasers, but noted that house prices are expected to rise around three per cent over the course of the year. He also said that the bargains are still available.

"So if you are thinking of purchasing a property, do so in the early part of 2010,” he concluded.

In more good news for investors, developers and agents in Spain reported that they had experienced a rise in the number of sales and enquiries. Alfredo Milla, director of international investments at Mediterranean said that there was a feeling that the economic climate was improving. He said that the confidence is returning to the international buyers as they can see the great offers that are now available in Spain.

Saturday, July 3, 2010

Pamplona Bull Run boosts property in northern region

The festival of San Fermin, or the Pamplona bull running as it's more commonly known outside Spain officially begins at midday on 6th July every year. The popularity of the Pamplona Bull Run sees property in Spain packed out during early July.

According to Lonely Planet, demand for accommodation in the northern region where the annual tradition takes place is typically full as the big day approaches. Thousands of people assemble in the square awaiting the mayor's official announcement that the fiestas have begun, a rocket is launched to announce the party has started.

The Pamplona Council proposed that the whole event will be on July 7th when the weather is far more conducive to such a celebration and the last on July 14th. The Pamplona Bull Run takes place at 8am every morning from 7th to 14th July. The actual run stretches from the corral at Santo Domingo where the bulls are kept, to the bullring where they will fight that same afternoon.

Tom Hall, travel editor for the tourism guide said that the Bull Run is scheduled to take place on July 6th this year, with a young party crowd anticipated to attend.

Mr. Hall commented: "There are loads of antipodean travellers that go there every year as part of their circuit." He said that for many visitors, the pilgrimage to Pamplona is made "to either have a good old party or actually take part in the runs". Consequently, the fiesta becomes a rite of passage for many visitors to property in Spain’s northern region.

Friday, July 2, 2010

18-month high for volume of sales in the property market

There is increased optimism that property sales will continue to improve across Spain in the future.

Data for June from the College of Registrars showed that 7.04 per cent growth was witnessed in the Q1 when weighed up with the same period 12 months previous. Sales also improved by 16.28 per cent over the first three months of this year in comparison to the final quarter of 2009. These figures represent an 18-month high for volume of sales in the Spanish property market.

Chris Mercer, Director of Costa Calida based estate agents Mercers, is sure that the recent positive signs in the market can continue through the summer and into the rest of the year. The local market has experienced “a quite impressive increase of 157% for Q1 2010 over Q1 2009. The increase in the sterling/euro exchange rate also has made properties within the Euro zone an increasingly more attractive prospect for euro buyers, and explains the surge in interest in Spanish real estate.

According to the Spanish statistics office (INE), sales of Spanish property were up 9% this March compared to last March. Overseas buyers are thought to be behind a substantial part of the recovery, with agents and developers in the Marbella property market reporting increases of 150% over last year in sales to foreigners. Industry experts said that buyers are only buying property that is discounted, either the price represents a 20% drop on the peak, or the developer has marked the prices down by 20-40%, either way the reduction is apparently necessary as an aide to buyer confidence.