A comprehensive directory list of estate agents in Spain
We aim to make your search for your ideal property in Spain less stressful by compiling a list of reputable estate agents in a single comprehensive directory. Our directory is relatively easy to navigate - simply click on a region in Spain, for example Costa del Sol, then select a town in that area.
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Latest news on the Spanish property market
January 2014 - Indications prices have bottomed out
There are indications that the property market in Spain has bottomed out, according to statistics published by ST Sociedad de Tasación, a property valuation company.
The company forecasts that the 1.3% average rise in new and second-hand property prices seen in the last quarter of 2014 is not a temporary rally, and it expresses optimism that the trend will continue. It bases its prediction on the fact that:
1. There is increasing demand from purchasers, both those who want to buy homes and those who want to rent out properties. Purchases by Spanish residents grew by 2.6% in the final quarter of 2014. ST believes that this represents new found confidence amongst Spaniards that prices have stopped falling, and they are once again showing willingness to put their savings into property purchases.
2. Banks are making it somewhat easier to arrange loans, and are once again competing against each other on interest rates.
3. Although the unemployment rate in Spain is still high, with more than 4.4 million people on the register, it is falling, and the fall is expected to continue. Additionally, the Spanish economy is showing an increase in GDP.
4. The ratio of property prices to average income has fallen. In 2007, the average property cost the equivalent of 13.6 years earnings. Today, that has fallen to just 7.8 years earnings.
5. The number of tourists reached 61.7 million in the first 10 months of 2014, an all-time high, and an increase of 7.2% on the previous year.
6. The fall of the value of the Euro against sterling and the dollar (it's at a 7-year low against the latter) should encourage foreign investment.
At long last, there appears to be good news for hard-pressed property owners in Spain. This might be the best time for investors to enter the market.
January 2013 - Prices to continue falling
The price of housing in Spain is still far from hitting bottom, according to the U.S. ratings agency, Fitch. The agency predicts that prices of apartments in Spain will fall an additional 15% this year. In addition, Fitch believes that the number of mortgage defaulters in Spain will increase by between 9 and 11%.
Fitch believes that house prices in Spain, Ireland and Greece will undergo the most substantial falls in 2013, due to reduced income and lack of trust in the market.
Since the beginning of the economic crisis, Fitch noted that the sale of homes in Spain has fallen by 70%, and the agency expects that this decline will continue in 2013. Fitch also believes that it will be many years before the current housing stock is absorbed even if sales figures were to return to pre-crisis levels.
Fitch also estimates that mortgage defaulters will increase due to an increase in unemployment and reduction of subsidies to many families. The agency notes that in November 2012 there were about 1.7 million Spanish households where all members were unemployed. Fitch states that the Spanish mortgage market is very vulnerable to a rise in long-term interest rates. It also believes that obtaining mortgages will continue to be problematical for at least the next two or three years.
November 2012 - Plan to offer resident status to foreign property purchasers
In the latest effort to try and breathe some life into the property market, the Spanish government has confirmed that it is thinking of offering resident status to any foreigner who buys property in Spain for 160,000 euros or more. No further details of the scheme have been announced at this time.
At present, non-residents must pay tax on notional rental income from property they own in Spain. Having resident status will presumably mean property owners will avoid this tax. Apart from that, it is difficult to see why the offer of residency would appeal to would-be property buyers. Residency does not necesarily entitle people to social welfare or healthcare benefits.
An interesting aspect of the plan is that Spanish residents must pay income tax on worldwide income. This could be problematical for people who earn income in countries that do not have a double taxation agreement with Spain.
May 2012 - Prices continue to fall
The fall in the price of homes in Spain is showing no signs of easing off. One of the leading property portals in the country reports that over 47,000 of the properties on its site (9% of all listed properties) had their price reduced in May. The average reduction was 12% or just over 30,000 euros.
Analysts believe that the continuing price drops are being influenced by the current economic climate. The austerity measures imposed by the Spanish government, coupled with the difficulties being experienced by the Spanish banking sector, have made people anxious to sell their properties quickly.
However, others point out that as long as prices continue to fall, the chances of finding a purchaser will be low, as would-be buyers will wait until the market bottoms out. Nobody is expressing any optimism as to when that will happen. Successive efforts to boost the property sector, including a temporary VAT reduction on purchases, have made no impact.
Archived articlesArchive 2011 - Spanish property news
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Archive 2009 - Spanish property news