Property Market In Spain 2008

tips hunter
0 Comments »

I have just reviewing a range of official statistics (Registro de Propiedades, INE, etc..) have compiled a brief analysis on how the Spanish property market fared in 2008. As can be imagined sales are down (surprised?), but not all appears to be doom and gloom.

First let us have a look at planning approvals. According to the statistics, planning approval is 58.1% with only 252,916 approvals in 2008. Still a high figure by most standards, but believe it or not, this is Spain’s biggest fall on record, not surprising considering the last property boom was the largest in Spanish history, with the largest building boom, etc…
On a positive note for those involved or reliant on the residential building sector, VPOs (subsidised housing) rose by 3.6%.

Now let us review property sales. According to the information I’ve managed to find, the Spanish property market shrank 29% in 2008. What that means in is that there were 561,500 property sales in 2008 compared to 788,500 properties in 2007.

Of the 561,000 property sales, 296,500 were for newly built properties (a 13% drop) while 265,000 were for resales (41% drop).

Over the last quarter of 2008 there were a total of 113,300 sales, with new builds at 64,500 and resales at 48,800.

Now although the figures are not good, how can a shrinking market be good? What I do see as a good sign, is that even with the financial crisis last year and all the turmoil surrounding it, properties were still being bought and sold.

What is interesting from the statistics is that looking figures for 2008, newly properties made up over 50% of all the sales. Believe it or not this is not surprising. Many of these sales would have been on properties that had been purchase in 2007/6/5 that are now only going to completion. This year we should start to see newly built properties make up a lower percentage of the total.

So obviously properties have been sold in Spain in the last year, but as you can imagine at reduced prices. Although of course unique properties or those that cannot be easily reproduced (location, quality, etc…) are holding their prices a lot better than many of the mass built properties found in some areas.

Regards
Andrew Belles
Costa del Sol property

Andrew Belles

A real estate agent based in Southern Spain.

Read more!
, , , ,

Take Advantage of Falling Commercial Property Rents in London

tips hunter
0 Comments »

The current financial crisis has been the result of a nervousness of the banks to lend to each other and to the public. This has been a response to the relaxed lending that took place, partially to a new demographic of borrowers, known as 'NINJAs': those with no income, no job and no assets. Ironically, the first to suffer as a result, have been the banks themselves. Nowhere has this been more evident than in London - especially in the City - where banks have streamlined, downsized and, in some cases collapsed.

The result for the commercial property market has been an influx of office space. According to a leading firm of property advisors, this influx is set to continue well into 2009 and then die off. In rental terms, it means that prospective tenants can expect to be able to take advantage of low rents and landlord incentives until at least 2010 and more than likely stretching in to 2011. In London's West End, incentives have tripled in length over the last year, offering benefits such as rent-free periods for contracts in excess of 2 years..

For tenants looking to relocate or expand their business, the opportunities offered to them by the credit crunch cannot be bettered. Commercial estate agents in London are now promoting top-end serviced office space at a fraction of what it would have cost 18 months ago. Serviced office space offers many benefits that a standard office simply cannot provide and is already becoming extremely popular with international businesses looking to take advantage of the weakness of the pound.

Serviced office space in London offers great flexibility to prospective tenants; furniture, phone-lines and Internet access are often included, making it easy for a business to relocate and practically continue business as soon as the office is occupied. The defined costs of serviced office space are especially attractive, especially in the current financial climate, offering new and established businesses the chance to make considerable savings as all the start-up costs are wrapped up into one. As a result, bookkeeping and budgeting are made much easier and, using the advice of commercial estate agents in London, can be incredibly cost-effective.

The potential is that the prices of serviced office space will be driven down even further. With corporations and businesses releasing more and more commercial office space into the market, landlords have few options left to them. As it stands, they can both lower their rents and offer generous incentive-packages or risk seeing their premises remain unused and simply cost them money. In addition, many office projects that were started years ago are now nearing completion, which means more office space will be made available.

What was once a market firmly controlled by the landlords has been transformed in to a market that strongly favours tenants; using commercial acquisition agents to add their expertise and experience, tenants are in a position where they are able to bargain and set their own terms, like never before. By taking the plunge now, many businesses can take advantage of prime serviced office space in London and the business facilities and services it can provide.

Christian Garrington
Shivani Gurtu-Louth - Operations Manager of Devono Property Limited. Devono are the only commercial estate agents in London to exclusively represent tenants looking for office space in London. We can also help you find serviced offices in London. Our aim is to secure the best commercial property at the best price. For interviews, quotes, images or comments contact: Shivani Gurtu-Louth Devono / Operations Manager / Tel(DDI): +44 (0)20 7096 9911 / E-mail: sg@devono.com

Find more: property rent , property in Singapore , property market , property prices , Singapore property , Singapore condo

Read more!
, , , , ,

Commercial property rents slashed by almost 30%

tips hunter
0 Comments »

UK rental values are now at a sixteen year low after commercial property rents declined once again last month. Demand for commercial property is at an all time slump reflecting the sheer extent of the different industries affected by the recession. Many businesses are closely monitoring their outgoings and downsizing wherever possible meaning office relocations and expansions are not even being considered.

Retail commercial properties are amongst the worst affected with shop rents being cut across the UK by almost a third over the past year alone. This hasn’t been helped by the collapse of retailers such as Woolworths, MFI and Land of Leather. Rising vacancies have naturally caused a decrease in rents with retailers that are still in business seeking large discounts and generous lease terms from landlords in order to help them through these difficult times. It is not uncommon for landlords to now offer several years completely rent free in order to get retailers to sign up to longer lease deals. This is exactly what is happening in a new shopping centre development that is due to open this September in Cardiff, where Land Securities and Liberty International are offering free rent for three years to retailers.

Despite the recent negative press there is good news on the horizon with experts believing that rent decreases are likely to have reached a plateau given the rate of decline to date. There are also a number of retailers that are still looking into commercial property expansion with companies such as HMV, Primark and Dunhelm all looking to open new stores.

The UK is at the forefront of the global commercial property collapse. However, over the past six months declines in commercial property confidence have also been noted in previously unaffected countries such as Russia, UAE, Ukraine and Asia. This demonstrates the now fully global impact of the recession. Despite the fact the UK is one of the worst affected countries we are also expected to be one of the first to recover due to the speed and severity of our commercial property value declines so far. Good buying opportunities are already available for cash rich companies and retailers and businesses alike are being encouraged to take advantage of the current low rental rates as many experts believe UK rental declines have now reached a plateau.

Matt Grimes PC

For some fantastic commercial property advice contact Pearl and Coutts.

Read more!
, , , , ,

Tennis Star Boost For Holiday Island

tips hunter
0 Comments »

To the dismay of tennis fans it's as far back as the days of Jimmy Connors and John McEnroe that the world of tennis has been as exciting as it is today, but to their delight Rafa Nadal from Spain's Balearic Islands and Switzerland's Roger Federer make the game watchable not just for them but to a mass audience again.

The world's top two tennis players produced what was widely described by sports journalists around the world as Wimbledon's finest men's final in a generation last July where Nadal triumphed, and then in early February this year the two produced a pulsating final lasting over four hours in another Grand Slam event - the Australian Open. Again Rafa Nadal was victorious.

Upon returning home to the Balearic Islands after his Wimbledon triumph last summer - the Balearics are made up of Rafa's home island of Majorca, along with Menorca and Ibiza - Rafa was given a hero's welcome, and the island came to a standstill for the day as celebrations carried on from dawn to the early hours of the next morning.

Before Rafa's rise to the top of the tennis world, The Balearic Islands have been best known in the wider world as prime holiday destinations - Menorca for example is known as a quiet family holidays island, and with flights to Menorca under two hours from London has become a favourite for the British holidaymaker since the early 70's.

But with a recession hitting Menorca's main holiday markets of Britain and Germany, the tourist authorities for the islands have come up with a stroke a world class tennis player would be proud of - they have signed Rafa Nadal up to promote Menorca as a holidays destination to the British and German publics, and be the recognisable face for their holiday marketing activities.

'Rafa is an instantly recognisable symbol of something positive', comments leading Menorca travel site yourmenorca.net, 'And associating Menorca with someone as dynamic and successful as Rafa Nadal could help the island attract more tourists at a time it really needs it.'

Of all the islands in the Balearics, Menorca is known as one for family holidays. Quiet, sedate, peaceful are words often used to describe Menorca and Menorca holidays.

But as well as promoting Menorca as a reminder to past visitors to holiday on the island again, it's quite possible that Rafa Nadal's image among the population as a whole in both Germany and the UK could be enough for new generations to consider taking holidays in Menorca for the first time - something the island would welcome as once people take a trip to Menorca they often return and count the island as one of their top holiday destinations to consider for future years.

British visitors, an important constituent of Menorca tourism, have been hit by the strength of the Euro against Sterling, and Menorca holidays are more expensive than holiday destinations which don't have the euro - Turkey in particular has seen a big jump in British tourists, and outside of Europe Egypt and Morocco have benefitted too at the expense of traditional favourite Spain - in 2008 Spain and Menorca experienced a drop of a million holidaymakers compared to the year before. Quite a few visitors have invested in Menorca holiday villas and they are getting less bookings as a result, with a knock on effect of the villa management companies who manage the Menorca holiday villas

And while the island will still be seen as peaceful compared to some holiday destinations, it will be determined to keep that as part of the appeal that has attracted holidaymakers in the past. But new companies are also springing up among the Menorca holidays businesses that will appeal to those first time Menorca visitors who might want a little activity - and might expect it too considering Rafa Nadal's image. One new company is offering escorted mountain bike tours, while another is offering jeep safaris - perfect for the younger generation of tourists Menorca would like to see return in future years.

The new companies providing the tourist facilities will be welcomed by the Menorca hotels too. Menorca hoteliers have invested heavily in recent years, refurbishing existing hotels while a few new ones have been added too. But if occupancy rates drop this year there is a possibility that some Menorca hotels will open just for June, July and August, while others may be mothballed until the number of visitors increases again.

The holiday island will be hoping a bit of Rafa's magic will persuade holidaymakers to head their way for their summer vacations - they might even want a game or two of tennis!

Article Source: http://www.ArticleStreet.com/


About the Author

Menorca property listings are available at Menorca holidays site yourmenorca.net Other resources for travelers include a 5 day weather forecast and villa holiday companies such as James holiday villas

Read more!
, , , ,

Property Market In Spain 2008

tips hunter
0 Comments »

I have just reviewing a range of official statistics (Registro de Propiedades, INE, etc..) have compiled a brief analysis on how the Spanish property market fared in 2008. As can be imagined sales are down (surprised?), but not all appears to be doom and gloom.

First let us have a look at planning approvals. According to the statistics, planning approval is 58.1% with only 252,916 approvals in 2008. Still a high figure by most standards, but believe it or not, this is Spain’s biggest fall on record, not surprising considering the last property boom was the largest in Spanish history, with the largest building boom, etc…
On a positive note for those involved or reliant on the residential building sector, VPOs (subsidised housing) rose by 3.6%.

Now let us review property sales. According to the information I’ve managed to find, the Spanish property market shrank 29% in 2008. What that means in is that there were 561,500 property sales in 2008 compared to 788,500 properties in 2007.

Of the 561,000 property sales, 296,500 were for newly built properties (a 13% drop) while 265,000 were for resales (41% drop).

Over the last quarter of 2008 there were a total of 113,300 sales, with new builds at 64,500 and resales at 48,800.

Now although the figures are not good, how can a shrinking market be good? What I do see as a good sign, is that even with the financial crisis last year and all the turmoil surrounding it, properties were still being bought and sold.

What is interesting from the statistics is that looking figures for 2008, newly properties made up over 50% of all the sales. Believe it or not this is not surprising. Many of these sales would have been on properties that had been purchase in 2007/6/5 that are now only going to completion. This year we should start to see newly built properties make up a lower percentage of the total.

So obviously properties have been sold in Spain in the last year, but as you can imagine at reduced prices. Although of course unique properties or those that cannot be easily reproduced (location, quality, etc…) are holding their prices a lot better than many of the mass built properties found in some areas.

Regards
Andrew Belles
Costa del Sol property

Find more: property rent , property in Singapore , property market , property prices , Singapore property , Singapore condo

Read more!
, , , , ,

Determining Your Offer Price

tips hunter
0 Comments »

Determining the price that you are planning to offer buyers is probably one of the most important decisions that you need to make, while selling your Florida home. The offer price should be such that it reflects the real value of your home. Overpricing your offer is not recommended because buyers are usually well informed and might have already visited other similar properties in the neighborhood. After a few weeks, your property listing is bound to lose appeal if it is overpriced. In comparison, making, an offer below the market price will not pose a problem. Properties that are listed below their market price receive multiple offers and this in turn affects the price.

Compare past property listings:

For determining the most appropriate offer price for your Florida home, you can start by looking at offer prices of other properties in the neighborhood that have been listed over the past six months. You need to select only those properties that are located in the same street or locality. You need to understand that even if there are similar properties in the locality, their market prices often vary depending on their proximity to main streets, freeways and railroads. You need to select only those properties that were more or less built during the same time as your own home.

Adjust the offer price:

In order to make the right offer, you need to compare property listing price offers with the actual sale prices to determine price reductions or increments. This way, you can make similar adjustments to your offer price. If your Florida home has extra amenities or upgrades, you can adjust your offer price accordingly. While studying past property listings, try to ascertain the reasons as to why some properties were sold at higher prices and why some were sold at lower prices. This will help you in making the required changes to your home, necessary for making a high offer price.

Adjust for existing demand-supply situation:

After going through past and present listings and determining an offer price, you need to make adjustments for the current demand-supply scenario existing in the local property market. For example, if your local property market is witnessing a downtrend, you can lower your initial offer price by three to four percent, to attract more buyers. If the market is booming, you can increase your offer price by 4 to 5 percent. In a balanced market, the offer price should be more or less the same as the offer price for similar properties in your neighborhood.

If you want to sell your Florida home at the most appropriate price, you need to first visit properties that are listed in your locality and note down the amenities and convenience their location offers. In this way, you will get a fair idea as to why some properties are priced higher than others. You can then perform the necessary renovations to your home to attract the right kind of buyers for the property. Selling your property will be much easier thereafter.

Article Source: http://www.ArticleStreet.com/

About the Author

Are you interested in Real Estate Investing all around Florida including: Orlando, Tampa, Ft Lauderdale and Jacksonville. Florida Real Estate Investing is made easy with Real Net USA.

Read more!
, , , ,

Cash in the Attic - Guide to Loft Conversions

tips hunter
0 Comments »

It might be an understatement to proclaim the property market's in a bit of a pickle at the moment, but there is a positive behind the doom and gloom - it has never been easier, or cheaper, to renovate your home. Now might well be the time to convert that forgotten space, which is currently being held hostage by bags and boxes of family keepsakes - the loft.

With this guide to loft conversions, you'll add space and value to your property in no time.

Why you should improve - not move

With the current economic climate as tumultuous as it is, a loft conversion makes sense. If you're going to have to stay put, you might as well look for ways to improve your property and create more space for you and the family.

It's relatively cost-effective too. The VAT rate is down, there are builders desperate for work and new planning laws introduced in 2008 mean that certain loft conversions no longer need to be approved by the council, which saves you further red tape, time and expense.

So what are the new rules?

When it comes to the new planning laws, there are still some complex rules. But in general, as far as loft conversions go, there's no need to apply for planning permission if alterations don't affect the appearance of a house from the street.

Three key points to consider are:

1. Loft conversions don't need planning permission as long as the volume added to the house is less than 50 cubic metres for a detached house, or 40 cubic metres for a terrace house.

2. On the side of the house facing the street, only skylights lying flat on the roof are allowed.

3. At the back, a dormer (an extension with a window at the front) will be allowed, as long as it's no higher than the existing roof and is set back at least 20cm from the eaves.

Any works beyond these three points will probably need planning permission, so play it safe and make sure you're not infringing any laws before you book the builders. More information on loft conversions can be found at planningportal.gov.uk. And again, before booking the builders, make sure you read Got the Builders In? Make Sure you Don't Invalidate your home insurance.

Be practical

Unlike the heady days before the property slump, when gold-plated finishes and designer-laden rooms were the name of the game, these penny-pinching times mean you've got to think practically.

An extra bedroom or office space are popular options. Get it right and you'll add a lot of value to your home at the same time. Furnishing the new room-cum-loft shouldn't take too much out of your savings either.

Ask lots of questions

Before you do anything, arm yourself with a torch and tape measure and get up into the loft to see what kind of space you're dealing with.

Ask yourself lots of questions such as how sound-proof is the room, is there enough light, how do the proportions of the loft work, where will electrical points go, do you have a party wall agreement with your neighbours? This will save time and money in the long run.

Cover yourself

Even in its simplest form, a loft conversion can prove an immense under-taking, so check first to see if your home insurance will cover all eventualities.

And although it works out cheaper to carry out conversions these days, don't get carried away. It's possible to have too much space and the end result could mean a house that's top heavy with too many bedrooms for the amount of living rooms beneath.

Finally, it's important to know that once you've added size and value to the property, you'll probably need to upgrade your home insurance to cover the new rebuild cost and any contents contained within the extension.


Article Source: http://www.ArticleStreet.com/

About the Author

By Sarah Maple writing about loft conversions and highlighting the importance to cover yourself with adequatehome insurance.

Read more!
, , , , ,

Why Invest in Abu Dhabi Real Estate?

tips hunter
0 Comments »

A thriving property investor would have thousands of answers to this question, but in this article we’ll gather only some major positives of investment in Abu Dhabi property. We’ll also try to look how a wise timely decision can make you rest upon your distinctions and enjoy handsome standard incomes while staying in the ease of your home.

Many consider the current global financial crisis and the ‘failing’ property markets in the pessimistic light and avoid taking risk of investing in property at this point of time. It’s correct that real estate buyers and investors globally have reservations about putting their money into property and their fears are quite understandable. But when we compare Abu Dhabi real estate investment with other forms of deals, we discover that even in the present situation, property in Abu Dhabi remains one of the most profitable businesses.

There are plenty of reasons why investment in property is still one of the most secure investments, but the primary one is the population growth. World’s most important property markets such as, UAE, India, North America etc are quickly coming out of the current financial slump. Especially Abu Dhabi real estate is faring remarkably well and continues to thrive, though at a more realistic pace than before.

Abu Dhabi is rapidly becoming financial and tourism centre and population in there is constantly on a rapid surge. Expatriates and tourists in this property hub of Abu Dhabi constitute a substantial portion of the total populace and are a key reason of the rising demand for property. Moreover Abu Dhabi provides business-friendly environment for those who want to set up their business and also those in search of better employment opportunities gravitate to the emirate.

The foreign influx in the shape of businessmen, job searchers, and tourists plays a major part in keeping the property business flourishing. Demand for all types of residential and commercial properties in Abu Dhabi can only be seen going higher unaffected by the fall that other industries are currently facing. Buying the real estate, either for self use, or to rent out or resell, is still a safe investment and can bring the owner high margins of profits in a short period of time.

Article Source: ABC Article Directory

Thomas R James is expert real estate consultant associated with Better Homes, a leading real estate firm in Dubai, UAE. He has vast experience of working in Dubai real estate market. His firm Better Homes offers online Dubai and overseas property listings, property management and property investment services. www.bhomes.com/uae/about_Abu_Dhabi.xhtml

Read more!
, , , ,

4 Must Know Tips About Italian Real Estate

tips hunter
0 Comments »

A lot is being said about the Italian property market because of the increased interest from international property investors. The ground work for the attraction to Italian property has being laid by the fact that Italy has firmly ridden the housing boom that has gripped most of Europe for the past decade. The market for Italian property has been resilient but not immune to the property slowdown seen across the continent and in the UK.

The Italian property market having benefited from a slow but steady pace of price increases over the years has been protected to a certain extent from a major burst bubble effect. We have provided 4 must know tips to realising your dream of buying your Italian property.


VALUE GROWTH

The doomsayers predicted a bumpy economic ride for the world sometime ago which we already see coming to pass. The strong euro has the continentals popping over to the UK for their shopping trips rather than the other way round. This is all the reason to consider investing in the Italian property market because there are always good boots to be had on the bargain rack.

The peculiar side of the Italian property market is that despite interest rate rises, prices are continuing to rise at a comfortable rate, with a year-on-year appreciation at about 6.8%. According to a Clutton's research report, price rises of property in Italy are expected to slow in 2008 but they will at least still be on the up.

ITALIAN LAWS ARE EXTREMELY TENANT FRIENDLY

A major issue for investors is that tenants in Italy have very strong rights; Landlords are forbidden to request payment in advance amounting to more than three months' rent. Rents may initially be negotiated, but may not be increased after the initial 4-year contract by more than 75% of the cost of living.

According to the Global Property Guide, this has being detrimental to the rental market and has seen the number of rental property in the market reduce from 25% of the market in 1993 to less than 16%. The Italian market is then more attractive and less risky for overseas investors who want to invest in tourist or lifestyle properties.

SEVERAL THIRD PARTY COSTS

It is worth mentioning that in 2006 Italy did not rank very highly in the Real Estate Transparency Index released by Jones Lang Lasalle; it was 21st globally. It must be acknowledged that the buying process in Italy is relatively straightforward but there are many third party costs that investors must be aware of.

A few of these third party costs are geometra fees, notary fees, deed registration tax, land registration tax, mortgage registration fees and legal fees. The fees might be high and varied, however, the whole costs are quite low and will usually be in the range of 3-5%, excluding VAT.

NOW IS THE TIME TO INVEST IN ITALIAN REAL ESTATE!

Property experts generally agree on the 'right time' buying factor that Italian properties have. A few of the reasons include higher value of the properties in the future, abundant low budget flights and ever growing strong tourist industry. Italy is just about two hours and fifteen minutes direct flying time from the UK for example.

Italy also attracts about 21 million visitors every year and has transformed into a booming property destination for investors looking to purchase a property within a healthy tourist economy.

By: Mark Moon

Article Directory: http://www.articledashboard.com

Property for sale, investment property, properties for sale, villas for sale in the Calabria Real Estate; market. Permission granted to re-distribute this article granted as long as a link to our website remains.

Read more!
, , , , ,

The Singapore Property Market is Hot!

kei
0 Comments »

The Singapore property market is very hot right now, which has been possible in part to the 2005 introduction of strata-titled properties that has allowed foreigners to buy apartments within buildings without requiring approval from Singapore authorities. The old rules regarding the purchase of apartments within a building of six stories or more no longer apply. As a result of the rule change, buying Singapore property has definitely become significantly easier for those purchasing domestically and abroad.

Being that Singapore property is sold on either a leasehold or freehold tenure, there are certain requirements that must be met to acquire property within Singapore. This is where the old rule that the building in which one desired to acquire property must be over six stories and considered a condominium rather than a simple apartment. But first, we must explain what leasehold and freehold tenures are.
A leasehold title gives possession of the property to the buyer for a period of years (which can be the lifetime of the owner), but when that lease expires, the interest that has been accrued by the property and the title is handed over to the state. A freehold title, on the other hand, allows the owner of the property to hang on to it indefinitely.

But the addition of various leniencies within the Singapore property market is allowing for a hike in the number of properties being acquired, especially in the 'condominium' sector because of the factors described above. Yet when a foreigner is looking to purchase property within Singapore, the Singapore Land Authority still has to approve the purchase of land-titled properties. These land-titled properties are land plots, houses, and bungalows.

The numbers don't lie, though. The economy has strengthened and that has put the Singapore property market into an upward trend. 2006 showed a 10.2% increase in private residential property and since the real estate market in Singapore recovered from its darker days in 2004, property prices have shown a 15.8% increase. The prices have increased because the market has improved and, despite the increase, people are continuing to buy.

This improvement within the Singapore property market has been a great thing for the small country and has proven to be a equally great for companies and individuals relocating to the booming Singapore economy. This puts a great face on Singapore and makes it an even greater contributor to the world economy.


Read more!
, ,
Vote forStop Dreaming Start Action