Property Market In Spain 2008

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.

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Tennis Star Boost For Holiday Island

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

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Determining Your Offer Price

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.

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Why Invest in Abu Dhabi Real Estate?

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

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