Thursday, 13 November 2014

Residential House price news for Spain

October House Price Index

TINSA published on the 11th of this month their regular monthly house price index in Spain.

In general whilst prices continue to show an annual decline over 2013 the rate of the decline is slowing considerably and the annual decline in October stayed static at Septembers level of minus 4.2%.

Average house prices for the month.

Capitals and major Cities performed best within the month with a decline rate of only 2.2% against tha average yearly decline of 4.2%. Coastal areas performed slighlty below average and the Islands including the Balearics for the second month running showed a much higher decline than average at minus 5%.

Given the Islands have held up during the crisis at much better levels than mainland Spain there is perhaps some adjustment to come as the rest of Spain starts to recover.

Historically where are prices in Spain now.

Currently house prices in Spain are back in line with 2003 levels and down some 41.4% on average from the 2007 highs. 2003 pricing seems although it might be the natural level at which Spain stabilizes before prices start to rise again.

Much will depend not so much on the non resident buyers who buy in Spain but the confidence of the Spanish population to move back to a more active home ownership. Improvements in the economy all be it slow are becoming evident and access to lending is beginning to ease.

Read the full article :- Property price news for buyers in Spain

Tuesday, 11 November 2014

Good news on the conveyance of homes in Spain was issued today.

The key highlights 

In September there is a significant percentage increase in the number of house sales registered at Land Registry between the month of August to September. With an increase of 14.9% 2014 is the first year in over 5 years that sales in September have exceeded those sold in the month of August. 

Actual sales of homes also saw an increase of 13.7% when compared to the same month in the previuos year. Whilst overall transfers of property in Spain was down on the same month of last year when the figures for dwellings are considered the news is all positive.uring the

Why are total property transfers down

Property transfer data as issued by the INE covers all areas including swaps, Inheritance, Commercial and others catagory into which the transfer of property to a Bank after the repossession process has been finalised. The area of others has decreased which is in fact good news suggesting less homes are in a default situation.

Used housing versus new builds

During the boom years new build house sales either outstripped resales or the balance between the two each month was very similar. In the current environment it would appear buyers are favouring resales where they often see better value for money when considering size of property versus price being asked. 66.9% of all sales in September were resales and 33.1% new builds which is good news for individual sellers.

The Regions

Madrid had one of its best months for many months on sales of dwellings, with a high percentage increases both month on month and when considering sales from the same month of the previous year. Andalucia remained the Region with highest number of sales but lost ground against other regions. Only two regions including Cataluna showed a decrease.

Read the full article:- News for the sale of homes in Spain