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The Government wants Russian tourists to be able to enter Spain without a Visa |
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Tourist Board is carrying promotional activities in Russia, focusing specifically on Marbella |
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2013 Holiday Season Start with New Destinations to Malaga Airport |
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Ryanair, Air Lingus, Vueling, Turkish & Delta Airlines will start new Routes to Costa del Sol |
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European Court Rules Against Spanish Mortgage Laws |
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Suspending eviction proceedings while deciding whether the terms of a loan are unfair... |
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Nasir Bin Abdullah & Sons may loose the Marbella New Port Concession |
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Sheikh Al-Tani has been given three months to pay dues or lose La Bajadilla port project |
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Spanish Real Estate News & Lifestyle |
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A Buyers Market with the Spanish Properties Available
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As Spanish property prices seems to be reaching the bottom, buyers interest increase to grab a deal
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The Spanish government is on a drive to lure buyers back to the market and breathe new life into what was once a major sector of the economy.
The British have traditionally been the biggest foreign buyers here, but the economic crisis brought business to a standstill.
House sales across the country have slumped almost 50% since 2006; thousands of British estate agents who rushed to grab their slice of the action on the "Costas" have long since packed up and gone home.
But some who sat it out say they are starting to see the glimmer of a recovery.
A Buyers market
"We are having our best year since before the crash," said Estate Agent in Alicante, although the national statistics do not yet reflect that. "A lot of builders have dropped their prices to the bare minimum now. Its a buyers market."
The government recently added an extra incentive, cutting VAT on the purchase of new property by 4% until the end of the year.
Elsewhere, signs plastered to empty new homes declare them the property of a bank, offering 100% mortgages to anyone who will take the repossessed buildings off their hands.
At the height of the property craze, when credit came easy, Spain was building just shy of 665,000 homes a year. Last year 63,090 were built.
"We have a large stock that needs to be sold," explained Beatriz Corredor, secretary of state for housing. She said the problem was that the property built wasnt evenly distributed.
"In some places we have a lot of holiday homes, and in others theres a shortage of housing for Spanish families," Ms Corredor added.
"So if the sale of available housing is reactivated, construction companies can begin working again where they are needed."
Up to half of Spains five million unemployed were working in construction, before the crash.
Safeguards tightened
At the mention of British citizens with problems, Beatriz Corredor gave a wry smile.
"We insist that buying a house in Spain has always been safe," the secretary of state said. "Those who have had problems," she then conceded, "are on the path to a solution." The safeguards for those buying homes here have certainly been tightened.
There is a special prosecutor for property fraud and an online register, available in English, to check for any known legal problems with a building before buying.
The British embassy now offers extensive online advice about potential pitfalls to would-be investors.
It argues that now is a prime time to invest.
After a tough few years on the Spanish Costs, developers agreed. Most of the developers has had to slash the price of flats by almost 50% to sell.
"There were a lot of unprofessional people in the boom years" "It created chaos, and people saw Spanish real estate agents as bandits instead of businessmen.
As UK still trying to sort out their finance at home, in 2012 the majority of sales have been done to Scandinavians and Russian buyers...
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