Insight into the Spanish property market, guides to help you make informed decisions, and a directory of real estate professionals and home service providers from a source you can trust.
This is a website for buyers, owners, and sellers of property in Spain, offering reliable information and resources to help you get things done with confidence. It is run by Mark Stücklin, author of the Spanish Property Doctor Column in The Sunday Times (2005-2008), and the book ‘Need to Know: Buying Property in Spain’ published by Collins.
When you buy or sell property in Spain the sums of money are large, perhaps one of the biggest financial decisions of your life. The high transaction costs you will face like taxes and commissions only make the decision more important to get right. And when you own property in Spain you face a host of extra challenges to manage, and costs to control. Unfortunately, the Spanish property market is opaque and full of pitfalls, and notoriously unprofessional. Buying and selling property in Spain is not a decision to be taken lightly, and you may find it much easier to buy than sell if you don’t take care. In this market it is crucial to do your own research, and don’t rely exclusively on people who are trying to sell you something – let’s just say they might not have your best interests at heart. Spanish Property Insight is the only independent source of information and analysis of the Spanish property market. Don’t even think about buying or selling property in Spain without subscribing to Spanish Property Insight.
A summary of the Latest Euribor and Spanish mortgage newsEuribor (12 months), the interest rate generally used to calculate mortgage repayments in Spain, rose to 1.714pc in February, from 1.55pc in January, a monthly change of +10.6pc.
On an annualised basis, Euribor is 39.9pc higher than it was a year ago (see graph above), meaning higher monthly repayments for borrowers with mortgages resetting now.
Repayments for a typical mortgage (150,000 Euros, 25 years, Euribor +0.25) will go up by around 35 Euros /month, or 400 Euros / year. That will punish many stretched household budgets in Spain.
New Mortgage Lending
The final figures for 2010 show new mortgage lending fell by an annualised 7.4pc in 2010 (volume), the 4th year in a row of declining lending.
Looking for something positive to say about this, at least the decline has slowed down compared to the fall of 22pc in 2009 and 32pc in 2008.
Overall lending was down 7.8pc in value terms, with the average residential loan value last year at 116,860 Euros, down 0.8pc compared to 2009.
The average new mortgage interest rate was 3.87pc, down from 4.59pc in 2009.
Everything you need to know about property in Spain
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