A summary review of the latest news from the Spanish property market.
Spaniards More Positive About Property Market
Spaniards are a bit more upbeat about the housing market, according to the latest survey (September) from the Centre for Sociological Investigations (CIS). 4% of respondents say they plan to buy a property in the next 12 months, up from 3% a year ago, whilst 27% expect Spanish house prices to rise in the next year, compared to 7% last year. Just 12% expect house prices to fall, compared to 42% a year ago. So there has been a considerable improvement in local confidence towards the housing market.
Property tax reform worry
Spanish ombudswoman Soledad Becerril voiced her concern over a tax reform approved by the Congress of Deputies. (EuroWeekly)
Catalonia Said to Seek $190 Million of Sale of Buildings
The regional government of Catalonia is seeking 150 million euros ($190 million) for three prime buildings it plans to sell. (Bloomberg)
Spanish Hoteliers in Uproar over ‘Discriminatory’ Draft Bill
Under the new regulations, a property will need to have a tourist licence if it puts up guests for more than 30 days in a year. (Olive Press)
Further Evidence of Price Stability in Costa Blanca
Second hand real estate prices rise in Alicante and the region. (Spanish News Today)
Majority of Foreign Tourists Opt For Vacation Rentals
New data shows tourists are increasingly choosing apartments over hotels. (Expansion via Aura)
Russians Monopolize Luxury Property Market
Wealthy Russian buyers are now the primary target for developers in Spain. (The Leader)
Sea, Sun and Easy Visas Lure China Buyers
A detailed look at the interests of Chinese buyers and a comparison of different ‘Golden Visa’ programs (FT)
International Investors Seek Protection in Case of Catalan Independence
Real estate contracts that are being signed in Catalonia include clauses that offer protection in the case of independence, a fund manager says. (El Pais)
Mortgage Foreclosures up 4.2% in Q2
There were 21,178 mortgage foreclosures started in the first quarter of this year, up 4.2% on the same period last year, according to the latest data from the General Council of Judicial Authorities (CGPJ). Evictions were up 3.7%, the majority due to non-payment of rents. By region Catalonia had the biggest problem with foreclosures and evictions, followed by Andalusia, the Valencian Community, and Madrid. (El Mundo in Spanish)
Tinsa House Price Index Down Again
The Tinsa House Price Index, one of the most watched trackers of Spanish property prices, fell an annualised 4.2% in September. By area, prices fell 2.9% on the Mediterranean coast, 3.5% in the Balearic and Canary Islands, and 3.2% in big cities. Peak to present, prices are down 41.7% nationwide, say Tinsa.