[Anonymous]

According to the Spanish division of a leading estate agency in Sweden, requests increased by 58% during the first quarter of this year, and nearly one quarter of all resale properties were sold to Swedish buyers. Apparently the financially stronger nations in Europe are beginning to recognise the bargains the Spanish economic climate currently presents.

spanish property being snapped up by the swedes

[angie]

Another property advert 😆

[katy]

I don’t pay any attention to stuff on property websites with quotes from Agents. For the last 5 years they have been saying now is the time to buy, the Scandinavians, Russians, Chinese whatever are buying in large numbers. About as reliable of those old property ads urging people to buy off-plan and flip it for 30% profit.

[Anonymous]

Agents will always try to create hype to see if it will turn into a reality 😀 , people being the way they are sometimes believe this type of things and create a reality/need 😯

[DBMarcos99]

According to this report by “Spanish property Insight” European demand for Spanish holiday homes increased 12% in 2011. Hope this doesn’t take off too strongly, as it may stop the decline in prices. I was hoping for a further small fall.

The analysis shows that, although the domestic demand slumped 18pc in the face of declining output and rising unemployment, European demand for holiday homes in Spain surged 12.3p led by big jumps in the number of French, Russian, and Scandinavian buyers.

http://www.spanishpropertyinsight.com/buff/2012/06/30/european-demand-for-spanish-holiday-homes-increases-12pc-in-2011/

[katy]

12% of what, means nothing. Scandinavians aren’t big buyers of property even in their own country. They were never big buyers in Spain throughout the past 20 years or more.

[DBMarcos99]

According to the Sur newspaper, even the Russian investment is starting to step up a gear. Wasn’t there someone here who said it would never happen? So long as they stick to the CDS it’s ok by me. Hope it doesn’t become large-scale – it will price too many of us out of the market, the way it’s happened in London.

http://www.surinenglish.com/20120529/news/costasol-malaga/russian-investors-have-three-201205291123.html

The Russian market now represents 20 per cent of sales of residential holiday homes to foreigners and Prado pointed out that Living Costa del Sol was expected to increase sales by between ten and 12 per cent.

[katy]

As I said above…percentage of what 🙄 Have you any idea how many years the spanish newspapers have been writing this….I haven’t but probably since around 2002!

[GarySFBCN]

According to the Sur newspaper, even the Russian investment is starting to step up a gear.

The atico we are in the process of purchasing is owned by a Russian. He bought it in 2005. According to the nota simple, We are paying about 10% less than the amount of his original mortgage in 2005. So if he had 100% financing (and I don’t think he did) he is losing 25%, plus what he invested for improvements.

If he had 70% financing, he is probably hurting.

And I do expect that “residencia with a 250.000 property purchase” policy to bring a lot of people to the big cities. Due to the hirer price, it is probably not that appealing to most retirees. But to young people who can work from anywhere, it is a pretty good thing.

[DBMarcos99]

Katy – Are you really querying the figures provided by “Spanish Property Insight” in the previous but one link?? (hint – it’s this site)

According to that, Russian property purchases were 1,378 in 2010 rising to 1,740 in 2011. Of course if the trend reverses this year… but we’ll have to wait until 2013 before seeing the truth of that.

[Anonymous]

so with 2 million unsold properties and taking those figures it may only take 6 years for them all to be sold if there were no resales and there were not any that where overpriced

[katy]

Yes I really would question them, there are many other stats that conflict with these. There are no accurate figures coming out of Spain.

[DBMarcos99]

@katy wrote:

Yes I really would question them, there are many other stats that conflict with these. There are no accurate figures coming out of Spain.

Err, you choose to believe other stats, yet at the same time state there are no accurate figures… You’re a strange one, trying to have your cake and eat it..

Funny thing is, I do wonder how many properties are not officially on the market, yet would become so if the buying side became stronger. Not something that could be proved either way…

[katy]

@DBMarcos99 wrote:

@katy wrote:

Yes I really would question them, there are many other stats that conflict with these. There are no accurate figures coming out of Spain.

Err, you choose to believe other stats, yet at the same time state there are no accurate figures… You’re a strange one, trying to have your cake and eat it..

Funny thing is, I do wonder how many properties are not officially on the market, yet would become so if the buying side became stronger. Not something that could be proved either way…

Speaking for the CDS I think there would be a lot more if prices rise. It’s a funny market and many want to sell but don’t need to. I know a few who would like to sell but wouldn’t consider it at todays prices.

[DBMarcos99]

@katy wrote:

@DBMarcos99 wrote:

@katy wrote:

Yes I really would question them, there are many other stats that conflict with these. There are no accurate figures coming out of Spain.

Err, you choose to believe other stats, yet at the same time state there are no accurate figures… You’re a strange one, trying to have your cake and eat it..

Funny thing is, I do wonder how many properties are not officially on the market, yet would become so if the buying side became stronger. Not something that could be proved either way…

Speaking for the CDS I think there would be a lot more if prices rise. It’s a funny market and many want to sell but don’t need to. I know a few who would like to sell but wouldn’t consider it at todays prices.

Can’t argue with that. If you have a property and would like to sell, but think if you can hang on for 6 years you can gain 100k or 150k, then many who aren’t under pressure would do so. However will it only be 6 years?

[Fuengi (Andrew)]

first the information from the land registry should be taken at face value. Remember they only record sales that have gone through and the information is fully registered. If anything it does not take into account private contracts, etc… so the figures could be slightly higher (not likely though).

Second, Scandinavians are hugely into owning there own properties. the problem in their home countries is the shortage of desirable properties. Ignore past stereotypes, the newer generations are totally different, i mean in norway, for example, personal debt is on average 200%

16769 europeans bought in spain in 2011. If there are price was 100.000€ of the purchase
thats 1,676,900,000€ worth of transactions.
transfer tax at 8% = 134,152,000€

that is alot of extra revenue for the country. A positive thing!

Interestingly, based on the the relevant stats, Valencia and Malaga provinces receive the vast majority of all foreign buyers.

[Anonymous]

@katy wrote:

Yes I really would question them, there are many other stats that conflict with these. There are no accurate figures coming out of Spain.

For what they are worth, these are probably the most accurate figures there are. At least they are based on actual escrituras, rather than some subjective criterion.

These figures point out a big problem: With just 16,679 sales to (European) foreigners last year, I fail to see how European demand for holiday-homes in Spain is going to sort out the excess inventory any time soon. Prices will have to come down much more for that to happen. And even then I wonder if demand for holiday-homes in Spain is that price-elastic.

[Fuengi (Andrew)]

@mark wrote:

These figures point out a big problem: With just 16,679 sales to (European) foreigners last year, I fail to see how European demand for holiday-homes in Spain is going to sort out the excess inventory any time soon. Prices will have to come down much more for that to happen. And even then I wonder if demand for holiday-homes in Spain is that price-elastic.

it will sort out the excess inventory (of decent, well located property) in Malaga and Valencia province.

The rest will have to keep on drop and drop and drop and drop.

[Anonymous]

Forum users know very well that I am not agent nor have ever pushed any property/area. I know from a few people a cross section ( no estate agents ) of them that a lot of Russian & Chinese are buying for cash & the dinero negro is alive & well.

I do not know the area or the price range. !!!!!

[Fuengi (Andrew)]

Russians?

easy everyone hears of the russian gazilionaire. Most have more moderate budgets. 80/90.000€ up to a million. Depends whether they are down here by themselves or are being toured.
You think there were dodgy british agents, (some) of the russian agents are in a league of their own!

Chinese. Same thing. there are issues for them to get their money out of china. But many of them are looking at freeholds, just not residential units.

(this is only based on my personal experience)

[Chopera]

@DBMarcos99 wrote:

…
Can’t argue with that. If you have a property and would like to sell, but think if you can hang on for 6 years you can gain 100k or 150k, then many who aren’t under pressure would do so. However will it only be 6 years?

I suspect for quite a few people it’s not a question of waiting for prices to pick up but a question of waiting for market activity to pick up. I get the impression many Spanish people believe their property simply isn’t going to sell at any price, so there’s no point in going to all the effort of presenting it to the market.

[DBMarcos99]

@Chopera wrote:

@DBMarcos99 wrote:

…
Can’t argue with that. If you have a property and would like to sell, but think if you can hang on for 6 years you can gain 100k or 150k, then many who aren’t under pressure would do so. However will it only be 6 years?

I suspect for quite a few people it’s not a question of waiting for prices to pick up but a question of waiting for market activity to pick up. I get the impression many Spanish people believe their property simply isn’t going to sell at any price, so there’s no point in going to all the effort of presenting it to the market.

Well yes, that is a point. But if activity does pick up, then current owners (well, some at least) will start to look into sprucing up their property, thus creating demand in diy stores and local builders. Which is why I believe a fall in property prices (same as in Ireland and the US) actually will eventually bring about a recovery sooner.

[DBMarcos99]

Now someone wants to build 1,477 new homes near Estepona!
Ok, so it’s a Saudi prince and I assume (if it’s for Saudi citizens) that they want privacy. But surely there was an existing development somewhere they could pick up?

http://www.theolivepress.es/spain-news/2012/07/13/saudi-prince-given-go%E2%80%90ahead-for-housing-project-in-estepona/

[DBMarcos99]

Now someone wants to build 1,477 new homes near Estepona!
Ok, so it’s a Saudi prince and I assume (if it’s for Saudi citizens) that they want privacy. But surely there was an existing development somewhere they could pick up?

http://www.theolivepress.es/spain-news/2012/07/13/saudi-prince-given-go%E2%80%90ahead-for-housing-project-in-estepona/

[angie]

That will now mean 1,601,477 unsold new homes if they get built, that has to be a right old ‘Coals to Newcastle’ thing if it ever happens, maybe the Prince will get some mighty backhander or similar. It’s hilarious really 😆 Saudis have too much money methinks 🙄

[angie]

That will now mean 1,601,477 unsold new homes if they get built, that has to be a right old ‘Coals to Newcastle’ thing if it ever happens, maybe the Prince will get some mighty backhander or similar. It’s hilarious really 😆 Saudis have too much money methinks 🙄

[katy]

Anyone scrolled down and read the comments below the article 😆 😆

Quote: “The project will net Estepona Town Hall €2 million in planning fees which it says will go towards infrastructure projects.”

Well, of course, isn’t that just what Estepona needs?

What clowns are running this Town/Province/Country?

Ben
July 13th, 2012 7:42 pm

Statues! Fountains!!! Whoopee! Like before, just bigger, better, more expensive and incredibly, still just as useless!

Brendan
July 14th, 2012 9:50 am

Another. 1,477 empty properties in Estepona. I suppose this will all be financed by a “healthily Spanish bank” who will have to repossess the development some years down the line when none have been sold.

I am sure the Prince will not be using his own money to develop this project so who is the crazy loan official who will approve this loan

Maria
July 15th, 2012 10:02 pm

This is not new, planning was granted and the town hall paid about 18 months ago I think. May even have been a couple of years ago now. Time flies!

[katy]

Anyone scrolled down and read the comments below the article 😆 😆

Quote: “The project will net Estepona Town Hall €2 million in planning fees which it says will go towards infrastructure projects.”

Well, of course, isn’t that just what Estepona needs?

What clowns are running this Town/Province/Country?

Ben
July 13th, 2012 7:42 pm

Statues! Fountains!!! Whoopee! Like before, just bigger, better, more expensive and incredibly, still just as useless!

Brendan
July 14th, 2012 9:50 am

Another. 1,477 empty properties in Estepona. I suppose this will all be financed by a “healthily Spanish bank” who will have to repossess the development some years down the line when none have been sold.

I am sure the Prince will not be using his own money to develop this project so who is the crazy loan official who will approve this loan

Maria
July 15th, 2012 10:02 pm

This is not new, planning was granted and the town hall paid about 18 months ago I think. May even have been a couple of years ago now. Time flies!

[Fuengi (Andrew)]

Hi Angie,

for what is worth, the 1.6 million figure is fictitious. If I remember correctly it referred to the total licences that were granted over a period, not what construction actually started (or even completed). the figure supposedly stands at closer to 7/800.000 units.

[Fuengi (Andrew)]

Hi Angie,

for what is worth, the 1.6 million figure is fictitious. If I remember correctly it referred to the total licences that were granted over a period, not what construction actually started (or even completed). the figure supposedly stands at closer to 7/800.000 units.

[angie]

Watch this space for Estepona Town Hall mayor and Officials to be had up for fraud in a year or two’s time 🙄

[angie]

Watch this space for Estepona Town Hall mayor and Officials to be had up for fraud in a year or two’s time 🙄

[katy]

Hang on….some of them already have

[katy]

Hang on….some of them already have

[Chopera]

@Fuengi wrote:

Hi Angie,

for what is worth, the 1.6 million figure is fictitious. If I remember correctly it referred to the total licences that were granted over a period, not what construction actually started (or even completed). the figure supposedly stands at closer to 7/800.000 units.

The figure is a bit irrelevant on a national scale anyway. If some corrupt developer/bank/council builds thousands of ugly, empty houses that nobody wants to own along a small stretch of coastline then sure they have screwed the market along that particular stretch of coastline. But I doubt it has much effect on the prices of houses that people might actually want to buy, which tend to lie in areas that haven’t been over developed.

[Chopera]

@Fuengi wrote:

Hi Angie,

for what is worth, the 1.6 million figure is fictitious. If I remember correctly it referred to the total licences that were granted over a period, not what construction actually started (or even completed). the figure supposedly stands at closer to 7/800.000 units.

The figure is a bit irrelevant on a national scale anyway. If some corrupt developer/bank/council builds thousands of ugly, empty houses that nobody wants to own along a small stretch of coastline then sure they have screwed the market along that particular stretch of coastline. But I doubt it has much effect on the prices of houses that people might actually want to buy, which tend to lie in areas that haven’t been over developed.

[Fuengi (Andrew)]

@Chopera wrote:

@Fuengi wrote:

Hi Angie,

for what is worth, the 1.6 million figure is fictitious. If I remember correctly it referred to the total licences that were granted over a period, not what construction actually started (or even completed). the figure supposedly stands at closer to 7/800.000 units.

The figure is a bit irrelevant on a national scale anyway. If some corrupt developer/bank/council builds thousands of ugly, empty houses that nobody wants to own along a small stretch of coastline then sure they have screwed the market along that particular stretch of coastline. But I doubt it has much effect on the prices of houses that people might actually want to buy, which tend to lie in areas that haven’t been over developed.

I agree wholeheartedly. But as so many talk about property on here, as if it was a movable product, i thought we should at least use correct figures.
I have this conversation with quite a few people that walk into the office, yes there is alot of properties for sale, but they are not here (where I am based)

[Fuengi (Andrew)]

@Chopera wrote:

@Fuengi wrote:

Hi Angie,

for what is worth, the 1.6 million figure is fictitious. If I remember correctly it referred to the total licences that were granted over a period, not what construction actually started (or even completed). the figure supposedly stands at closer to 7/800.000 units.

The figure is a bit irrelevant on a national scale anyway. If some corrupt developer/bank/council builds thousands of ugly, empty houses that nobody wants to own along a small stretch of coastline then sure they have screwed the market along that particular stretch of coastline. But I doubt it has much effect on the prices of houses that people might actually want to buy, which tend to lie in areas that haven’t been over developed.

I agree wholeheartedly. But as so many talk about property on here, as if it was a movable product, i thought we should at least use correct figures.
I have this conversation with quite a few people that walk into the office, yes there is alot of properties for sale, but they are not here (where I am based)

[angie]

Fuengi, does anyone know the true figure of unsold new homes in Spain? There’s plenty of links to 1.6 million even from the agent in Valencia that posted recently, and on other links. Then some say there are 7-800,000 whilst others say 2 million. I’ve always wondered whether these figures include the skeletal blocks you see everywhere on the golf courses and Coast 🙄

There must be a definite figure somewhere, but like most Government statistics in Spain and elsewhere, the figures are no doubt massaged rather like the unemployment figures. Whatever the figure, it’s pretty horrific and that’s without the resales figure.

When someone shows me real proof that will be a good day 😉

The post I made was to show the absurdity of another 1,477 in Estepona being added to 1.6 million, still looks bad at 801,477, or 2,001,477 anyway who really is going to buy this huge oversupply? 🙄

[angie]

Fuengi, does anyone know the true figure of unsold new homes in Spain? There’s plenty of links to 1.6 million even from the agent in Valencia that posted recently, and on other links. Then some say there are 7-800,000 whilst others say 2 million. I’ve always wondered whether these figures include the skeletal blocks you see everywhere on the golf courses and Coast 🙄

There must be a definite figure somewhere, but like most Government statistics in Spain and elsewhere, the figures are no doubt massaged rather like the unemployment figures. Whatever the figure, it’s pretty horrific and that’s without the resales figure.

When someone shows me real proof that will be a good day 😉

The post I made was to show the absurdity of another 1,477 in Estepona being added to 1.6 million, still looks bad at 801,477, or 2,001,477 anyway who really is going to buy this huge oversupply? 🙄

[katy]

El Paraiso already has a very good established golf course, surrounded by thousands of apartments and villas. All those new constructions are going to have to be pretty far inland!

[katy]

El Paraiso already has a very good established golf course, surrounded by thousands of apartments and villas. All those new constructions are going to have to be pretty far inland!

[angie]

One day when I’ve got 5 minutes to spare I will jolly well go round and count all the unsold new builds in Spain, I’ll allow half an hour to make sure I don’t miss any : 😆

Spain’s Development Ministry said there were 687000 unsold new builds, says it all really, a farce, now should I double anything a Spanish Ministry says? 😆

[angie]

One day when I’ve got 5 minutes to spare I will jolly well go round and count all the unsold new builds in Spain, I’ll allow half an hour to make sure I don’t miss any : 😆

Spain’s Development Ministry said there were 687000 unsold new builds, says it all really, a farce, now should I double anything a Spanish Ministry says? 😆

[Fuengi (Andrew)]

@angie wrote:

Fuengi, does anyone know the true figure of unsold new homes in Spain? There’s plenty of links to 1.6 million even from the agent in Valencia that posted recently, and on other links. Then some say there are 7-800,000 whilst others say 2 million. I’ve always wondered whether these figures include the skeletal blocks you see everywhere on the golf courses and Coast 🙄

There must be a definite figure somewhere, but like most Government statistics in Spain and elsewhere, the figures are no doubt massaged rather like the unemployment figures. Whatever the figure, it’s pretty horrific and that’s without the resales figure.

When someone shows me real proof that will be a good day 😉

these are the people that many use for quoting figures. The Madrid-based real estate analysts R. R. de Acuña & Asociados
http://www.rracuna.es/es/prensa/noticias.html this is there latest article talking about the 1.6 million
“quote from article”
Del total de viviendas disponibles, cerca de 200.000 están en manos de las entidades financieras, entre 620.000 y 720.000 son usadas y cerca de 683.000 son vivienda nueva. De estas últimas, unas 473.000 están terminadas, pero no vendidas y cerca de 210.000 están en construcción.”

[Fuengi (Andrew)]

@angie wrote:

Fuengi, does anyone know the true figure of unsold new homes in Spain? There’s plenty of links to 1.6 million even from the agent in Valencia that posted recently, and on other links. Then some say there are 7-800,000 whilst others say 2 million. I’ve always wondered whether these figures include the skeletal blocks you see everywhere on the golf courses and Coast 🙄

There must be a definite figure somewhere, but like most Government statistics in Spain and elsewhere, the figures are no doubt massaged rather like the unemployment figures. Whatever the figure, it’s pretty horrific and that’s without the resales figure.

When someone shows me real proof that will be a good day 😉

these are the people that many use for quoting figures. The Madrid-based real estate analysts R. R. de Acuña & Asociados
http://www.rracuna.es/es/prensa/noticias.html this is there latest article talking about the 1.6 million
“quote from article”
Del total de viviendas disponibles, cerca de 200.000 están en manos de las entidades financieras, entre 620.000 y 720.000 son usadas y cerca de 683.000 son vivienda nueva. De estas últimas, unas 473.000 están terminadas, pero no vendidas y cerca de 210.000 están en construcción.”

[Fuengi (Andrew)]

@angie wrote:

The post I made was to show the absurdity of another 1,477 in Estepona being added to 1.6 million, still looks bad at 801,477, or 2,001,477 anyway who really is going to buy this huge oversupply? 🙄

i guess that will be down to location, quality and price.

[Fuengi (Andrew)]

@angie wrote:

The post I made was to show the absurdity of another 1,477 in Estepona being added to 1.6 million, still looks bad at 801,477, or 2,001,477 anyway who really is going to buy this huge oversupply? 🙄

i guess that will be down to location, quality and price.

[Anonymous]

Location, quality and price will rule. People will pay for location.

[Anonymous]

Location, quality and price will rule. People will pay for location.

[angie]

It still doesn’t explain who will buy the majority of these unsold homes which are not in prestigious locations, but on ugly urbanisations 🙄

[angie]

It still doesn’t explain who will buy the majority of these unsold homes which are not in prestigious locations, but on ugly urbanisations 🙄

[katy]

How can it be a good location 😮 All the prime land around there has been developed. Just another pig in a poke. Plus yet another golf course! Most of the courses are struggling now with the exception of a few good established ones. Anyway, why now. As someone said the project, with permission has been around for a couple of years. How can a project that large be exclusive and upmarket 🙄 Know the area well and it is very built up and already has a large, mostly empty urbanisation.

BTW what happened to the large Marina project in Marbella, fronted by the Arab who owns Málaga football club? Las I heard he was looking for backers too!

[katy]

How can it be a good location 😮 All the prime land around there has been developed. Just another pig in a poke. Plus yet another golf course! Most of the courses are struggling now with the exception of a few good established ones. Anyway, why now. As someone said the project, with permission has been around for a couple of years. How can a project that large be exclusive and upmarket 🙄 Know the area well and it is very built up and already has a large, mostly empty urbanisation.

BTW what happened to the large Marina project in Marbella, fronted by the Arab who owns Málaga football club? Las I heard he was looking for backers too!

[Chopera]

@angie wrote:

It still doesn’t explain who will buy the majority of these unsold homes which are not in prestigious locations, but on ugly urbanisations 🙄

This lot:

[Chopera]

@angie wrote:

It still doesn’t explain who will buy the majority of these unsold homes which are not in prestigious locations, but on ugly urbanisations 🙄

This lot:

[angie]

Yes chopera, I can see they’ve got bundles of cash in those cases 😆 At last we know how Spain will clear it’s excess of property 😆

[angie]

Yes chopera, I can see they’ve got bundles of cash in those cases 😆 At last we know how Spain will clear it’s excess of property 😆

[Author]

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