ReSale Property Spain

This week, the IMF is counselling prudence and continued financial vigilance because it, unlike the Spanish PM, believes that the global economy is a long way from recovery.

Spanish property owners are restructuring debt with their creditors throughout Europe as the recession hammers the cash flows and values of commercial property.

The number of new residential mortgages granted in Spain in April fell 42% year on year to 50,288, according to latest figures from National Institute of Statistics (INE). As elsewhere, Spanish property market runs on mortgage lending, so this dramatic fall in new lending speaks volumes about the weak state of the market. These figures [...]

Spain had 614,000 new homes sitting unsold at the end of 2008 - lower than most analysts’ estimates - according to the first major survey of Europe’s most over-stocked home market.
Almost half of those are clustered on the over-developed coast according to the housing ministry study, which surveyed or visited 6,810 real estate companies [...]

A local business school recently estimated Spain’s glut of newly built homes at around 1 million, suggesting that this is the biggest problem facing the Spanish property market today. Now a new report from the Ministry of Housing confirms that Spain’s property glut is indeed monumental, even if it has not yet hit the 1 [...]

Standing empty, slowly depreciating, unloved, and unwanted. That seems to be the fate that awaits 4 out of every 5 newly-built properties finished this year, according to an article in the Spanish daily El Mundo, based on the latest housing market statistics.
The problem is that Spain is still building far too many homes. New construction [...]

When you decide to buy property abroad, it is important to consider a range of factors to ensure it’s the best decision you’ll ever make.

Palma Central
In Palma the market has been booming for the past five years and reached an all time high in 2007 with prices per square metre in good locations in Palma old town or on a seafront position approaching that of prime property in Madrid. This year prices have adjusted to the new market conditions. [...]

The Spanish property market shrank year-on-year by 40% in February, according to the latest figures from the National Institute of Statistics (INE). Excluding social housing, there were 30,822 property transactions in February, compared to 51,343 a year before.

I suppose I should have expected a bumper news week following the UK Budget announcements on the 22nd. The only direct change potentially affecting property owners in Spain is that landlords may lose the ability to offset their UK tax bill.