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What happened to prices over the past year and a half of real estate in Spain, seized by banks

According to the rating agency Fitch, in the past year and a half the price for the debts confiscated property in Spain and sold dropped by about 70% when compared to the cost of the original data. In addition, dropped significantly and the level of prices at which the bank is selling similar objects. However, experts believe that the real estate sector there is movement the better.

According to our experts Fitch analysis, the most notable are issued for properties in coastal areas such as Andalusia and Catalonia. However, for that would find a buyer and sell the property for mortgage loans that were signed before the crisis, should be given a substantial discount.

Experts believe that the stability of property prices in Spain and the mortgage market shows recovery of macroeconomics. Just experts remind that, according to the latest results of the National Institute of Statistics (INE), in 2007 there was the first annual average increase in prices – by 0.2% in the second quarter of this year. Forecasts that makes Fitch the future, vary in the same range. If we compare with the maximum price indices for housing fell by 40%.

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Spanish property market will soon recover

For the calculation of the bank BBVA, the demand and need in the field of investment in residential property in Spain in the near future will survive the change of direction. It is expected that in 2014 come to pass in the section reserved adjustment of investment in housing, and in 2015 a resurgence of the market with the expansion of deposits by 4.9% and an increase in the number of new residential units.

A few days later the Bank of Spain has notified that stops falling real estate market. Specialists have found that the need still remains low, however, still gradually restored. In his speech on the situation in the country in the third quarter of this year authorized BBVA bank indicate that the renewal requirements will enhance the sales of property and will increase the number of new buildings in 2015.

“Rehabilitation of confidence, dynamism and education jobs, together with the positive activity in the field of purchase and sale of property of citizens of other countries, including low funding, perfectly reflected in the sale of real estate, their level by the end of this year may be several times higher than the figures of 2013. On the proposals, the market today is in a different state. However, most of the reductions already passed, “- according to experts. According to them, in areas such as Alicante, Barcelona and Madrid for several months noticeable positive setting for licenses of new housing construction.

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New property in Spain starts actively buying

Citizens of certain regions of Spain began to actively acquire new housing, this informs the portal Idealista. Resale prices fell by much more than the buildings in this regard to its share fell 57% from 310,864 sold in the last year of objects. Such an increase is noticeable in all the autonomous regions have made an exception only – Galicia, Murcia and the Canary Islands, their citizens in the 12 months to buy more new housing than the secondary.

As already mentioned, in the second quarter of this year were sold 310,864 of the property, of which 43% and that is the 135,711 apartments were in the buildings, and the remaining 57% – a secondary market (175 153). According to the Board of Registrars of Spain, the market of new housing average minimum set another record. It is assumed that such a facility has not lost in the coming months.

However, in Galicia, the Canary Islands and Murcia develops a completely different situation: in these regions was realizovano7 018, 9057 – 5038 new houses and it is 60%, 55% and 51% of the total.

From which it follows that, in the 14 autonomous communities the number of contracts of sale of second homes has exceeded the number of transactions with the new real estate. In annualized basis leaders scale implementation stali- Andalucia (62,293 objects), Catalonia (46,798), Valencia (46 313) and Madrid (44,468).

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Property in Spain begins to rise in price

Researchers in Spain have started to talk about the fact that it is time to end the crisis in the real estate market. Authorized the Board of Registrars property emphasize that in the second quarter of this year, the price of apartments in Spain rose to 0.97% if we compare it with the similar period of last year. At the request of the portal Idealista, this average annual rise was the first since the beginning of the collapse of the Spanish property market.

To draw an analogy with the previous quarter, the value of property has also increased – by 1.53. To date, she found, somewhere on the 2003 level. At the same time, the number of transactions of purchase and sale of property in the country has declined in the second quarter to 5.49% compared with the previous quarter – up to 78,464 transactions. The basis for this transaction were the new estate, the amount of which is the average for each month has decreased by 18.89% – to the lowest historical level of 30 605 operations – this is 39.01% of the total. However, second homes, by contrast, was much more popular – the number of transactions rose by 5.67% -up 47,859, 60.99% of the total. The share of social housing fell about 3.24% of operations.

Andalusia ranks first in the number of transactions of purchase and sale of real estate (15 583). Second place goes to Catalonia (11,980), Valencia (11 591) and Madrid (10 522).

Foreign interest in the property in Spain is still growing: for example, in the second quarter of their number fell 13.03% of transactions from the total number of operations, and these data have become a new historical record. The leaders are traditionally British (15.77% of transactions). After them come the French (10.11%), Russians (8.08%), Germans (7.53%), Belgians (7.26%) and Swedes (5.93%).

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In Spain, on the Costa del Sol property will be cheaper

According to experts of Aguirre Newman, property prices on the Costa del Sol and will sink down this year and next, there is a decline due to excess supply and little demand. According to the information portal Idealista, in its report experts explain that changes in economic conditions and lightweight approach to financing beneficial impact on the volume of sales transactions. Foreign citizens, as before, the real estate market are attractive, and 90% of transactions conducted with their participation were made without additional funding.

The creators of the “Report on the residential property market on the Costa del Sol – 2014″ indicate that domestic demand is frozen due to the difficult economic situation, it’s unemployment and lack of funding, however, foreign buyers still find a variety of opportunities for investments in the real estate market in Spain. Experts believe that up to 90% of transactions which involve foreign clients are made without the involvement of bank loans. The situation with local buyers quite the opposite, it would acquire single family housing, funding for them is necessary in 75% of cases, and in order to buy a multi-family apartment – in 85% of cases.

Banks, financial institutions and the “bad” bank (Sareb) are considered to be major players in the Spanish property market – both in terms of housing sales directly to individuals, and in the acquisition of large portfolios of investors. Regarding the new housing, the success in this area will be more than modest and aimed at specific market niches. In addition, the last climb of the rental market. Increased demand will be visible from the youth who had reached the age to move further out from the parents, and due to various economic reasons can not have their own housing.

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Property in Spain is one of the cheapest in Europe

Property in Spain is considered today one of the cheapest in Europe, says El Mundo, based on the results of studies that have been made ​​by the experts of the portal Casaktua.com.

In accordance with the statistics of the Ministry of Development of Spain, in the quarter of this year, the country’s price category per square meter of housing was 1,459 euros. With this value of a simple 90-meter apartment, which will be three bedrooms worth 131,310 euros.

According to the results of the Italian leadership in the Apennine peninsula square meter for a standard apartment buyer will rise in price of about 2,119 euros, in other words, for an apartment of the same size here zaplatyat- 190,710 euros. In France, according data agency Immoprix, apartments with the same dimensions worth 202.500 euros, and it is at 71.190 € more than in Spain, for a residential meter paid 2.250 €.

Not difficult to calculate that foreign nationals who wish to buy a holiday home in Europe, much more profitable to do it in Spain, as in the Apennines will need to shell out 45% more money, and in France – 54%.

With respect to property in the UK, there is the cost per square meter high and stable. Official data of London show that over the past year the cost of housing an average was higher by 9.9%, while the average price of a simple model of the apartment is 260.000 pounds (324.190 €).

In general, prices for real estate in Europe in the last quarter of 2013 declined when compared to the same period in 2012 by 1.4%, while in the European Union – by 0.1%.

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A new form of tenure in Catalonia

The Executive Board of the Catalan government approved amendments to the Civil Code, suggesting the formation of the latest model of tenure. According to the news agencies of the country, talking about the form of temporary and joint ownership.

This legal system was made individually for the real estate sector, however, it can be used in the examination and to movable property, if the purchase is accompanied by the introduction in any register.

As stated by the Spanish authorities, the proposal may be the settlement of the problem of over-indebted, which refers to the purchase of real estate, and emerged in the last 20 years. A government spokesman Francesc Homs Catalonia drew attention to the fact that that this form of “mainly adapted to today’s problems in the field of access to the housing market.” Thus, local residents continue to have the opportunity to buy properties at a lower cost, because the application of the new model will allow to reduce the size of many displaced costs.

Period of time the property can reach 6 to 99 years. After his term ends property will pass to the former owner or his heirs.

If the property is framed as a joint, then the buyer will need to pay the initial quota and throughout the rest of the time to pay the seller the amount of at least 10% of the total cost. Initial deposit is decided by both sides, and the buyer in this case almost all the rights of the owner.