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April 2010

7.4.2010 - What's happening with Spanish property prices?

View picture

 What’s happening with Spanish property prices.

Courtesy of Kyero who produced their own property price analysis for Spain here: Q1 2010 House Price Index concludes:

“The average asking price of a Spanish property hasn’t moved much at all – which indicates that asking prices are not an accurate reflection of actual transaction prices. The trick is to completely ignore the asking price – and make a cheeky offer. What’s the worst that can happen?”

In Spanish House Prices: More Room to Fall, the FT reveals three classes of Spanish property stock – and three distinct pricing strategies:

  1. Residential properties close to major cities
  2. Residential in absurd locations
  3. Building land

Regarding the first category of properties, Aguirre Newman predict that any oversupply will be absorbed within 18 months to 3 years. The other two categories are where property values are far more flexible.

The Telegraph article entitled: Spanish City Centres House Property Gems puts some more meat on those bones and gives a couple of examples of where prime city centre property in Barcelona and Palma de Mallorca is making a comeback.

By the way, Mark Stucklin has discovered an exclusive development in Ibiza combining a prime location & great prices.

Buyers Snap-up 85% Mortgages in Spain tells how one Spanish bank is getting serious about clearing its stock of properties. Mortgage Direct also report that,in general, lending seems to be freeing-up in Spain.

 

View JPG file2.4.2010 - 7 measures of the government v. the housing crisis

View picture The second vice minister of economy Elena Salgado, has submitted a document with the 54 measures, some already known, that the government will present next week to all political parties in order to obtain an anti-crisis pact

Within the document, the government has included seven areas to "promote job creation through the development of actions for the rehabilitation and energy efficiency in the construction sector"

So, the seven measures of the government against the housing crisis and the construction are:

1) reducing taxes for all types of home improvement work, setting the reduced rate for work performed up to December 31, 2012 and extending the maximum cost of materials up to 30% of performance

2) Expanding the concept of structural rehabilitation for the purpose of defining taxes and similar works related to the structural order to reduce the tax costs associated with the rehabilitation process

3) Implementation of the above measures to the general indirect tax of the Canary Islands when the state regulatory powers correspond

4) Creation of a new income tax deduction for improvement works carried out of the main residence until December 31, 2012. deduction, which bore the entire state, is established for amounts paid for works aimed at energy efficiency, improving and sealing decks, sanitation, access to the information society, replacement or improvement of electricity facilities, water, gas, adaptation of housing for people with disabilities, or improving the accessibility of the building or housing as provided in Royal Decree 2068/2008

The deduction will be 10% for lower income taxpayers to 33,007€ to a maximum of 4,000€ per year per household, the excess amounts can be deducted over the next four years, with the same annual limit and a maximum total of 12,000€. progressively decrease the deduction for taxpayers with income between 33,007€ and 39407.20€

5) Adoption of an agreement which instructs the official credit institute to extend financial support to developers of housing units where they are intended for sale

6) Defining energy service companies, as part of revitalization of the rehabilitation of the existing stock of buildings with regard to reducing energy consumption

7) Adopt the necessary legislative reforms of government contracts to ensure prompt procurement and implementation of a plan of rehabilitation and energy efficiency in public service through the recruitment of energy service companies to achieve savings of 20% of energy consumption in the 2010-2012 horizon. Applicable to more than 2000 public buildings for the general administration of the state and the autonomous communities and local authorities