One company is using open data published by the government to help foreign buyers make savvier decisions about what and where to buy
Spain, Cyprus and Portugal could offer British buyers looking for a holiday home some bargains in 2016 with experts revealing that properties are starting at €50,000.
Some parts in Spain in particular currently offer some low priced properties that are not the wrecks usually associated with the bottom end of the market, according to Martin Dell, director of Spanish property portal Kyero.
Nationally residential property prices in Spain increased by 1% last year with the market having bottomed out and now on the way to recovery, new index figures suggest.
The data from appraisal company Tinsa shows that the overall rise in prices was boosted by an increase of 2% in the regions of Catalonia, Madrid, and the Balearics. It is the first time since 2007 the Tinsa index has end the year higher than it started.
Residential property prices increased by 4.5% in the third quarter of 2015 compared to the same period in 2014, according to the latest data from the National Statistics Institute.
The details from the housing price index means that prices have now increased for six quarters annually in a row following six years of decline and it is the highest quarterly rise since the last quarter of 2007 when growth was 5.7%, just before the global economic downturn.
Looking ahead to 2016 it looks as if the Spanish house market will continue to recover but the latest data shows it is still a rollercoaster and growth very much depends on location.
According to the latest figures from appraisal company Tinsa prices are still increasing with its latest index up by 1.9% in November year on year.
Three rulings by Spain's Supreme Court have left the owners of more than 16,500 homes built in Marbella since 1986 in legal limbo by declaring planning regulations void.
In a series of decisions, the country's highest court has declared null and void Marbella's urban planning regulations that were passed in 2010 and which legalised thousands of homes constructed since the previous town plans, dating back to 1986, were approved.
Residential property sales and prices in Spain are rising year on year and more new mortgages are being granted, suggesting the market continues to recover from the economic downturn.
The latest figures from the General Council of Notaries show that in September sales increased by 8.7%, house prices rose by 1.7%, and the number of new mortgage loans granted grew by 17.4%.
Real estate prices are down as much as 40 percent from the 2007 peak in many Spanish cities, but some analysts believe they have finally hit bottom.
“If we haven’t hit bottom, we’re just about there,” said Robert Javier Mangum, a founder of Coldwell Banker Mondedeu, a Madrid real estate firm.
A renewed confidence amongst buyers, low prices and the Spanish banks’ willingness to offer competitive mortgages is attracting increasing numbers of new buyers in the country, according to a new analysis.
In Spain’s major cities, international buyers are now beginning to compete against local buyers to secure the best properties in prime locations, according to the report from Lucas Fox covering the first six months of 2015.
The number of international buyers back in the Spanish property market is rising with British people now representing almost 20% of foreign sales, new data shows.
In absolute terms, the number of purchases by foreigners is increasing to over 42,000 in a year with close to 11,000 transactions quarterly, and over 42,000 in a year.
According to figures from the Ministry of Public Works sales to foreign residents in Spain increased year on year in the latest quarter by 17.2%, the 16th quarter on a row of growth to this sector of buyers.
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