A few stat's on over supply,
A report from Catalunya Caixa confirms the location of much of the over-supply – there is, they say, an over-supply of 800,000 properties and 722,500 of these are holiday homes. Most are in the coastal resorts you’d expect but a surprisingly large minority are in inland areas – they name Madrid, Castilla y Leon and the north of the country. More to come.
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> A stack of stats from the official IME (Spanish Property Market Index) for June. Let me bullet them for you…
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> Coastal resorts are down 8.9 per cent year-on-year compared with May’s 8.1 per cent; these are now down 28.8 per cent from 2007 prices.
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> Bank-owned properties are seeing average discounts of 34 per cent; some savvy bargain hunters are getting more than 50 per cent.
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> Some banks are offering 80 and 90 per cent mortgages but some developments are seeing 100 or even 107 per cent mortgages, subject to buyer status.
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> Year-on-year to May, the Mediterranean Coast has seen the biggest falls at 8.7 per cent.
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> Capitals and Large Cities have seen a 7.3 per cent fall.
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> The Balearic and Canary Islands have seen a fall of 7 per cent.
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> Metropolitan Areas fell 6.1 per cent.
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> I’ve got to say that the more choice that’s available the harder it is for some, less experienced, buyers to make a decision. That ‘perfect’ deal is always just around the corner!
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> The Paramount Theme Park – tipped by some to be bigger than Euro Disney - is to open a year earlier than expected. The park, featuring several worlds, hotels and a 15,000 seater auditorium, was due to open in 2015. But that is now expected to take place in 2014.