Bargains in Spain for two years more

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17 Sep 2009 12:00 AM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Legal tip 143. Bargains in Spain for two years more
17 September 2009 @ 09:25

 

Are you still interested about a second residence in Spain now that the buying hustle and bustle is much over and we are not yet recovered from the big collapse...?


 

Yes, it is the time to take advantage of our weak and unbalanced situation... and at the same time, we need you to recover from this big crash. So, again a win-win scheme.


 

The housing prices will continue to fall for at least two more years and by the end of 2011 will have a cumulative adjustment average of 22% since the crisis began in the sector, however, it will not start to excel until at least 2013, according to the yearbook of the housing market statistic company RR Acuna & Associates who has been presented today.


 

 It estimates that in 2009 the lowering of the price of flats will reach 9.55% and will start tempering in coming years, with declines of 9.32% and 4.81% in 2010 and 2011, respectively.


 

 

The report considers that the housing sector still requires a period of between six and seven years (until 2015 or 2016) to "reactivate and begin to exert positive effects on the overall economy."


 

 

According to their study, this is the time required to rectify the currently existing "gap" between supply and demand. The firm raises to 1.7 million flats the 'stock' of unsold flats, compared with a total estimated demand of 218,428 homes this year.


 

 

Regarding flats without buyer, almost one million are in the hands of developers, adding those finished houses with no buyer(about 507,000 units) and those currently under construction (469,234 flats).
  The other 582,800 are used flats and some 110,000 remain owned by banks.




 

The firm also warns that "the problem is compounded" when analyzing the portfolio of available land to build housing that now exists, comprising some 2.40 million flats more. "This indicates that there is ground for nine years, coupled with the already existing 'stock', implies a market of housing and land for the next fifteen years," the report warns.




 

The study also predicts that the greatest negative impact of the economic sector in general "is coming" and will be felt mainly in the second half of 2010, for when even predicts unemployment rates of 25%.




 

In the same vein, predicts that 2010 and 2011 will be the main exercises in terms of "developer companies drop" given its "critical situation". " They are facing increasing difficulties for refinancing because their assets are not sold or are mortgaged, and increasingly devalued,".


 

 

Therefore, estimates that in 2013 when the sector begins to recover its size and capacity will be of about a half of what it was before the change in cycle, and that before the sector will even reach minimum representing only a quarter of what it was.


 

 


 

So… you foreigners… are coming to the Spanish 1.7 millions unit  property street market? Interest rates are low now and it is a buyer´s market....! and as always we offer sun,  lifestyle,  siesta and gastronomy all included!


 

 


 

What do you think?


 

 


 

Maria


 

 


 


 

 


 


 

 


 


 

Salamanca Autumn by Darco TT at Flickr.com


 



This message was last edited by mariadecastro on 17/09/2009.

_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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18 Sep 2009 11:15 AM by nigela Star rating. 415 posts Send private message

I think that the problem with UK buyers is the exchange rate.  The drop in the rate in the last couple of years from averaging around 1.4 to now about 1.1 equates to an increase in prices for buyers in sterling of 21.4% - very similar to the 22% reduction you mention.  I can not seehordes of UK buyers returning to the market until either prices drop further or the exchange rate goes back towards at least 1.3.





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18 Sep 2009 11:32 AM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Developers should take note!

Maria



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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01 Oct 2009 8:24 AM by dilsah Star rating in on this world .... 1 posts Send private message

I have a property in sri lanka in the south on the see side and I am looking for direct exchange for a property in spain do you know any website or solution to help me to exchange my house for an other one , thanks for your help or answers ...

See you

Sincerly ,

Dilsah





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01 Oct 2009 9:37 AM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Sri Lanka! wow!



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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