1st June tomorrow, when according to the official national bulletin regulations, all properties going to a notary for sale or lease must have an energy efficiency certificate.
However, to say that the situation is unclear as a major understatement! I have been trying to keep my finger on the pulse of this and not only is the pulse weak, the vein seems to move! I have also received considerable correspondence from others with various opinions. I therefore summarise my understanding of the current situation as follows. Continue reading →
The government body behind Spain’s so called ‘bad bank’, which was set up to remove negative assets from struggling financial institutions, have forecast that Spanish property prices will not begin to rise again until 2017. FROB (The Fund for the Orderly Bank Restructuring) estimate that house prices will fall for the next two years, then stagnate for two years, before starting to increase at an annual rate of 3% in 2017.
Specifically, the organisation believes that prices will fall by 2.8% in 2013 and 1.5% in 2014 before beginning to rise. They also predict that land prices will follow a similar trajectory, falling by 12.5% in 2013 and 5% in 2014, land then beginning to recover in 2016, but at a lower level than that seen by property, just 2.5% a year. Continue reading →
The long-awaited tunnel on the A7/N340 at San Pedro de Alcántara is finally open to the public. Costing nearly €85 million, three times the original estimate, work on the 1km tunnel began in 2007 and with the stop/start construction has taken five long years, just scraping into the final budgets before the country’s austerity measures really started to bite.
Yet it’s not quite complete, as there is still work on the development of the mostly pedestrianised 90,000 square metre open area above the tunnel. Will this boost the San Pedro and Estepona property market? Surely no one expects prices in Spain to rise anytime soon? Yet those in the know are already experiencing the Tunnel Effect. Continue reading →
On July 13th 2012 the Spanish Government approved the IVA (VAT) increases in Spain that were to take effect on the 1st September 2012. These new IVA rates have now been applied to the dismay of many who argue that with the removal of the extra money, the Spanish economy is being further repressed and not stimulated as it needs.
Building specifications, methods and results vary according to terrain, climate and cultures and those of Spain are no different. However, as Spain’s climate and culture are most certainly different from those of Northern Europe, some of the practices and materials may baffle the average expat property buyer. On the Spanish Costas, the humid and salty air associated with strong sunlight and heat, cause the less durable elements of buildings to weather quickly. Further inland, the extreme daily and seasonal temperature and humidity changes have equally serious effects. Advancements in style and materials have also been rapid, as promoters, architects and builders have taken on and sometimes led the expectations of their foreign buyers, so that property built just 20 years ago is considered to be old. However, there is also the sticking to conventions despite evidence of poor results – to use a Scottish phrase, ‘it’s aye been’, meaning the way things have always been done – that leads to many of the common problems experienced by property buyers. With so much publicity of past problems illustrating the ‘naivety’ of some buyers, newcomers to the Spanish market are becoming much more aware of the need to seek advice when considering the purchase of a property. Continue reading →
“A wonderful resource for the overseas property industry.”
That was the verdict of the judges of the Overseas Property Professional, ‘Awards for Excellence 2011′, who presented Survey Spain with the award for ‘Best Overseas Property Business’ at the annual Property Investor Show & OPP Live, held at the Excel Centre in London on the 13th of October. Continue reading →