September 2013 Archive

Monday 9th September 2013

Girasol Homes in El Pais

Girasol Homes' Managing Director Nigel Salmon was recently interviewed by national Spanish newspaper El Pais.


Nigel was interviewed by top financial reporter  who was writing about the current position of the Spanish Property market.

 

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Wednesday 4th September 2013

Perfect Time to Buy as Spanish Property Prices Continue to Fall

Drop in prices means now’s the best time to buy a property in Spain

 Property Prices continue to fall in Spain

Prices of property for sale in Spain fell by 12.8% in the first three months of 2013 compared to the same period in 2012.

This was the largest drop in all Eurozone countries where house prices dropped by 2.2% and the European Union which saw an average decrease of 1.4%, according to a statement by Eurostat.

The property crash means buyers can snap up property in Spain at bargain prices.

Nigel Salmon, managing director of Girasol Homes, commented:

"For those involved in property for sale in Spain we know that things have changed and many of the clients who were just looking two or three years ago have started buying in significant numbers.”

 

Property prices in Spain also fell 5.1% in the first quarter compared to the previous three months. The average decrease in the Eurozone was 1% and 0.6% in the whole of the EU.

Nigel Salmon added:


"This may be true for Spain as a whole but I know from experience in the Spanish property market, prices have settled down and firmed up in the past six months in the most popular areas such as Alicante, Murcia, Costa Blanca South and Mijas.”

Sales have shown significant demand for modern-style properties in Spain with enquiries being particularly high in areas such as the Alicante and Murcia regions for well designed Houses, Apartments and Villas.

With Spain recording the largest decline in property prices in the EU, there has never been a better time to buy a property for sale in Spain. Buyers are being tempted by the low prices and the Spanish property market is enjoying a revival. People who are a few years away from retirement are showing particular interest in buying a property in Spain. They are looking for a second home to move into when they retire as well as buying one or two-bed apartments to let out to provide an additional income.

Spanish Property for Sale

Girasol Homes has experts to help you to find your dream home in Spain. They can assist with all transactions and negotiations to ensure that you find the right property for sale in Spain in the right location and at the right price. 

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Tuesday 3rd September 2013

Spanish Property Sales unlikely to be affected by small property tax rise

The tax on secondhand properties has risen by 2% to put it in line with the VAT on new homes in Spain.

Property for Sale in SpainThe transfer tax, known as the Impuesto sobre Transmisiones Patrimoniales (ITP), on resale properties in some Spanish regions, including Valencia, Catalonia and Galicia, has gone up from 8% to 10%. The VAT on new builds across Spain increased from 4% to 10% at the beginning of the year. 

The regional governments hope to raise much-needed taxes through the increase. Catalonia is forecasting that the ITP increase will bring in an extra €50 million this year while Valencia is hoping a further €30 million will be added to its funds.

Some sellers feel they may have to cut their asking prices in order to make sales. Those most affected are the banks which have a large stock of secondhand properties on their books. However, they also have greater flexibility to lower prices to offset the tax increase.

Investors under the age of 32 will pay a lower rate of tax, depending on their circumstances. This is expected to be between 5-7%.

The property market is picking up in many parts of Spain, including   the popular areas of Alicante, Costa Blanca, Murcia and the Balearics, and many feel the 2% rise in ITP will have little or no effect. This is largely due to the fact that property prices are very low compared to many other European countries.

In fact, overseas buyers rose by 17% last year – the highest increase since 2004 – as Spanish property prices have taken a tumble in the past few years and there are many bargains to be snapped up. The Spanish Real Estate Market Index, called IMIE, shows that house prices in Spainhave fallen by about 30.4% from their peak levels in December 2007. A report by www.expatica.com argues that now is a great time to invest in Spanish property because of these bargain prices.

Although the English are still big investors in the Spanish property market, the Norwegians, Russians and Chinese are influential emerging markets too. A recent league table of who is buying property in Spain showed  4,390 sales to Norwegian buyers in 2012. The sunny weather and the strong Norwegian krone against the euro are two major attractions for buying property in Spain.

Nigel Salmon, managing director of Girasol Homes, felt that property for sale in Spain still represents good value for money, even when the 2% tax rise is taken into consideration.

"We have a wide range of properties on our books from a three-bedroom apartment in Valencia for just €30,000 to multi-million-euro villas.  We feel many buyers and sellers will find a way of absorbing this 2% tax rise legally, either by cutting prices a little or paying the extra because they can afford to or because they know they are still getting a great price.


Property for sale in Spain still represents a great investment either as a second home, to rent out or to live in permanently.”


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