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https://www.overseaspropertyshop.com Mon, 21 Oct 2013 08:40:56 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.4 Go … Go … Golden Visa’s for Spain https://www.overseaspropertyshop.com/go-go-golden-visas-for-spain/ Thu, 26 Sep 2013 15:45:11 +0000 http://www.overseaspropertyshop.com/?p=1146 Spain’s ‘Golden Visa’ law has been ratified, meaning that owning property in the country will soon be made much easier.

The new Residency Law has been given the green light by the Congress of Deputies following its approval in the Spanish senate. After this legislation has been signed off by the king, it will be published in the official state gazette and formally become law.

Under the new rules, non-EU citizens who invest at least €500,000 in residential, commercial property or land will be able to live legally in Spain. They will also be permitted to travel within the 26-country Zone.

Property owners applying for a ‘golden visa’ may have purchased multiple properties in order to meet the €500,000 criteria. Both private individuals and corporate entities are able to attain visas as long as they meet various requirements.

Properties do not have to have any specific use, meaning the visa can be gained by people renting out their houses abroad as well as those living there.

Investors wanting to take the first step towards gaining one of these visas must first apply for one that allows them to live in Spain for a year. During this period they do not have to spend a large amount of time in the country, but must simply have visited once.

After having made an investment, and before this one-year visa has expired, investors can then apply for a residence permit which allows them to live in the country for two years. This is renewable for another two years after that, as long as they have maintained the €500,000 threshold.

After five consecutive years of residency in Spain, applicants are able to apply for an unlimited residence permit, and after ten years they can apply for Spanish nationality. In this case, however, property owners must be able to prove they are resident in the country for a minimum of 183 days per year.

(Article from James Roberts from property showrooms)

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It’s time for property sales in Spain … https://www.overseaspropertyshop.com/its-time-for-property-sales-in-spain/ Thu, 14 Mar 2013 14:39:58 +0000 http://www.overseaspropertyshop.com/?p=1103 “Foreign buyers are being lured back to Spain by lower house prices and fewer town-planning and property related scandals that gave a big slap to Spain’s reputation at the tail-end of the boom in 2008. “The surge in foreign demand last year was not evenly spread, however.”

There was a significant increase in the number of overseas nationals buying property in Spain last year, thanks mainly to a sharp decline in property values.

The number of non-resident foreign buyers who purchased a property in Spain last year rose by 28.4% to 38,312 buyers, according to figures from the General Council of Notaries.

Residential property purchases by foreign non-residents are now almost back to their pre-crisis levels of 41,787 in 2007, although the Spanish property market was already showing signs of slowing at that stage.

Foreign purchases doubled in Costa Blanca and increased in the Catalunia Region, but fell in Murcia and Andalusia, according to the Notaries. There were just 204 foreign buyers in Madrid last year – however this is an increase of 200% on 2007.

According to Vicente Dómine, head of the Housing and Public Works Department of the regional government, almost a third of all homes in the Valencian Community were acquired by foreigners in 2012, marking a solid move forward for the real estate industry – this should carve a positive flow to continue in 2013 and beyond.

Although the Dutch and Scandinavians remain the largest group of foreign property buyers in Spain, there has been a sharp rise in the volume of Russians purchasing property in Spain – they are now the second largest group of foreign buyers.

Average property sales in the Costa Blanca region last year worked out at €230,000 (approx £200,000) – this was down around 25% from €320,000 in 2007 – This said with all the news and soon to be realeased information from the Spanish Government allowing foreign investors to gain residency for property purcashes over 160,000€ these figures give another positive move forward.

// OPS

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Spanish Property Developers it’s time for research in 2013 https://www.overseaspropertyshop.com/spanish-property-developers-its-time-for-research-in-2013/ Wed, 09 Jan 2013 14:30:40 +0000 http://www.overseaspropertyshop.com/?p=1003 NN72VJHNQ697

Research, research, research – we’ve spent the last 18 months revising, changing and recommending build changes – now the leading industry developers must take action or be left behind.

Spanish developers must invest more time and effort in market research rather than remaining to build the same old properties in areas that no clients would want to buy in.

European and worldwide purchasers are always keen on the “luxury end” in the very best areas for their budget requirements, the greatest unanswered concern is whether lessons have now been profited from the experience of the last few years?

If we are about to see new advancements coming through, nonetheless tentative the recovery may be, this time developers need to build exactly what the marketplace wants and in regard of the high-end overseas buyer they desire top quality in prime locations, not boxy apartments in high-density advancements in inferior places.

Regrettably, most Spanish developers developed exactly what they wanted to build and presumed it would sell in droves … Well, they now understand that this was not the case, designers / architects need to lose their ‘we understand finest’ perspective and conquer their unwillingness to listen to a larger, better informed, opinion about worldwide buyers and their requirements for Spanish property.

Crucial times — new directions …
It is now more crucial than ever before that developments truly reflect the wishes of the anticipated buyers. In general, 2012 was not a great year for the domestic Spanish property market, but one of the bright spots was the increasing number of international buyers. There is an expectation that these buyers should increase by about 20% each year.

The frustrating majority of abroad buyers bought quality property in prime inland and coastal areas throughout 2012, leaving the lower end of the overseas market pretty much standing still, however, these varying sectors are most likely to perform extremely in a different way during 2013.

2012 was when numerous Spanish property sellers came out of the denial trap and accepted offers they had previously declined. With regard to pricing, offers will remain to be close to 30-40 % below peak prices (2007/8), evidence shows that correctly priced homes sold steadily during 2012.

Over-priced homes are still on the marketplace, where sellers have actually not reduced the cost sufficiently enough, and these should drop 20-30 % to secure a sale. It’s worth mentioning that large amounts of these properties are not in ‘prime’ areas, but in town suburbs and new towns in the middle of nowhere, therefore really only appealing to the Spanish residential market.

It is difficult to know just how much prices have fallen at the bottom end of the overseas property market place as little movement has occurred since the crash, with most overseas purchases taking place at the better end of the market. 

The banks continued to resist lowering prices during 2012, in return offering 100% mortgages at favorable rates. However, during the latter half of 2012 pressure on banks increased following the announcement of the ‘bad bank’ strategy, therefore this sector of the market should increase once the worst properties are lowered in price to a point even worth considering

“For example, on the bank’s website a repossessed development of 25 properties on a well known golf development have 2 bedroom apartments from 88,000€ tagged with ‘make an offer’… These most likely would have sold at peak selling time around 220,000€ which is a 60% reduction.

It’s therefore probable that the lower end of the market needs to fall by again to attract buyers, which means we’re just about there for an average property and perhaps we will see 70%+ discounts for ‘difficult to shift’ properties.

As Spanish property market statistics are very often based on registered transaction prices that can be distorted by the tax-saving practice of under-declaration, i.e. a property bought at €500,000 in 2006 may have been officially declared at only €400,000. It was again then sold in 2012 for €320,000 and that would be recorded as a 20% reduction. However, in reality, that price was reduced by 36%.



It is uncertain what effect the ‘bad bank’ and the recent plan to grant residency to non-EU buyers will have, however, it’s a really positive thing that numerous enquirie’s are already being received from around the world.



We are therefore all looking forward to the time when the boom mass-market years of mortgage-dependant purchasers will be seen as just a fault on the horizon, and that the 2013 Spanish market place, and beyond, returns to what it was before the turn of the century, i.e. a market of genuine strong cash buyers of ‘quality’ built properties in excellent true ‘prime’ locations.

// Overseas Property Shop

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So, how does foreign residency work in Spain? https://www.overseaspropertyshop.com/so-how-does-foreign-residency-work-in-spain/ Fri, 28 Dec 2012 13:44:42 +0000 http://www.overseaspropertyshop.com/?p=923 Gaining the right of “residency” in European countries is now becoming easier for foreign citizens like Americans, or people from Hong Kong, China and the far east.

Late in 2012 the Spanish government decided to provide foreigners residency with certain conditions… Currently European Union nationals already have the freedom to live in Spain, and from now on so do people from outside Spain who spend a minimum of 160,000€ on property.

This latest residency offer is one of many attempts from the Spanish government to restore its “flagging housing market” and wider economic climate. Other schemes have worked well with temporary VAT cuts on new house transactions from 2011 (ends December 31st 2012).

Spain’s housing market requires all the aid it can get — property prices fell just over 15% in the year to the end of the 3rd quarter 2012, according to the National Stats Institute. This was the 18th consecutive quarter of rate falls. Supply and need run out kilter, with 200,000 repossessed homes being contributed to about one million unsold, freshly constructed houses. Buyer numbers are well below what they were before the credit crunch –

Positive Builder Thoughts … most developers are excited about this new reign of foreign investment — as most will purchase new build property rather than the tired ‘old’ glut of repossession properties that will linger around for a long time.

This new Spanish residency deal is the most generous provided yet by any EU country. To obtain residency in Ireland and Portugal, a foreign nationwide should spend at least 400,000€ and 500,000€ respectively on homes in these countries.

A potential issue for immigrants who buy homes in the Spanish area of Catalonia is exactly what happens if it states self-reliance? Will residency rights be taken out? In November 2012, the Catalans voted for pro-separatist parties in its regional elections, so a referendum on whether to declare freedom is expected in the next couple of years.

Catalonia is home to three locations preferred with foreign home buyers– Costa Brava, Costa Dorada and Barcelona, its capital city.

For potential foreign purchasers fearing Catalonia’s future these will benefit housing markets elsewhere in Spain, as overseas buyers who want Spanish residency may decide to play safe and buy homes regions like Costa Blanca, Costa Almeria and Andalucia instead.

160,000€ will gain residency into Spain …

Related reading:
Spanish Visa Residency Property

Government have now released the new visa requirements (October 2013) – see:- http://www.overseaspropertyshop.com/go-go-golden-visas-for-spain/ for full qualifying rules.

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Costa Blanca Top of the Charts for sales https://www.overseaspropertyshop.com/costa-blanca-top-of-the-charts-for-sales/ Tue, 11 Dec 2012 12:01:39 +0000 http://www.overseaspropertyshop.com/?p=883 Although a decrease in Spanish sales overall – Costa Blanca wins head and shoulders of the other Costa’s …

Stronger sales from Jan to Sept 2012 were recorded for the Spanish district of “Alicante” in the Costa Blanca region – having greatest number of property sales by other nationals — the total sales listed are 2,501 — followed a long way behind by Malaga (1,111), Barcelona (692), Baleares (605) and Girona (586).

The latest property stats released by the Ministry of Development show there were just over 225,000 sales from Jan (2012) to September (2012), representing a slight reduction of 6.8 % over the same duration last year.

By area, there were yearly rises in house sales in the 3rd quarter in La Rioja (56%), Catalonia (8.7%), the Valencian Community (8%), Asturias (7%), Castilla-La Mancha (6.3%), Cantabria (5.7%), Ontario (4.8%), Murcia (3.7%) and Aragon (1.9%).

In all various other districts the figures sadly showed a decline, the largest of which were in Navarra (51.7%), Basque Nation (33.8%), Extremadura (22.2%) and Castilla y Leon (12.6 %).

In regards to the nationality of these new purchasers, the deals made by foreign locals in Spain experienced growth for the fifth consecutive quarter, a rise of 18% from the 3rd quarter of 2011, with a sum total of 8803 property purchases.

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End of price drops on the Sunshine Coast https://www.overseaspropertyshop.com/end-of-price-drops-on-the-sunshine-coast/ Fri, 07 Dec 2012 15:12:27 +0000 http://www.overseaspropertyshop.com/?p=864 The only people reducing property costs on the Costa del Sol today are the banks with their less-than-favourable repossession stock … this will follow to other areas by mid 2013.

Also to take note some developers are reducing costs … the ones “who have properties that actually nobody wishes to purchase” (old and tired stock).

On the other side, the developers of a luxury golf resort near to Marbella has actually pledged “he will place costs up by 8 %” from 1 January 2013 having sold out all but 25 of the  entire 267 properties. They could nonetheless reevaluate if the Spanish government goes through with its policy to raise brand-new development VAT from 4 % to 10 % following year.

VAT on brand-new constructs was temporary slashed from 8 % to 4 % by the previous Spanish government in mid 2011. When Rajoy presumed workplace in December that exact same year, he expanded the decrease through to the end of 2012. The policy may have worked, sales figures for brand-new developments and new build properties are up 3 % every year, and numerous commentators, agents and property experts believe that the Prime Minister will not wish to stall this recovery.

The general talk on street with local / national banks, attorneys and various other specialists — think Rajoy would be so foolish about raise VAT up to the newly raised lower rate of 10 %. An additional 6 % would add 15,000 euros in costs for a home priced at 250,000 euros– hard to swallow at a time when the Spanish construction business is on its knees. The Government understands that it has to remove real estate stock prior to the construction market could pick up and I think that it will certainly do anything to help facilitate the sale of new constructs from developers or the banks. Nonetheless Rajoy will certainly no doubt wait till the end of December before he shows his hand so as not to derail the current ‘panic’ purchasing.”

In regards to the resale market, distressed sellers in Marbella (Costa del Sol) are coming to be less and further in between. Some property price values are still negotiable, however numerous are not as the local market gains self-confidence, and are realistically priced to sell …  The weakening euro is also a positive impact. But once more it appears that the Brits are still missing the point and missing out on superbly priced properties.

The Belgians, Dutch, Russians, Scandinavians, are hot on sales as they understand that rates are at their most affordable and represent unbelievable value for money — even on an international scale.

Example for a two bedroom, 2 bathroom apartments selling for 250,000 euros today were priced at half a million at their peak, really lots of properties are half price, and I don’t think the Brits quite see that. They used to dominate the market, making 60 to 70 % of foreign acquisitions, but were responsible for just 19 % of sales in 2011. At the same time purchases by Russians skyrocketed almost 28 % from 2010 to 2011 and Chinese acquisitions by 7 %. No wonder Spain is planning to provide residency permits to non-EU investors in return for the acquisition of a residence.”

New Build sales in Costa Blanca are still the popular choice for Europeans — like we mention in the above comments “old, tired stock” is not selling – new build are by far the strongest sales for the region.

// CB

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Confidence in the Spanish Costa’s https://www.overseaspropertyshop.com/confidence-in-the-spanish-costas/ Wed, 05 Dec 2012 14:24:28 +0000 http://www.overseaspropertyshop.com/?p=830 Surrounded by a background of economic uncertainty — a despondent domestic home market and the intro of those ‘bad banks’, it appears that confidence in the Costa del Sol, one of the most well-known second residence locations in the world, is on the up once again with leading house builder, Taylor Wimpey Spain taping a large 74% rise in sales up until now this year.

Of the 3 Spanish areas in which Taylor Wimpey specialise, Mallorca, Costa Blanca and Costa del Sol, the latter has actually by far seen the largest increase in sales compared with the exact same duration last year with brand-new developments such as Los Arqueros Beach in Marbella marketing in record time.

Over 60% of this luxury new development, just 4 minutes’ walk to the coastline and facilities of San Pedro de Alcantara, has actually been sold off-plan since launch simply 3 months ago.

However it’s not simply British purchasers being drawn back to Spain. Overseas Property Shop boss Conrad Bedford comments “most sales are from northern Europe – Fins, Swedish – Germans and Russians are amongst the top buyers.

One market which has revealed particular interest in having in Spain is Scandinavia recording a 300% rise in sales from this region followed closely by Denmark with a 150 % boost to date in 2012 compared with 2011.

Marc Pritchard (Taylor Wimpey) comments, “Not is Spain and the Costa del Sol in particular the protect of the British second homeowner. With the autumn of the euro and the decrease of VAT to 4 % till the end of 2012, Spanish property has become much more affordable, attracting customers from all corners of the globe.

Certainly the newly proposed law which will certainly provide foreign buyers residency in Spain if they acquire a home worth more than 160,000 will definitely enhance the worldwide need for homes further and assist thrust the marketplace in the right direction.”

Properties in Costa Blanca are again seeing great improvements, key ready – affordable homes are key at the moment, also for new build clients demand far more for their money – properties like Aqua Apartments in Villamartin and the Insula Villas at La Finca Golf Course are hitting all the right notes with European buyers.

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Increase in sales for Spain at the start of Q4 https://www.overseaspropertyshop.com/increase-in-sales-for-spain-at-the-start-of-q4/ Thu, 15 Nov 2012 18:50:15 +0000 http://www.overseaspropertyshop.com/?p=767 A sprinkling of good news is what we all like – and more positive trends are really happening in Spain … Official information shows that there was a nice increase in the numbers of clients making the most of the lower priced properties in Spain in September, with sales numbers increasing again for the second successive month.

Government stats reveal that there were 22,648 home sales in September (figures exclude social and state housing), up 3% (September 2011) and the second month-on-month increase.

Although the volume of home transactions still remains fairly low, the market place is showing signs of a positive move – 20,000 sales a month works out to 240,000 + per year.

We mentioned last month that “prices and price comparison levels had now dropped to around 2003 levels” … After speaking with new build developers it’s been made clear that they really don’t want prices to rise to silly levels again” mentions Conrad Bedford (MD) Overseas Property Shop … The low cost of todays properties is the result of the current economic crisis, this looks set to remain for the next few years.

In fact, the average value of property in the country has actually dropped 9.5 per cent year-on-year, with coastal areas experiencing significantly lower prices, according to the various leading commentators and website information portals.

Nevertheless, this news has opened the market to a wealth of brand new buyers, previously unable to buy a Spanish home due to high priced property back in 2008/09.

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Spanish property prices reaching 2002 levels https://www.overseaspropertyshop.com/spanish-property-prices-reaching-2002-levels/ Fri, 09 Nov 2012 15:16:54 +0000 http://www.overseaspropertyshop.com/?p=535 The cost of the typical home in Spain now has nearly reached the same price guides set in 2002 according to the latest figures released by the Spain’s housing department.

While there have been price rises between 35 to 37% in this quarter, after these figures are readjusted for rising cost of living and other economic values, costs have actually only risen by an average of 4.5 %, returning them to practically the exact same level as a years ago.

In numerous locations property costs are continuing to fall. The overall sales values in Spain fell by 9.5 % in September compared with 2011. Since the peak 2009 of the market prices have actually fallen by over 25%. Nevertheless, hard hit beach and coastal locations have seen even more dramatic property price drops, with the overdeveloped Costa del Sol seeing harsh decreases and a wide range of cheap bank repossessed properties flooding the market.

Present market conditions consisting of the fact that home mortgages are 40 % more affordable than they were in 2008 which Spanish rental yields are rising, imply that now could be the ideal time to purchase a Spanish holiday residence or investment property.

The average Spanish property prices today are around 1,500 euros per square metre (depending on location etc)… Costa Blanca is seeing a revival ‘albeit a small one’, but it’s heading in the right direction Quotes Jan Jackson from Overseas Property Shop. We, like other agents are realistic about the recovery in the area, but encouraged as are seeing more clients month on month.



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Spain leading the way in UK property sales https://www.overseaspropertyshop.com/spain-leading-the-way-in-uk-property-sales/ Tue, 06 Nov 2012 21:43:46 +0000 http://www.overseaspropertyshop.com/?p=371 According to the recently published “Quarterly Index” report from The Overseas Guide Company, 79 % of British residents were wanting to buy property in the Eurozone during Q3 2012, with Spain leading the trend.

RM, editor of The Overseas Guides Business, said: “Let’s not forget, the euro was at a four-year low against Sterling by the end of July this year – no doubt a contributing aspect to the particularly bustling August.

“The results of our Q3 Quarterly Index support the finding from our current study that more than 79 % of Brits have not been deterred from buying a property in Spain whilst existing recession.”

Spain still remains a leader, having actually expanded in positive growth throughout 2012 from simply 16% in Q1 to 22% in Q2.

Q3 2012 ended with Spain taking 24% of overall queries – sharing the top spot with France.

MP, sales and advertising manager at leading Spanish house builder Taylor Wimpey Espana said: “It’s wonderful to see that Brits have not been discouraged – it’s evident that the nation is still thought about one of the very best places to purchase a 2nd residence.

At Taylor Wimpey Espana we’ve actually seen our sales raise this year with a 52 % rise in sales on the Costa del Sol and an impressive 76 % increase on the Costa Blanca till September 2012 compared to the exact same duration last year.”

One of the most famous shorelines in Spain, the Costa Blanca brings in millions of site visitors each year and is generally a beloved destination for foreign buyers.

Conrad A. Bedford (MD @ Overseas Property Shop) quotes …”Property in Costa Blanca has been selling strongly – a large portion of the “NEW MODERN PROPERTIES” key ready taking over from the swamped and overcrowded ‘tired’ bank stock. We have started to drop bank repossessed stock as clients are just not buying them anymore – client’s prefer the new, larger properties that are now on offer (prices at 2002/2003 level)” …

Conrad add’s – The Costa Blanca is busier than ever – we’re seeing clients on a daily basis and it’s great to see builders back at work.
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