Spain Real Estate News

What's really happening in the real estate world in Spain? The EOS Team are going to be keeping you up to date with everything that's happening from a market perspective.

Sales of property to foreigners are down by 99 percent since 2005
25 January 2010 @ 11:29

Residential tourism came to an almost complete standstill on the Costa del Sol in 2009.

The sale of second homes hit its peak in 2005 when some 12,400 homes were sold on the Costa worth 2.3 billion, but last year that was down to almost zero given the recession and the weakness of the pound against the Euro.

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4 Comments

Louise said:
25 January 2010 @ 17:24

No surprises there then. It is as we thought, the only people coming to Spain or those that already own property here or those that are selling!!! I would only buy something that has been established for over 10 years as a starter and insist on seeing: Current nota simple, IBI, water and electric bills, plus a copy of the catatasto plan.
It is such a shame that Spain has tarnished it's good reputation and proved the doubters right! It will take decades for this to be put right, they are only just getting over the Franco years!!!!!!

Moraira Property said:
29 January 2010 @ 12:43

Louise
I do not share your pessimism about life and property ownership in Spain but I agree with everything you say about a prudent approach to due diligence before purchase. You are right this will take time to put right but if clients adopt your cautious methods, I don’t think it will be decades before the damage will be reversed

COVETA said:
10 March 2010 @ 18:53

What is it going to take to make the Spanish Government wake up and start punishing the corrupt developers and officials? No apologies from the government, no politians travelling along the beautiful coastlines of their country and seeing the devastation of half built and desolate urbanizations. Why are they not ashamed of what has happened, and why are they not working to put things right. Bring the banks to task who have issued worthless bank guarantees to trusting purchasers, make the banks complete the developments giving employment to the many unemployed Spanish builders. The Government should clean up their country and their international reputation, and until they do, very few people will even consider buying in Spain.

PlatinumHR said:
18 March 2010 @ 11:38

@ Moraira Property - completely agree with you.

But it will not take decades to put right the wrongs in Spain, yes they have over supplied demand but the demand was here a decade ago and the regional Spanish governments saw where the investment was coming in from abroad and grabbed it with both hands, you would do the same if you were in their position. Unfortunately they didn't see the broader picture in years to come (now!), and I guess nobody did.