05:38 PM · Comments Off on House Prices Decline Moderates · Categories: News from Marbella Costa del Sol · Tags: , , ,

According to the latest IMIE Index prepared by real estate appraiser, Tinsa, the price of housing continues to decline, but to a lesser extent. During the third quarter of 2013, the annual adjustment amounted to -9.3% (more than one point lower than the decline registered in the second quarter, which was -10.5%, and nearly three points lower than the first quarter, of -12.1%). Tinsa noted that only the Balearic Islands registered a price increase in this quarter (+0.4%), and stressed that “although it is not very large, it is still significant at the present time”.

According to the latest IMIE Index house price decline moderates

According to the latest IMIE Index house price decline is slowing

La Rioja, Madrid and Castilla-La Mancha were the regions where housing prices dropped most between July and September compared with the same period in 2012, with declines of 17.8%, 14.3% and 12.5%, respectively. In the regions of Galicia, Aragon, Cantabria, Castilla y León, Murcia, Catalonia, Valencia and Andalusia the declines registered were between 10% and 12%.

The regions registering declines more in line with the national average were Asturias (-9.9%) and Extremadura (-8.4%). The smallest drop in value was registered in Navarre, where the decline was only 1.4%, followed by the Canary Islands with a drop of 4.3% and the autonomous city of Melilla, with 6.9%.

La Rioja (-17.8%), Guadalajara (-17.5%), Valencia (-14.5%) and Madrid (-14.3%) are the provinces which cut their price per square metre most, year-on-year, in the third quarter. The most moderate declines were recorded for Navarre (-1.4%), Zamora (-2.3%) and Teruel (-3%).

Since the last quarter of 2007, the period when the maximum housing values were reached, El Mundo reported that the accumulated decline in this indicator has now reached 38.1%, making present values similar to those registered in the last quarter of 2003.

The most pronounced decreases (of over 45%) accumulated since the peak values were reached, were the regions of Castilla-La Mancha (-48.6%), Catalonia (-48.2%), Aragon (-47.4%) and La Rioja (-47.2%). In contrast, Melilla recorded an accumulated decline of only 12.8%, and registering drops in housing values below 30% were: Asturias (-27.2%), the Balearic Islands (-29.1%), Galicia (-29.6%) and Extremadura (-29.7%).

The provinces which registered the biggest accumulated declines since maximum values were reached, were Guadalajara and Toledo (both with cuts of over 50%), followed closely by Zaragoza (-49.9%) and Barcelona (-49.8%).

Article source: Kyero.com

12:58 PM · Comments Off on Puerto Al-Thani – Marbella – Is the Sheikh losing control · Categories: News from Marbella Costa del Sol · Tags: , , ,

The story of Al-Thani continues and Sheikh Al-Thani seems to be losing control over his shares within the company with the agreement to develop as well as maintain the marina when it has been completed.

A judge has found in preference of the architects who have sued Al-Thani’s company and also called the port director as the authorized administrator.

In mid-October a Marbella judge found in favour of the group of designers who created the plans for the port expansion, in which the sheikh was the winner of the contract, and has now designated the present port administrator as the judicial administrator.

The decision comes after the precautionary retention enforced from the identical courtroom last May following the Seguí architects and planning business sued the sheikh’s company for the 3.8 million euros and it has been still to be paid for the work performed.A week ago both sides had the ability to provide their particular case at a court.

Puerto Al-Thani - Marbella

Puerto Al-Thani – Marbella – Is the Sheikh losing control?

The claimants had put forward the proposition that the primary assets of Al-Thani’s company Nasir Bin Abdullah & Sons were its rights to control and build the modern La Bajadilla port.At that time the lawsuit was submitted the sheikh was at risk of losing his contract because a number of conditions had not yet been met.

Instead of allowing the shares be sacrificed together,if the ports authority at the Junta de Andalucía (APPA) had chosen to announce the contract completely useless, the architects had anticipated that their actions might allow their own project to go ahead with a brand new concession holder. Al Thani’s officials called for the embargo to be raised because since May the situation has evolved considerably.

Al-Thani has met with the vast majority of conditions identified with regard to his company to maintain the contract, including paying of the annually charge or establishing the business that will control the port (Nas). Following this the Junta made a decision to provisionally postpone its activity to revoke the contract.

Nevertheless last week the judge declined the solvency debate recommend by Al-Thani’s associates.They had remarked that finances happened to be supplied to increase the firm’s investment stock to 150 million euros knowing that APPA had been given a bank guarantee to pay for any legal responsibilities associated with the development works.

The courtroom maintained the fact that the documentation made available failed to demonstrate the presence of adequate investment and the present state of the firm’s financial records is simply not clear.

The firm’s circumstances, said the judgement, is not going to eradicate the possibility that the assets (which may protect an eventual sentence in preference of the claimants) might nevertheless be lost. The bank guarantee, said the judge, is inconsequential, as it is exclusively linked to the responsibilities to the APPA rather than towards any third parties. The choice will not have an effect on Marbella Town Hall that owns three per cent of the shares in Nas since it only represents Nasir Bin Abdullah & Sons, that maintains the rest of the 97 percent.

On the other hand the local PSOE chief,José Bernal, has questioned the mayor of Marbella Ángeles Muñoz to clarify just what is the position of the port venture following this most recent development as well as how it may impact on the the municipal coffers.

The opposition councillor declared it was a “new delay in this expansion project that Marbella can no longer afford due to the fact we require the town to move economically, to create employment and restart infrastructure programs.”

12:29 PM · Comments Off on House Prices Will Close 2013 at Half of Pre-Crisis Levels · Categories: News from Marbella Costa del Sol · Tags: , , , ,

The Spanish real estate appraisal company, Sociedad de Tasación, has estimated that the market value of housing in Spain will fall to 1,160 euros per square metre by the end of 2013, which will represent a cumulative decline of 51.7% since its historical maximum registered in 2007, of 2,401 euros per square metre, just before the economic crisis began.

According to the agency’s report, ‘Trends in the Real Estate Sector’, presented by the CEO of the company, Juan Fernández-Aceytuno, the price of housing has fallen by 15.7% in value year-on-year, to stand at 1,256 euros per square metre on average in September 2013.

Fernandez-Aceytuno forecast that home values will suffer another fall of 7.6% in the last quarter, which will bring the average price per square metre to 1,160 euros at the end of 2013.

The report noted that the price of new housing continues its downward trend and reached 2,212 euros per square metre at the end of September. They also predict that by the end of December the price of newly built housing will fall to 2,000 euros per square metre, which would mean a further drop in value of 9.5% from September to December.

The Sociedad de Tasación has also estimated that housing prices will continue their descent, indicated by the acceleration of the decline of recent years, since the year-on-year values compared with the third quarter of 2011, 2012 and 2013, registered declines of 10.5%, 13.2% and 15.7%, respectively.

Fernández-Aceytuno stated:”housing prices may continue to fall, but that does not mean that the activity is not recovering. In fact, I consider that activity in the housing market in Spain will recover before the price”.


Prices are down in what is now a buyers market

The study also shows that, between prices of dwellings classed as high quality or ‘prime’ and lower quality or sub-standard housing, there is more than 1,000 euros per square metre of difference. Year-on-year, high quality homes have decreased in value by 14.3%, while poor quality housing registered the largest decrease with a fall of 22.8%.

As reported by El Mundo, the Canary Islands and Valencia are the two regions with above-average declines in their housing market values, with declines of 16.5% and 18%, respectively, comparing year-on-year values for the third quarter.

Andalusia and Madrid came next, both with losses in value of 15.4%, followed by Castilla la Mancha (-15%), Aragon (-14.6%), Catalonia (-13.6%), Castilla León (-12%), Galicia (-11.6%), Navarra (-11.5%), La Rioja (-11.2%), the Balearic Islands (-10.4%), Murcia (-10.3%), Asturias (-9.4%), Extremadura (-9.2%), the Basque Country (-8.7%) and Cantabria (-4.9%).

Since registering their highest values before the crisis, Valencia, Catalonia, Castilla la Mancha and Madrid are the regions which have recorded the largest declines, with drops in the value of private housing of 51.2%, 50.5%, 46.5% and 46.3%, respectively.

Article source: Kyero.com

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01:58 PM · Comments Off on Revenues for leading 30 Real-estate companies · Categories: News from Marbella Costa del Sol · Tags: , , ,

The combination turnover from the top 30 real-estate organizations dropped to 6,030 million euros in 2012, and that is only 2.1% lower than in 2011 but 50% less than in 2009, based on a survey by DBK, a subsidiary of Informa D&B. This really is regardless of the sale of assets to financial suppliers.


Top 30 Real-estate companies turnover was only 2.1% lower than in 2011

The Spanish property market was engrossed “in an intense crisis”, says DBK, however the real-estate companies’ income is stabilising this year, as a result of bottoming out of selling prices.

Nevertheless, residential construction has continued the downwards pattern noticed in recent years, decreasing by 12.1%, placing the value of construction work at 30,210 million euros. DBK calculate that, in conjunction with the close of 2013, this variable is going to be reduced by an extra 9%.

In the meantime, the amount of properties completed decreased by 25.6%, achieving a total 133,415 units, a number which is 80% less than in 2007, and take into account an additional decrease of over 50% for the present year, based on this review.

Activity additionally continued to diminish in the non-residential segment, where the type of production dropped by 9.7% in 2012 along with the total construction area within this type of work dropped by 31.3%.

DBK observed within their survey that, for the short term, there may continue to be new trades for the buying assets and real-estate companies by investment funds, the two domestic and foreign, particularly by real estate subsidiaries of financial organizations.

As documented in El Mundo, in January of this year, there have been 174,463 real-estate companies, which happens to be close to 750 businesses fewer than in the last year. Apart from the effectively dissolved companies, many organisations tend to be inactive, as well as in a position of bankruptcy proceedings or liquidation.

The review signifies that about 70% of the real-estate agencies registered in Spain happen to be in the regions of Catalonia, Madrid, Andalusia and Valencia, as well as illustrates the advancement produced by financial subsidiary corporations, that in June this year had a property stock portfolio valued at around 40,000 million euros.

03:49 PM · Comments Off on Spain Saw a Record 8.3 Million Overseas Visitors in August · Categories: News from Marbella Costa del Sol · Tags: , , , ,

Based on Frontier Tourist Movement Survey (Frontur) produced via the Ministry of Industry, Energy and Tourism’s Division of Tourism Information Studies, Spain was travelled to by a total of 8.3 million inward bound visitors in August 2013. The number is an rise of 7.1% above the same month in 2012 and also sets a brand new all-time record for the Frontur survey.

The French marketplace created the biggest contributions to the net upsurge in tourists in August, even though the United Kingdom, Germany and the Scandinavian countries also registered notable growth.

Spain received a total of 42.3 million international visitors in between January and August symbolizing a year-on-year boost of 4.5%. The Scandinavian nations made the biggest contribution to net growth within this period and Russia, consequently, posted the biggest year-on-year change having an increase of 30.7%.

The uk lead the list of emitting market segments in August, accounting for 24.3% of the total and a rise of 6.8% on the same month of 2012. The growth benefited all the main tourist areas, however the Balearic Islands and Catalonia recorded the very best results in this aspect. Within the first eight months of the year, over 10 million Uk visitors vacationed in Spain, a rise of 4.8%.

France – the 2nd emitting marketplace in the month, and for the period from January to August – accounted for 21.7% of all visitors going to Spain in August and documented the greatest month-to-month increase in complete terms with nearly 153,000 more tourists, almost all which travelled to Catalonia, accompanied by, to a significantly lesser degree, Valencia and the Canary Islands. An overall total of 6.9 million French tourists visited Spain in between January and August, symbolizing an increase of 6.2%.

Germany also posted substantial growth, of 13.5%, within the same month this past year. The Balearic Islands gained most having an increase of about 23%. Andalusia and Valencia also benefited from raises. A total of 6.6 million German tourists frequented Spain in between January and August, a marked improvement of 4.2%.

The Scandinavian countries accounted for 4.3% of all incoming tourists to Spain, with an increase of 18.9%. The Balearic Islands and Valencia were the main regions to benefit out of this increase. Expansion from this market stands at 18.1% so far this year.

The actual speed of decline noticed in recent months from the Italian market slowed down to 7.1% in August. Since January, a total of 2.3 million Italian tourists have frequented Spain, symbolizing a decrease of 11.9%.

Among the list of remaining marketplaces, the study pointed out the continuing growth in Russian tourists, having a total of 1.1 million tourists traveling to Spain so far this year, a year-on-year growth of 30.7% in the first eight months of 2013.