02:17 PM · Comments Off on Price per m2 on Spanish property suffers a further drop of 10.5% · Categories: News from Marbella Costa del Sol · Tags: , , , , ,

Housing sales reached 28,418 units in October this year representing a drop of 8.9 % over the same month of 2012 according to the general council of notaries which is one organisation with the freshest data to be obtained from the writings of notarised purchases.

Property purchases and sales of homes fell 13 % yoy, while transactions of single family homes showed an increase of 10.6 % yoy, but on a very small number of operations therefore increasing its volatility.

Price per m2

Moreover notaries indicate that the average price per m2 of homes sold in October stood at 1,204 euros, thus suffering a further drop of 10.5 % yoy.

in the case of flats, the average selling price was 1,320 euros per m2, thus suffering a fall of 14.1 % and 1,315 euros for resale, 1.3 % to 1,341 euros per m2

Mortgages

The number of new mortgage loans to purchase dwellings in October suffered another year decline of 22.5 % to 20,575 mortgages, in the case of the purchase of a home, the average loan amount was 116,822 euros, thus suffering a fall of 5.2%

On a positive note the number of foreigners purchasing property in Spain, especially in coastal areas is rising to help counteract the downward trend in Spanish nationals being unable to buy, due to high unemployment and fewer mortgages being granted.

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01:25 PM · Comments Off on Property prices in Spain to stabilise in 2014 according to the CCI · Categories: News from Marbella Costa del Sol · Tags: , , , ,

The understanding that the housing sector is actually approaching the bottom of its correction is definitely increasing in popularity. In accordance with the Consumer Confidence Indicator (CCI) for November, made by the Centre for Sociological Research, 46.4% of the people that were surveyed believe that property selling prices will probably stabilise within the the coming year.

That is almost 10 percentage points more than that recorded last year when, in December 2012, just 37.1% had been of the viewpoint regarding real estate selling prices. Furthermore, during that time, up to 52.7% of the people asked anticipated even more declines in the price of properties, even though at present only 36.6% are convinced this kind of decline in selling prices will keep going. 7.4% even foresee that selling prices will rise, that is 2.5 points more than in 2012.

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Spanish house prices could be nearing the end of their fall

This kind of overall feeling that real estate prices might be approaching the end of the drop coincides with a few statistics from recent weeks. On the other hand, the Ministry of Development documented that throughout the third quarter of 2013, properties reported their lowest decrease since 2010 – even progressing to being higher in price in a number of areas – the Notaries are now starting to speak of increases in real estate prices.

With all this probable outlook, the need to buy a property is starting to increase, although very slightly. El Mundo documented that, based on the November Consumer Confidence Indicator, 3.8% of participants advised they “intend to purchase a residence within the next 12 months”, that is a substantial improvement throughout the last month of 2012, while merely 2.1% said they might possibly be prepared to take that step.