Blakemore Walker Chartered Surveyors & Legal Consultants

SPECIALISING IN PROPERTY PURCHASE AND SALES IN ASTURIAS, CANTABRIA & GALICIA

MEMBERS OF THE ROYAL INSTITUTION OF CHARTERED SURVEYORS

GENERAL MARKET COMMENT

SITE MAP

BUYER'S BRIEF

CONSTRUCTION

FINANCE

FINDING SERVICE

ROAD PROPOSALS

PRICES ON THE COAST

PROPERTY AND THE EURO

COMMENT ON AGENTS

PROPERTY DATA

SEPTEMBER 2018

Property prices in Spain are the on the rise for the first time since before the financial crisis according to official figures. The Spanish economy as part of the european union has been on a steady upwards path for a couple of years and employment is coming down. This improvement in the economic performance has translated to an increasing number of transactions in the property market with some speculative purchasing aimed at the rental market. The current figures show a rise of just over 4% in the last quarter and in some cases more, for the north spanish property market.

JUNE 2018

The majority of foreign buyers in northern Spain are seeking the older stone built property in need of renovation. The planning process is an important consideration when budgeting for the purchase costs and advice on the process and permission costs should be sought in order to avoid any nasty surprises.

APRIL 2018

Many agents are complaining about the long winter and the lack of movement in the market. Transaction levels remain low for rural property and subsequently prices remain stagnant. One point to note is that I have noticed that many transactions are now proving more difficult to complete as due dilligence is throwing up problems on property registration on many rural properties - perhaps it is a sign of the times that the so called good value properties that are attracting buyers, are in fact, the properties with the most legal title issues.

FEBRUARY 2018

A recent case serves as a warning to potential purchasers. A draft contract was offered for a purchase and the estate agent sent a draft with the parties being the purchaser (my clients) and the estate agent. This in my opinion was an early warning sign and warranted further checks. In reality the agent is often involved in a contract, and can be a party, but unfortunately in this case problems with the registration of the property were discovered and the contract never completed. The point however is to take good advice in order to save time and potential loss of funds and always remember that the estate agent's client is the seller not the purchaser.

NOVEMBER 2017

Although there have been varoius warnings about the effects of Brexit the amount of Brits that travelled on holiday to Spain this summer was at its highest level. This figure has historcally related to the amount of property bought by Brits in Spain - the more tourism, the more property bought. There seems to be as much activity now from UK purchasers as there was pre-Brexit referendum. One noticeable change in recent years has been the increase in properties for sale owned by UK nationals. Perhaps the strong euro has something to do with this.

AUGUST 2017

Generally good economic data across europe is dominating, and the property market in Spain is no exception. Prices in Asturias and Galicia are not currently rising as fast as many other parts of Spain. However, there have been reported rises above 10% in Cantabria and the Basque Country. This summer is seeing many foreign purchasers taking the plunge here in northern Spain and the British are buying - Brexit or no Brexit.

JUNE 2017

Many of the properties that are available in northern Spain have been on the market for a substantial time. Firstly, there is always the issue that the properties are over priced but also, many rural properties in the region offered require substantial renovation and bank finance remains difficult to come by when considering renovation works. Therefore, the transactions tend to be cash driven without the need of finance. This is where the foreign purchaser comes in; with cash amounts readily available for that second home or for those selling up and moving abroad. The purchaser profile is generally those close to or having reached retirement age. When taking on a renovation project one must remember that the system dictates that costs for obtaining planning permission have increased in recent years.

MARCH 2017

Generally the market seems to be functioning at a steady pace with a few serious purchasers undertaking transactions. The most popular type of property is still the rustic stone cottage or house and many are looking in the interior of Galicia where prices remain more than afordable - less than 100,000 euro for a house with land in need of some renovation. There is still a steady supply of property available but be aware; some of the rural properties have more liabilities than one might realise.

JANUARY 2017

The good weather continues in northern Spain as is often the way. I always say that September to Christmas is the best part of the year. There are certainly a few more purchasers around and I would suggest that this is likely to continue into 2017. One matter of concern is that potential purchasers still seem to be taking risks and leaving their brains at home when it comes to contracting property. One recent example was a person who contacted me who had paid a reservation fee without any paperwork or contract. It is fundamental not to part with money until a proper form of contract is in place - always obtain independent advice.

© Blakemore Walker 2004