Property Alert 16th September

Spain – Round The Regions

Our friends at upmarket agents Lucas Fox offer a quick overview of some ‘ones to watch’ markets. Barcelona? ‘The Barcelona market has continued to improve in the first two quarters of 2014 and there is a great deal more confidence amongst buyers, in particular international buyers. It
looks like prices have now stabilised and the number of transactions is slowly increasing. The big change is that sellers are being more realistic and that asking prices have come down in line with buyer expectations.’

Costa Brava? ‘The recovery continues to gain traction in the Costa Brava with an increase in sales activity over the same period in 2013. The market is still almost exclusively driven by international investment, predominantly private investors from northern and eastern Europe attracted by the increasingly competitive property prices in prime coastal areas.’

Marbella? ‘The positive trend of steadily increasing numbers of property transactions that started in the latter part of 2012 has continued during the first half of 2014. Most of the transactions are still focused on prime locations such as near to Marbella, Puerto Banús and close to the beach.’

Mallorca? ‘We are experiencing an increase in demand for small country houses. Many buyers and investors purchase property with the intention of renting their detached country houses in the holiday rental market. Summer villas in developed areas in South West Mallorca are also
selling well: mostly between €1.5 million and €2.5 million.’

Ibiza? ‘The continued appeal of Ibiza is most definitely its unique lifestyle. More people are choosing to relocate to the island due to good schools (including international schools), outstanding properties and the exceptional quality of life. The island now offers 4G internet and better flight connections year round. Interest from Europeans is
still high but demand has significantly increased from the Asian market, mainly Korean and Chinese buyers. There has also been a rise in interest from American investors.’ Looking at Spain? Tell us where for more detailed news.

Miami – News & Visit

According to the Miami Association of Realtors, there is still strong demand from both domestic and foreign buyers, especially for new construction properties. Median sale prices rose for both single-family homes and condominiums in July. The median sale price for single-family homes increased 11.3 per cent, up to $255,950 from $230,000 in July 2013. The median sale price for single-family homes increased 19.7 per cent from $406,532 in July 2013 to $486,820 in July 2014.

‘Demand for Miami housing continues to strengthen, as evidenced by rising prices and rapid sales Condominium resales in Miami are being impacted by all of the new and pre-construction projects now being marketed – and there are actually more sales and contracts when both the new and resale condominiums are added.’

‘We expect the current momentum of the Miami real estate market to continue as job growth and other economic factors improve. Miami remains a leading global city and destination, and our real estate market plays a major role in this reality.  Miami also remains a focal point for both U.S. and foreign buyers, investors, tourists and business, a fact that will continue to fuel demand for local housing and properties.’ We are planning a visit for the second week of
October. More to follow.

Euro Hotspots

Foreign exchange specialists HiFX tell us that France and Spain remain the main destinations for Brits buying in Europe. About one third go for France, one third go for Spain and one third go for the rest of the countries.

‘It’s no surprise France remains a firm favourite with Brits as it ticks all the right boxes. Borrowing costs have tumbled in recent months and mortgage rates are at their lowest in years. Affordability has also been boosted by a slower property market as worries remain that France may well be lagging the rest of the Eurozone in terms of economic growth.’

‘Spain continues to attract those who are hoping to take advantage of depressed property prices. The average property price in the country is down almost 30 per cent since the market peaked in 2007, and while there are discounts to be had buyers need to pick carefully.’

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