Karl Smallman
PROPERTY sales in Malaga have shown the first sign of improvement in four years. Sales have increased by 3.5% in the nine months to September compared to the same time last year.
Foreign buyers were responsible for nearly a quarter of the properties purchased, snapping up 3,099 of the 12,692 houses sold in that period, according to the Ministry of Public Works.
Of those homes, 30% were bought by Britons, placing them at the top of the list of foreign investors in Spain’s property market.
I thinking, because Andalucia its a lovely place, with friendly people too. (Mi opinion es que aparte del magnifico clima de Andalucia las personas son muy amables y en su gran mayoria siempre estan alegres. El clima tiene que ver mucho con nuestra personalidad.)
Amelia, estoy totalmente de acuerdo contigo. Y miles de otros extranjeros piensan igual.
There’s going to be a whole lot of buying from foreign buyers soon all around the costas!
I believe Spain can restart the engines of the real estate market if they coverted to a Torrens Title system equivalence. Spain’s system of purchasing and selling property is out of date and its not helping the sale of properties. Spain needs to fix the system so that the world has full confidence in buying real estate. No property should be allowed to be sold or purchased unless it is 100% correctly reflected on title deeds. This would mean that all current properties would need to have all buildings properly registered on tittle deeds. Spain would need an amnesty to correct all illegal properties to be registered on title deeds. Once the amnesty was over, no properties can be sold or bought until properly register. There are also other laws that need to be fixed and amended to help the property market, ie, effective real estate and lawyer regulation, overdeveloping laws, overcrowding laws, strata laws, banking laws, zoning laws etc. I believe the Governments have been negligent in this area and have simply dumped the real estate market in the too hard to do basket. PP -decreasing or abolishing purchase taxes on properties is a lazy solution which is not going to work. Its time that Spain invests in studying overseas models and laws to fix this current crisis.
Its wishing full thinking that because the sun shines in my backyard everybody is going to join me.
“There’s going to be a whole lot of buying from foreign buyers soon all around the costas!”
You could well be right Roger – but ‘soon’ might be a few years…
The entire Mediterranean coastal area has been overdeveloped. There are too many foreign buyers trying to sell their “Sunny coastal property”too.
At the end of the day,the country that will succeed will be the one where foreigners have full confidence in the system. What about the rest of Spain – Jimeno? Do we just ignore the rest of Spain!
The real estate system in Spain has collapsed! USA is gaining more ground for foreign investors – including Spaniards prepared to invest in the US before Spain. Foreign investors have Canada, Australia, and south east Asia as other good options to consider for investing into good real estate with excellent returns or comfortable living standards.
Spain has too many other countries to compete for foreign investors. Spain can only compete for foreign investors by providing a better real estate system than anybody else.
PP have to widen their business policies to bring foreign investors towards Spain and fix alot of Spain’s laws and systems which are out of date.