In Marbella, however, there are signs of a recovery. Taylor Wimpey has started building again, the first developer on the Costa to do so in at least two years. "Because they're a multinational working in the States they had picked up on the sub-prime crisis there and they saw what was coming in Spain in a way local developers didn't," says sales consultant Francisco Tanti.
Taylor Wimpey, which has offered discounts of about 30 per cent on some properties, said that 75 per cent of buyers of its apartments, which cost about €200,000 for a two-bedroom flat, were executives aged between 35 and 50 with children. Interest had been strongest in the Costa del Sol, particularly in and around Marbella, as well as the Balearic islands. The group sold one third of its newest development, just outside Marbella, offplan within a month of launching the scheme, a performance that it said was "significantly ahead of expectations".
Building restrictions in Marbella over the last few years have kept stock levels relatively low, while a glut of homes has emerged in other destinations on the Costa del Sol. Total property sales in the city have risen to their highest level in four years, research from the tax office shows.
Developer Taylor Wimpey de Espana has seen first quarter sales to foreign buyers at its Marbella project rise by 150% compared to the same period last year. And it's a similar picture in Mallorca, where sales have risen 200%.
"The British know Andalucia and Mallorca are premium locations and are taking advantage of interesting current prices," said sales and marketing director, Victor Sagué.
"In areas like Mallorca and Marbella the offer is quite limited already. Costa Blanca is absolutely different. There is a lot of oversupply and therefore developers are reducing prices to keep selling."
Via opp.org.uk - Full document (pdf, 26Kb)
THE Easter weekend saw a surge in British people interested in buying property in Spain, according to a report from Taylor Wimpey Espana.
There was a 40 per cent jump in the number of appointments to view Spanish homes over the Easter weekend this year compared to last year, with interest particularly strong for property in the Costa del Soland the Balearics.
Taylor Wimpey Espana, the leading UK developer in the Spanish market has reported a significant rise in interest from British buyers seeking to buy holiday homes in Spain. Easter has traditionally witnessed a surge in interest from the UK market, April being just behind July as the best month for sales in Spain, but this year has seen a noticeable jump in enquires and sales...
"The British know Andalucia and Mallorca are premium locations and are taking advantage of interesting current prices," developer Taylor Wimpey de Espana's sales and marketing director Victor Sague told OPP.
"In areas like Mallorca and Marbellathe offer is quite limited already. Costa Blanca is absolutely different. There is a lot of oversupply and therefore developers are reducing prices to keep selling."
Earlier this year, A Place in the Sun predicted that Spainwas the best destination for property investment in 2010.
Via: www.propertyshowrooms.com
Taylor Wimpey Espana, the leading UKdeveloper in the Spanish market has reported a significant rise in interest from British buyers seeking to buy holiday homes in Spain. Easter has traditionally witnessed a surge in interest from the UK market, April being just behind July as the best month for sales in Spain, but this year has seen a noticeable jump in enquires and sales.
Taylor Wimpey Espana, the leading UKdeveloper in the Spanish market has reported a significant rise in interest from British buyers seeking to buy holiday homes in Spain. Easter has traditionally witnessed a surge in interest from the UK market, April being just behind July as the best month for sales in Spain, but this year has seen a noticeable jump in enquires and sales.
Recently different reports have appeared in the press regarding the anticipated evolution of the Spanish real estate market in 2010. Unfortunately the previsions we receive from the various experts vary significantly from one another, ranging from those that anticipate an increase in some areas of Spain with less offer to the more defeatist who consider that the property prices in Spain still have to drop a further 20% but do not provide further details.
I believe that the information available for this market is quite scarce and the data we received from the INE (National Statistic Institute) does not help to clarify the matters nor reflect the reality of the market.
Some analysts assure that the crisis will last three years. They reach this conclusion by dividing one million stock units between 350.000 units’ sales per year. But I must ask: Are we speaking about the centre of Barcelona or about Seseña in Toledo where a project of 3.000 units in a town of 13.000 inhabitants has been paralysed? Or are we speaking about Tarragona that could have units to cover the demand of the next 9 years or of Baleares who could be left without any stock at all in eighteen months?
What is really clear to me is that it is of no use to give national figures or reach conclusions about the market globally. One region is not comparable to another; even in many cases one town is not comparable with its neighbouring town.
