Repossessed properties in Spain headlines

27AUG
34 million tourists have visited Spain this year

34 million tourists have visited Spain this year

To July 2013, over 34 million inbound tourists have visited Spain. This is 3.9% more than in the same period of 2012 and a new all-time record, having exceeded the 33.6 million visitors recorded in the same period of 2008. A total of 7,875,997 inbound tourists visited Spain in July, which is 2.9% higher than in the same month of 2012. According to the Frontier Tourist Movement Survey (FRONTUR) drafted by the Institute for Tourism Studies of the Ministry of Industry, Energy and Tourism, the Nordic countries, the United Kingdom and Russia were the markets with the greatest contribution to the positive results in July. In absolute terms, an increased number of tourists visiting from the UK and Germany is the main reason for the growth between January and July 2013. The Russian market also posted a large increase (30.6%) in the period. The United Kingdom is once again the market with the largest contribution to the increased number of tourists visiting Spain in July. The UK market accounted for 23.2% of the total and made the second-largest contribution to the net increase. The Region of Valencia was one of the destinations to most benefit.
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13AUG
Foreign buyers back to Spain as the property market starts to revive

Foreign buyers back to Spain as the property market starts to revive

According to recent data released by real estate specialists, the price of property in Spain has fallen up to 50% since the property crash of 2007. Sales are on the rise as the Brits and Scandinavians are returning to the market and there is growing interest from Far Eastern and Russian investors. Buyer confidence in Spanish property is returning, as the fall in prices begins to slow down. The luxury property market is doing particularly well, particularly in Mallorca, where the property market is still being driven by foreign clients. In fact, Mallorca was the most popular tourist destination in Spain in the first half of 2013. At the same time, hopes that a return to growth is imminent have been raised by the Bank of Spain, as it was recently estimated that the Spanish economy contracted by just 0.1% in the second quarter of 2013. This sounds like a positive outlook for Spain, which starts showing signs of market recovery as asking prices increase. Indeed, according to Kyero.com, the average asking price for property in Spain has seen an increase of over €7,000 in the last year up from €245,200 last June to €252,500 in June 2013. This is a sign of the return of confidence in the Spanish property market and good news for those looking to find their dream home in the sun.
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09AUG
Spain’s property stock surpasses 25 million

Spain’s property stock surpasses 25 million

The property stock in Spain stood at 25.3 million units at the end of 2012, which represents an increase of just 0.5% compared to the previous year, its lowest annual growth in the last decade, according to Kyero.com Around 71% of the housing stock corresponds to primary residences, totalling 18.1 million units and representing an increase of only 0.11% over 2011. The stock of second-hand properties registered a greater increase, of 1.7%, and closed 2012 with a total of 7.2 million units, representing 28.7% of the total. Since the beginning of the crisis in 2008 until the end of 2012, 1.35 million properties were added to Spain´s housing stock. In the whole of the last decade, the property stock in Spain has increased by a total of 4.3 million units. Four regions account for more than half of the country’s total property stock: Andalusia, Catalonia, Valencia and Madrid.
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