The latest index prepared by Tinsa, Spains’s largest valuation company, estimates that in September 2013 the average property price continued getting cheaper at a rate of 9.2%. Thus, since reaching their peak values, houses in Spain have suffered an adjustment of 39.1% overall. However, as we have stated in previous posts, the reality is very varied if data are analysed per region and/or per market segment, and Mallorca and Ibiza’s high-end properties continue to behave significantly better than average, proving to be somewhat immune to the general Spanish market.
The guardian has published an interesting map of nuclear power stations. It shows the power stations’ ages too.
A “nota simple” is a summary report from the Property Registry that describes the property in the deeds, known as the “Escritura”.
It should be noted that a nota simple is only informative and is not valid in front of a court. A registry certificate is needed for the courts.
Judicial information is brief, and usually covers outstanding debts (mortgages or unpaid taxes), the current owners, the boundaries, the total square meters of the land and of the house.
It also describes the type of land, any rights that others may have on the property, such as public paths/roads, water or sewage lines, etc.
The rather good First Mallorca September 2012 market report. For this and other past reports please see www.firstmallorca.com
Briefly, their September 2012 report suggests Mallorcan Real Estate is a safe haven for investors. It discusses the good weather on the island and easy access from Europe.
It suggests the Spanish, then Germans, closely followed by the Brits, are the main property owners in Mallorca, with the Germans and the Brits being the principal purchasers.
Interestingly, negotiation margins are at a whopping 11.54%, implying offer prices are high and purchasers should not be afraid to put in a low offer…
The Spanish government is creating a “Bad Bank”, or “Banco Malo”, in which to put all the toxic property assets.
The idea is to progress from the current building crisis by drawing a line under the current woes in the construction sector.
Basically, the Government of Spain issues debt and buys from Spanish banks all their bad investments, which are accumulated in a “bad bank”.
Presumably, the acquisition takes place at a significant discount relative to the actual value, so that in the long-term, taxpayers could even win when the assets are re-sold.
At Property Works, we beleive that this measure, although not without its risks, could be of some help to help the Spanish economy overcome the deflation of its recent property bubble.
Time will tell…