Spain finally getting to grips with the Spanish property market
Posted by
SpanishHotProperties
1161 days ago
(http://www.spanishhotproperties.com)
Category: World & Business |
With the news from the the Ministry of Development that Spanish Planning approvals fell by 59% in the first 9 months to the end of September coupled with the news that New housing completions in the first 9 months of the year are down compared to the same time last year is this good news for the Spanish property market?
As for Spanish planning approvals there were just 215,315 planning approvals in the period, compared to 526,977 in the same period last year. Taking just the month of September, planning approvals fell by 63% on an annualized basis, but rose by 49% compared to August of this year. Planning approvals for detached homes were down 46% to 43,500, compared to 80,750 in the same period in 2007. With the trend downwards and with first time housing completions have fallen year on year since the construction boom was kicking off in 2001 this may allow some of the excess housing stock to be taken off the market. Between August and September of this year 471,130 new homes were finished, compared to 475,005 in the first 9 months of 2007, all according to new figures from the Ministry of Development. If the downward trend continues, the year will close with fewer homes built than last year, when a record 641,419 new homes were completed in Spain. Given the severity of Spain’s property crash, any reduction in the number of new homes coming up for sale is good news for a market already suffering from a monumental glut of newly built homes and excessive resale properties. Despite the possibility of a small annualized reduction in the number of new housing completions, a mindboggling number of new homes- around 600,000 - will be finished in 2008. But with planning approvals down and the trend moving towards less building completions this has to be a good thing for the Spanish property.
So hopefully this is a bit of positive news and as long as this trend continues this is a good sign for the Spanish property market, well that is the opinion of Susana Suspenda the Marketing and Operations manager for Spanish Hot Properties. “it’s a start in the right direction and does tend to support our view that if you buy at any time in 2009 at the depressed prices you will do very well indeed long term as the slack starts to be taken up by people migrating to Spain and its our view that from 2010 the market will stabilize as to when property prices start to increase that is anyone’s guess but the price of some new build properties no is less than it would currently cost to build if you took all the costs into consideration. So for those lucky enough to be in a position to buy during 2009 they will be do very well” claimed Susana.
Anyone interested in finding out more about how the latest news and how it could benefit you when buying property in Spain in 2009 should contact Spanish Hot Properties either by phone or by email.
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