PMSII Property News – August 2017
Spain Dominates International Property Search from the UK
Rightmove, one of the biggest property portals in the world and the market leader in the UK, has revealed that Spain is the number one destination for UK-based house-hunters looking to buy abroad. Rightmove records more than two and a half million Spanish property searches made from the UK each month. To put that in perspective, searches for property in Spain are 70% more numerous than searches for the second most popular European destination, France. Read More
Spanish Interest Rates Fall in August, Lending up in June:
Mortgage base rates in the Eurozone dropped to another record low in August 2017. In Spain this means a dip to -0.156 in August, compared to -0.154 in July, according to 12-month Euribor calculations (a difference of 1.3%). As a result, borrowers in Spain with annually resetting Spanish mortgages will see their mortgage payments fall by around €5.50 per month for a typical €120,000 loan with a 20 year term. New residential mortgage lending was up 12.9% in June to 25,016, according to the notaries, with an average loan value of €129,704 (up 6%). Read More
Who’s Buying Property on the Costa del Sol?
According to Spain’s College of Property Registrars, last year 33.92% of the properties sold in Málaga province, home to the always popular Costa del Sol, were purchased by foreigners – with the majority being British. Positive economic factors including sustained improvement within the job market mean that Spanish buyers accounted for 17% of yourVIVA’s sales in 2016 – putting Spain in second place – followed by Swedish buyers (12%), Belgian buyers (7%), while German and French purchasers were in joint 5th place with 5% each. While Britain still holds the top spot, Brexit has allowed for a more balanced mix of Danish, Norwegian, Dutch, American, Russian, Finnish and Irish buyers. Read More