STERLING Pound-Euro Exchange Rate boosts Spanish property affordability British buyers of overseas property are enjoying the most favourable sterling-euro exchange rates in over a year and a half. So boosting the affordability of property in the Canary Islands as well as elsewhere in the Eurozone. The Euro began its current rise against the pound in
MORE MARKET GROWTH Property prices rise by 8% in the Canary Islands The property market in the Canary Islands continues to grow – despite recent rises in interest rates and the cost of Spanish mortgage borrowing. Figures recently released by Spain’s Ministry of Housing indicate that prices across Spain rose by nearly 3% in the
The Spanish property market was incorrectly portrayed as melting down after the share price correction on the Spanish stock market. In reality, the overall market is not falling, though some regional markets are faring better than others. But the stock market jolt has help focus people’s attention on the serious imbalances affecting Spain’s housing market.
Always build with a license because the threat of demolition hangs over 100,000 Spanish properties built without planning permission, or with an invalid building license, according to a recent article in the Spanish daily ‘El Mundo’. Calls for a tougher line to be taken with illegally built homes in Spain are increasing, and Antonio Vercher
In parts of Spain, for example Murcia, foreign buyers are being mis-sold properties that have a special ‘tourist apartment’ classification. Tourist apartments cannot be used as residential properties, and should be cheaper than ordinary apartments. Some Spanish developers and agents are selling tourist apartments as ordinary apartments, taking advantage of the fact that English-speaking buyers