Property Point Marbella In August, 2,359 properties were sold in Malaga province, the best results since May 2008

The Evolution of transactions

in the eighth month of the calendar year the latest figures released by INE, show

2,359 homes sold in the province, the best result in two years

 

In August, 2,359 properties were sold in Malaga province, the

best results since May 2008

 

NOGUÉS / M.A. GONZÁLEZ

Good news: after two years of holding its breath, the property market can now breathe deeply again. There are indications that things are picking up, albeit in a rather timid fashion.

The statistics released by the Spanish National Institute of Statistics (INE) states that in August 25.6% more properties were sold than in the previous month and 29.5% more than in August 2009 when 1,821 homes were sold.

The luxury housing market is also experiencing a boost with “important” sales going through in areas like Marbella last month, according to the president of the Federation for Residential Tour- ism in Andalucía, Ricardo Arranz. In his opinion the situation is continuing to be seasonally influenced although he thinks that

80% of the property for sale at the moment is ‘immovable’. The increase in interest has been from the Russian, Arabic and German markets.

Another sign that things are improving is the increase in the occupation levels in hotels which have been good this summer.

The property sales figures for August have been the best since May 2008, when 2,745 homes were sold.

Developers and real estate experts agree that this is very good news for the industry and is evidence that the property market, (together with tourism, the bench mark of the Spanish economy), has touched bottom and is now starting to rise again, albeit very slowly. To move existing ‘stock’ and keep he rise steady, it will be necessary to adjust prices and make access to finance easier.

During the first quarter of this year, the foreign sector (mainly German) bought 1,814 dwellings, 20% more than in the same period 2009.

The Minister of the Andalusian Economic Analysts, Francisco Villalba, says that the quality of homes on the Costa del Sol is a magnet for foreign investment. “The economies of Germany, France and the UK are gradually coming out of the crisis and are encouraging more

sales which is a vast improvement on the previous state of affairs”, he adds. The statistics conclude that Malaga is, after Alicante, the Spanish province where foreigners buy the most property.

The provincial dele g ate of Public works in Malaga, Enrique Benítez, also spoke yesterday of “moderate optimism” for the future of the property sector, how- ever Ángel Yagüe of Andalucía’s Institute of Financial Studies warned that it was important that banks open the way for loans and mortgages.

Article courtesy of Sur In English, for more information on properties on the Costa Del Sol visit our site at http://www.propertypointmarbella.com