A comprehensive directory list of estate agents in Spain
We aim to make your search for your ideal property in Spain and stressful by compiling a list of reputable estate agents in a single comprehensive directory. Our directory is relatively easy to navigate - simply click on a region in Spain, for example Costa del Sol, then VRP Costa Del Sol which specializes in vacation rentals in the area. The power to find your property in Spain is now in your hands. Browse now!
You'll also find useful information on buying property in Spain and getting a Spanish mortgage.
You can get information on mortgages here.
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Latest news on the Spanish property market
November 2011 - Prices still falling
The price of second-hand homes for sale in Spain fell by 1.8% in October, the largest monthly drop since January 2010. The drop in prices means the average home fo sale in now 7.4% lower than the same month last year, and this is depsite government incentives to boost the property market.
October 2011 - Change to mortgage rules
The Bank of Spain (the governing body for all Spanish banks) wants financial institutions to introduce a new (to Spain) way of calculating mortgage rates. Presently, most Spanish mortgage rates are fixed relative to the Euribor 1 year average rate, which is based on the average rate that banks within the eurozone lend to each other. But now the bank wants to change to using a five-year average rate instead, the idea being to stop fluctuations in interest rates over short periods of time thereby introducing a measure of stability for borrowers. The change is likely to mean that the interest rate for new mortgages will be about 50% higher but should protect the borrower in the longer term. Existing Euribor-linked mortgages will not be affected.
September 2011 - Increase in sales in second quarter
According to statistics received from notaries (all property transactions are completed before a notary), just under 91,000 homes were sold in the second three months of this year. This figure shows an increase of 22% over the first three months but is a massive 41% down on sales from the same period last year.
One-third of these properties were new properties, with the remainder being second-hand properties, thus reflecting a continuing trend in falling demand for new properties.
August 2011 - VAT reduction in attempt to boost sales
The Spanish government has reduced VAT on the purchase of a new home from 8% to 4% in an attempt to revive sales and reduce the stock of nearly 700,000 new buildings. This VAT reduction is due to end on 31st December 2011.
The move has been greeted with scepticism by many experts in the housing industry. Many believe that the prices of new homes have not fallen sufficiently and buying second-hand homes is still cheaper even with the 4% VAT reduction. They are also critical of the short projected time span of the reduction, pointing out that 4 months is not enough to enable the average purchaser to shop around and finalise a purchase agreement. Most agree that the underlying causes of the housing slump are difficulty in obtaining mortgages, high unemployment coupled with a sense of insecurity, and the belief that the market has still to bottom out.
August 2011 - 250,000 homes in negative equity
According to consultancy firm Oliver Wyman, there are at least 250,000 homes with outstanding mortgages greater than the current value of the house. Those who purchased in 2007 and who obtained mortgages above 80% of the appraised value are more likely to be in this situation.
Two years ago, the number of mortgages whose balance was higher than the price of housing was around 100,000 units, but the continuing fall in prices of homes together with a high loan to value ratio (LTV) have caused a least 150,000 extra households to have negative equity, i.e. a debt that exceeds the current value of the property acquired.
June 2011 - Price drop continues in housing market
There is as yet no sign of house prices bottoming out in Spain as prices have continued to fall for both new and second-hand homes. Prices have dropped by an average of 8.2% in the year to the end of June 2011. The fall in prices for the second quarter of 2011 was 1.8% bringing the average price per square metre to 2,149 euros.
A rise in the unemployment levels, the difficulty in obtaining credit and the increase in the cost of living are considered to be major factors on the downward price trend.
February 2011 - Experts predict prices will continue to fall in 2011
A survey of estate agents conducted by real estate consultancy firm CB Richard Ellis has revealed that most property experts expect the price of homes in Spain will continue to fall this year. It is thought that the stock of homes available for purchase will reach a massive 700,000.
As to the effect on prices, survey director Edward Farrelly believes that the key factor here is where the property is located. The largest price drops will occur in areas such as the Costa del Sol and the Levante (east coast) where there is a high percentage of second or holiday homes now on the market. In contrast, in some of the larger cities there is even a shortage of available homes.
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