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Marbella proving popular with overseas buyers
More than 80% of properties bought in Marbella in Spain are bought by foreigners, much higher than the country’s average, new research shows. Overall data from Spanish registrars show that 13.8% of properties are sold to overseas buyers as of the end of 2015 and of those more than 60% were from within the European Union. But the Marbella Property Market Report 2016 from Panorama Properties Marbella, a well-established estate agency, shows the area is very popular as it is regarded as a safe and high quality destination for investment. According to Christopher Clover, the firm’s managing director, there has also been a change in where the foreign investors come from and he is predicting an influx of Iranian buyers thanks to the newly opened Iranian market. ‘Marbella has been a popular tourist destination with Iranians for decades and the property market looks set to benefit strongly from that affection over the coming years,’ he explained. At the same time there are fewer British buyers right now and this may be due to the forthcoming referendum on the future of the UK in the EU. ‘British buyers in the lower price ranges, who for years have accounted for the largest market share of foreign buyers in Spain, are sometimes pausing when it comes to purchasing their dream home in Marbella. The distraction of Britain's potential exit from the EU has caused a few to hold fire on purchasing property in other EU countries,’ said Clover. Assuming the UK remains within the EU, a surge of property purchases by British buyers in and around Marbella can reasonably be expected during the late summer months and from a medium to long term viewpoint, Clover believes that the trend of British purchasers for property in the Marbella area will not be greatly affected whether Britain stays in the EU or exits. While British buyers stop and think, Spanish buyers are using the pause to gradually return to the Marbella property market, the report also suggests. The number of Spanish residents visiting Marbella plummeted from well over 350,000 in 2006 to just over 100,000 in 2013, but numbers have since been rising, returning almost to 250,000 visitors in 2015. ‘As Spanish visitor numbers pick up and the national economy continues to improve, so too will Spanish interest in the Marbella property market. Those buying in Marbella right now are after a wide range of property types, which is precisely what the area provides,’ Clover explained. Many buyers are looking for new build properties in Marbella, but developer stopped when the economic downturn hit eight years ago. ‘However, investment groups have been quietly buying up the best building sites over the past two years, so the coming five to 10 years should see an influx of prime new build properties onto the market,’ said Clover. The report also points out that the number of sales in Marbella reached 4,390 in 2015, less than1% short of the number… Continue reading
Research finds many UK home owners not investing in the outside of their homes
Over half, some 55% of UK home owners live in areas with unattractive features such as untidy gardens, spaces used as dumping grounds and overflowing bins, yet many are failing to invest in their own home’s exterior or garden space. The Britain at Home report from Lloyds Bank Insurance reveals the most common neighbourhood afflictions identified by home owners. Some 34% identified untidy gardens or outdoor areas, 18% buildings in disrepair and 18% outdoor spaces used as dumping grounds. As a result of living in poorly maintained neighbourhoods, 61% of home owners are suffering negative feelings about where they live, including being irritated, upset and uncomfortable. Lloyds Bank Insurance makes the point that taking care of properties is not just for aesthetic purposes but helps prevent maintenance problems. For those living in unsightly neighbourhoods, containing overflowing bins, vandalism and rubbish, the problem is so bad that 20% are even considering moving house. Concerns over unsightly neighbourhoods are also having an impact on community relations, as 36% of home owners believe the issue is dragging the area they live in down. In turn, this is leading to financial worries as 12% think the value of their home will decrease because of its surroundings. This may be a valid concern, as the some 55% of house hunters believe that a well a property that is well maintained on the outside is important and 53% want a nice neighbourhood. ‘It is disturbing to see how many people are unable to love where they live, and that many homeowners are so affected by their neighbours that they are considering a permanent move,’ said Allison Ogden-Newton, chief executive of Keep Britain Tidy. ‘It is clear that while people in the UK acknowledge a widely held desire to live in a pleasant environment, this is often not being achieved, and with huge consequences. There are things we can all do to improve our external spaces, which will increase well-being and even reduce crime, therefore making our neighbourhoods better places to call home,’ she added. Despite criticising the upkeep of their neighbours’ homes, the research shows that people are failing to invest in their own outdoor spaces. Annual spend on outdoor areas is just £714, compared with the £3,579 spent indoors. Some 16% of those who hardly spend or would like to spend more on their outdoor space put this down to a lack of time and 14% prioritise upgrading indoors over outdoors, but for 56% the primary obstacle is that they cannot afford to improve this space. Many home owners also fail to ensure they have the right protection in place with only 38% of home owners confident that all the items in their outdoor space are insured while 24% revealed that they haven’t spent any money to keep their outside areas safe and secure, for example investing in locks, alarms or security lights. … Continue reading
House prices and sales rising in New Zealand due to chronic lack of supply
A chronic lack of supply is fuelling a regional growth in house prices and sales volumes in New Zealand, according to the latest monthly index report. Sales volumes hit new levels and median house prices reached new record highs across more regions of New Zealand than ever before, according to the latest figures from the Real Estate Institution of New Zealand. Record median prices were reached in Waikato/Bay of Plenty, Taranaki, Canterbury/Westland and Otago. The report explains that this shows the growing halo effect of rising prices around New Zealand is strengthening in the regions where it is already present, and moving on to new regions, driven by a chronic lack of supply. On a seasonally adjusted basis the number of dwellings sold in April 2016 rose by 12.8% compared to March, indicating that the normally expected drop in sales between March and April was far smaller than usual. And compared to April 2015, all regions recorded increases in sales volume. At the same time, the availability of properties for sale has fallen by over one third over the past 12 months, with a number of regions seeing declines of more than half. Days to sell, another measure of demand has also fallen by more than 20% over the past 12 months in nine of the 12 regions. The national median price was $490,000 for April, an increase of $35,000 or 7.7% on April 2015, and down 1% compared to March. Excluding the impact of the Auckland region, the national median price rose $29,000 to $382,000 compared to April 2015. REINZ chief executive Colleen Milne said that the April data confirms the continued strength of the real estate market right across New Zealand, driven by a chronic lack of supply. ‘Anecdotal evidence suggests that investors outside of Auckland are increasingly looking to real estate investments to improve their yields compared to bank deposits. First home buyers are also taking advantage of low mortgage rates, putting pressure on the number of properties available for sale,’ she pointed out. ‘The strength of the seasonally adjusted level of sales demonstrates that the year on year median house price rises, excluding Auckland, underlying demand for real estate across New Zealand remains strong, with every region recording an increase on a seasonally adjusted basis,’ she explained. There were 8,568 unconditional residential sales in April, an 18.4% increase on April 2015 and a 10.1% decline on March. On a seasonally adjusted basis, the number of sales rose 12.8% from March to April. The strong increase in seasonally adjusted sales reflects a smaller decline in sales between March and April than is normally the case. Over the past 10 years the average decline between March and April has been 16.6%. Sales volumes excluding Auckland, were up 28.8% on April 2015 and up 29.4% on a seasonally adjusted basis. All regions, apart from Northland, Auckland and Taranaki are showing in excess of 20% annual sales growth. Indeed, Auckland saw the number… Continue reading
