Tag Archives: madrid
European commercial property sales set to continue with growth in 2015
European commercial property transaction volumes for 2014 are likely to exceed the €160 billion mark, up 10% on 2013, new research shows. A significant amount of capital continues to target commercial real estate and forecasts from real estate firm Knight Frank suggest a similar rate of growth in 2015, with total volumes expected to be in the range of €175 to €180 billion. All the main commercial sectors are attracting strong interest, while specialist sectors such as hotels, healthcare and student accommodation are becoming increasingly part of the mainstream property market, the firm’s report shows. ‘The really good news for both occupiers and investors is that rents in most markets remain lower than their pre-recession peaks, in some cases significantly below,’ said Darren Yates, head of Global Capital Markets Research. ‘This should provide a further boost to activity in 2015, with more occupiers looking to take advantage of good deals, while investors will seek to cash in on better rental growth prospects as the economic outlook continues to improve,’ he added. According to Andrew Sim, head of European Capital Markets, the forecast 10% rise of commercial investment volumes is a positive start for the first quarter of 2015. ‘We have witnessed a strong recovery in cities such as Madrid and Dublin and we are expecting demand to generally broaden out to smaller cities,’ he said. ‘Investors are looking to move increasingly up the risk curve to target good quality secondary stock, in addition to development opportunities,’ he added. While there are some lingering doubts about the strength and uneven nature of Europe’s economic recovery, both the European Union and the Euro area are poised for positive growth in 2014 and 2015, the report points out. Occupier markets are likely to continue to move in line with wider economic trends, with the Nordic countries and the Baltics currently seeing a significant improvement in occupier sentiment, while the UK is finally seeing a pick up in its regional city markets. However, the firm says that perhaps the most encouraging trend is the rebound in some of the peripheral markets, notably Ireland and parts of Southern Europe, with Dublin and Madrid in particular recording solid rental increases in 2014 and further growth expected in 2015. Despite the recent dip in economic performance, major French and German cities are also expected to perform well on the back of limited availability, with development yet to accelerate significantly in either country. The Russia-Ukraine crisis meanwhile continues to weigh heavily on those countries and, while property markets in the wider Central and Eastern European region have remained relatively untouched by the conflict, plentiful supply has constrained rental growth in key cities such as Prague and Warsaw. Continue reading
NAEA issues advice for selling a property in the cold, dark winter months
Selling a home in the UK in winter can be difficult but ensuring the garden looks it best even in these darker months can help, according to estate agents. For the best chance to sell your home it is important to make sure the property stands out and taking steps to make sure it looks welcoming, says the guide from the National Association of Estate Agents (NAEA). ‘Winter can be cold, dark and wet, which often means properties are unable to promote some of their best features. By incorporating a few simple tips, sellers can enhance their property’s look and feel and increase their chance of attracting an offer,’ said NAEA president Simon Gerrard. ‘Quite often, it is the smallest changes to a property that can make it stand out over others. A warm, inviting atmosphere in the dreary winter months is key. Simple things such as making sure a home is warm and well lit can improve saleability during the darker months and additions such as welcoming garden lights to enhance the entrance to your home can appeal to buyers’ imaginations,’ he explained. The NAEA said sellers need to realise that first impressions still count and 0utside is where the biggest impact of the bad weather will be and this is obviously the first sight a prospective buyer will have. Winter can make the front garden and paths look dull and dirty, so ensuring these are clean and clear of leaves will improve the attractiveness of the property. Home owners are advised to check the gutters and drain covers are properly cleared of dead leaves and other debris as leaky gutters and down pipes cause damage and are unsightly. Also, a messy garden can signal the need for too much work and thus detract buyers. If possible, vendors should clear patio furniture away, if not at least ensure they are securely covered. Fix or secure any loose fence panels or gates. It is also advisable to cut back overhanging branches as this will help brighten the property. People are urged to ensure the property is well lit. This means making sure all lights work, including the security lights. If a viewing takes place during the day, open all of the curtains and blinds to ensure as much natural light as possible can enter the home. Making sure the doorways, entrance, stairs or porch are clear of clutter can help create an inviting home. The NAEA also says it is important to make your house feel warm and homely. If a buyer enters a property that is cold they’re unlikely to stay long. Smell is also important. You are going to get a bad reaction from buyers if there is an odd aroma or damp smell hanging around. So freshen up, let some fresh air circulate and the old cliché of fresh bread or roasting coffee really does work. If you are going away for any period over the winter the heating should… Continue reading
Homes sales up again in Spain in September, most recent data shows
Home sales in Spain increased again on an annual basis in September after dipping in August, according to the latest figures from the National Institute of Statistics Sales went up 13% in September and excluding social housing, there were 24,096 sales registered, the highest level in four years and 14% up on a monthly basis. In the 12 months to the end of September there were 216,682 sales inscribed in the register, almost identical to the same period last year. On that basis it looks like the Spanish housing market is no longer shrinking, according to Mark Stucklin of Spanish Property Insight. He pointed out that looking at the annualised change in sales each month, this year is clearly an improvement on last year, excluding the first two months of the year when figures were artificially distorted by tax changes. The data also shows that the difference between resales and newly built properties continues to widen, though sales of both types increased in September, with resales up 17% and new builds up 10.5%. He believes that more resales are emerging because after years without building any new homes it is possible that the supply of new homes that people actually want to buy is running dry so buyers increasingly have no choice. A breakdown of the figures on a regional basis show that the province of Malaga, which includes the Costa del Sol which is popular with overseas buyers, along with the Balearic islands have seen sales rise close to 15% this year. The Canaries, and Alicante, home to the Costa Blanca, another area that attracts a lot of overseas buyers, have also been showing strong gains. Coastal provinces where foreigners tend to buy are doing much better than provinces in the interior, which rely more on local demand. Meanwhile, figures from the Spanish Consumer Price Index shows that the average price for long term rentals in Spain fell by 0.7% in October compared to the same month in 2013. This means rental prices have been falling for 19 months in a row and it is sharper than the general CPI which is down 0.1%. Overall rental prices went down by 0.1% on a monthly basis regionally the monthly rate for long term rentals fell in 15 autonomous regions. Asturias was the only region where it rose, up 0.1% and prices remained static in Catalonia. The regions with the biggest price drops were Navarre down 2.3%, Murcia down 2.1%, La Rioja down 1.7%, Madrid down 1.4%, The Valencian Community down 1.2% and Castilla La Mancha down 0.9%. Andalucia and Extremadura both saw a 0.8% fall and prices dropped by 0.7% in the Canaries, 0.6% in Aragón, Cantabria, and Castilla y León, 0.4% in the Basque Country and 0.2% in the Balearics and Galicias. Continue reading
