AUGUST 2014 - HOT SUMMER NEWS FROM CHERSUN

THE HOT PROPERTY NEWS AND VIEWS FROM CHERSUN

BRITISH FALLING BACK IN LOVE WITH SPAIN

With the summer season in full swing and with tourists enjoying the great climate and cheap food and drink ,there is certainly no sign of a crisis in the Costa Blanca and Costa Calida regions of Spain.

With the positive currency exchange rate this has helped the British tourists and property buyers benefit by getting more for their money and this has been reflected in the increasing amount of enquiries that we now receive from the UK .

It is good to see that the British coming back to Spain and with the British economy improving we are seeing the love affair between Britain and Spain starting to rekindle.

PENTHOUSES PROVE TO BE A GOOD INVESTMENT

Penthouses escape the worst of the crisis

Price estimates for Spanish property vary but the general consensus is that prices have fallen around 40% from the peak of the boom. However, these national statistics do not reveal the variety in price declines between different Spanish locations and also specific types of properties.

A recent article in Spain's El Mundo newspaper highlights the difference in performance between the market as a whole in Spain and the country's penthouses. Penthouses have depreciated by half of the national average and in some of the most exclusive areas, such as in Spain's major cities, prices of this product have risen.

The reason that penthouses have not been hit as hard by the crisis as other types of property is due in large part to the simple concept of supply and demand. The fact is that penthouses are an exclusive product and due to being the apartments on the highest floor of blocks, and with access to an open terrace, they are not as readily available as other property types.

The privileged position at the top of apartment blocks means that penthouses have a variety of advantages: height, views, privacy, the terrace and thermal isolation from the rest of the building. These factors boost the price as they are unique to this type of property, buyers also invest in the cache which comes with owning a penthouse.

Another reason that prices of penthouses are holding up is that these properties are very popular with families and are not usually bought by investors. This means that they are purchased as long term homes and this removes liquidity from the market sector as the new owners do not have any intention to sell.

The official definition of a penthouse actually differs from what many consider this type of property to be. According to the official definition a penthouse is a property located above the top edge of the main structure of a building and has a built area which i s smaller than that of the apartments below. However, most agencies will label any property which is situated on the top floor of an apartment building and has an open terrace as a penthouse.

Regarding the type of buyer for these properties, they will obviously be more wealthy than the average buyer due to the elevated cost of these products. According to industry insiders they are usually only after a penthouse and will not consider other types of property as they prioritise space, views and light.

What is strange, is that penthouses used to be one of the most undesirable types of property for Spaniards. This was due to the fact that they were considered to be too hot in summer and too cold in winter as well as being difficult to access in the time before lifts were invented. This led to them being used as housing quarters for maids or servants.

The situation has long since changed with lifts becoming a feature of almost every apartment block and the invention of efficient heating and air conditioning systems which have eliminated the problems of heat / cold. These evolutions have allowed the penthouse to become what it is today, a byword for exclusivity and luxury.

For a selection of penthouses for sale click below.

Penthouses For Sale
 

PARAMOUNT THEME PARK IN MURCIA APPLIES FOR PUBLIC FUNDING

The Paramount Theme Park which is planned for development in the Alhama area of the Murcia region may be granted public funds in order to move the project forward. Jesus Samper, the man behind the ambitious project, has been trying to get development underway for three years now as he struggles to raise the necessary funds.

The theme park is designed to be a rival to Disneyland Paris and those behind it believe that it will hold various key benefits over its rival. These include the climate which means that the park will enjoy almost year round sun and also transport infrastructure with the new airport at Corvera meaning that there is high potential for expansion.

17 million euros are needed for the project to finally get underway and even the Spanish central government has now got involved in the fundraising. The country's Ministry of the Economy and Competition has applied for the 17million from the European Foundation for Regional Development on behalf of the park's developer: Premursa.

The central government has therefore added its support to that of the regional government of Murcia. The regional government gave its support to the project in 2010 when it approved the 30 year lease of the land to be used for the project. The project was advertised as Murcia's main tourist attraction at this years International Tourism Exhibition in Madrid.

The application for the European Union funding is being made only in connection with the theme park itself and not for the retail and hotel complex which is set to be built along with the attraction. If it is granted, then the money will make up 8% of the total funding for the project which has an estimated completion date of between December 2015 and January 2016

The move to apply for public funding for the project has proved controversial with various representatives in the regional government of Murcia complaining that such funding should be used to support agriculture and provide relief for those affected by the drought as well as diversifying the region's economy.

Premursa expects that the Paramount theme park will attract 3 million visitors per year made up of both foreigners and Spaniards and will also create around 23,000 jobs.


For More Information About The Theme Park Click HERE



NEW DATA SHOW INCREASE IN PROPERTY PRICES AND SALES


New data shows increase in prices and sales.

Prices rose 4.5% nationally in the second quarter of 2014 2014 which is a further sign of the market stabilising. The increase was on the previous quarter and the average price of property in Spain is now 1,328/m2, up from 1,270/m2 in the first quarter, in statistics released by the Spanish Appraisals Company (Sociedad de Tasación).

However, even taking into account this rise the average price of property has now fallen 44.7% from the peak of the boom when prices stood at 2,401/m2. Year on year prices for the second quarter showed a decrease of 2.3%, but this isn't nearly as extreme as the 15% fall which was registered in June 2013.

Sales are also up in the latest data released by Spain's National Statistics Institute which show a 5.4% year on year rise for May 2014. The month saw the completion of 28,124 purchases of Spanish properties and this also represented an increase on the previous month with a 12.6% more sal es than in April.

Murcia's sale data was also strong with 936 sales during May meaning that 82 sales were completed for every 100,000 people living in the region during the month. The sales total was 5.9% up year on year and is evidence that Murcia is also enjoying the resurgence in sales that has taken place nationally over the last few months.

If you do not want to miss out on the best buys it is better to act sooner rather than later .


THIS MONTHS NEW PROPERTIES AND OFFERS

With the market picking up we have seen the release of new developments and private resales over the last month to coincide with the busy summer season.

We have below in our opinion the best buys that have been released recently and should you require more information do not hesitate to contact us at sales@chersun.com


PERALEJA GOLF 3 BED MODERN VILLA FROM 248,600 EUROS

SEMI DETACHED 3 BED VILLA WITH POOL - 90,000 EUROS DETACHED

DETACHED 3 BED VILLA IN COUNTRY LOCATION-159000 EUROS

MODERN STYLE 3 BED VILLA , VILLAMARTIN -199000 EUROS

STUNNING 2 BED TOWNHOUSE , LA TORRE GOLF - 144950 EUROS

SEAVIEW VILLAS FROM 450,000 EUROS

BEACH 2 BED PENTHOUSES FROM 110900 EUROS

DESIGN YOUR OWN VILLA ON THE STUNNING LAS COLINAS COUNTRY CLUB

If the above is not what you are looking to purchase just forward to us your wish list and budget and we will shortlist some suitable properties from our portfolio,

Contact us now at sales@chersun.com

 

ARE YOU LOOKING FOR FINANCE TO PURCHASE A PROPERTY IN SPAIN


If you are looking for finance to purchase a property in Spain we can offer you the facility to get a mortgage in principle approved from one of Spain's largest banks.

This will enable you to act quick if you wish to reserve a property and will also enable you to set your budget based on the lending amount approved.

It should be noted that the maximum amount of mortgage will be in the region of 60%-70% of the purchase price or valuation whichever is the lower.

There are also additional costs when taking out a Spanish mortgage and you should add about 15% to the purchase price if it is a resale and approximately 17% if it is a brand new property. These amounts will cover all your buying costs and taxes.

For more information on how to get a mortgage in principle contact us at sales@chersun.com

CLAIM YOUR FREE TICKETS TO VISIT CHERSUN AT THE PLACE IN THE SUN EXHIBITION IN BIRMINGHAM NECC ON THE 3RD OCTOBER - 5TH OCTOBER 2014

We are pleased to announce that we will be attending this years A Place In The Sun Exhibition at the Birmingham NECC on the 3rd October - 5th October 2014.

We are offering you FREE tickets to attend this years event .A big welcome awaits you at our stand and it will be great to meet you face to face.We will provide you with all the information and help that you require about buying a property in Spain.

CLAIM YOUR FREE TICKETS HERE

FOR MORE INFORMATION ABOUT THE SPANISH PROPERTY MARKET OR IF YOU HAVE ANY QUERIES ABOUT BUYING OR SELLING PROPERTY IN SPAIN CONTACT US AT www.chersun.com or call us on 0044 131 208 6373