SPANISH PROPERTY SHOWCASED IN LONDON EXPO
A delegation comprising ten or so Spanish property developers and real estate departments of financial entities showcased a sample of the properties available at a technical open-day in London to promote Spanish real estate in the United Kingdom.
The event was organised by the Ministry of Public Works in collaboration with the Spanish Institute for Foreign Trade (Spanish acronym: ICEX) and held within the framework of the Property Investor Show & OPP Live 2011, one of the main real estate events held in the United Kingdom.
The State Secretary for Housing, Beatriz Corredor, who accompanied the Spanish business leaders, took part in the open-day, explaining the situation of the property market in Spain, price trends, the residential stock available and the legislative reforms implemented by the Spanish Government.
The objective of the open-day was to put Spanish companies in contact with professionals operating in the sector in the United Kingdom and enhance the collective nature of the Spanish offer. The aim, explained Beatriz Corredor, "is to recover communication, distribution and commercialisation channels lost during the crisis with the main emitting markets interested in the Spanish real estate sector, principally in the holiday segment, which makes up one third of the overall real estate offer in Spain".
The prices of property in Spain have dropped by 17% on average and 22% in real terms since they peaked, but in some areas, particularly with the greatest demand as holiday homes, prices have dropped by over 30%, and even by 50% in some cases. The stock of properties available, which began to drop in 2010, amounts to 687,000 properties in total, 61% of which are on the Mediterranean coast and Spanish islands.
Furthermore, the Government of Spain has approved a VAT reduction for the acquisition of new homes until 31 December 2011 from a rate of 8% to 4%. New measures have also recently been approved to strengthen transparency, guarantees and legal security in the Spanish real estate sector.
Beatriz Corredor then went on to highlight that public information with universal access has been increased on the housing situation available from the Land Registry. Furthermore, this information can be obtained, as from July, in English, thanks to an agreement between the Ministry of Public Works and the Association of Registrars.
"All of this, together with the competitive benefits that characterise Spain, such as safety, geographic proximity, good climate, quality of life, high quality public services across the board and a completely modernised transport network, make Spain an ideal destination for investment", she pointed out.
According to the latest figures, British citizens are the leading foreign purchasers of Spanish property in Spain, amassing 23.4% of all purchases made in 2010 by foreigners and around one million British citizens live in Spain for all or part of the year. Furthermore, 9.47 million British tourists visited Spain in the first eight months of 2011, 8.8% up on the same period of 2010.
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