A recent survey carried out by a firm of international estate agents into house prices near to international aiports serviced by low cost airlines has shown that property prices in an area within a fifteen kilometer radius have continued to rise despite a property slump elsewhere. This has been dubbed the “Ryanair Effect”.
Take Granada for example, in 2005 before the airport went international, the average house price in the area was 161,000 Euros. Since that time both Ryanair and Monarch have started flights into Granada airport and prices have risen by 4.3% to an average of 168,000 Euros. This compares to a typical decrease in house prices of 4.2% over the same period elsewhere.
This phenomenon is being repeated in both the Costa Azahar, situated near Castllón the northernmost province of Valencia and the Costa de La Luz, near Huelva, adjacent to the Portugese border where international airports are under construction.
An organisation called The Safe Buying Experience, SBE (www.safebuyingabroad.com) is to be launched in mid April. The SBE’s main partners (sponsor?) are major property developers, such as Taylor Woodrow de España and has the aims of providing a safe and secure buying process and a one stop reference for those seeking independent professional services such as solicitors.
Susan Marson, the CEO is assuring users of the SBE “any (Spanish) property they are interested in buying, which has been accreddited by the SBE, has the necessary licences and planning consents in place, and that the puchase contract has been checked and any abusive clauses removed…..”
Initially only new homes built by major developers will be covered by the scheme but it is planned to extend to cover other areas of the Spanish property market.
PRWEB
La Caixa and Banco Popular are designing a debt for equity swap for two of Spains largest property developers, Inmobiliaria Colonial and Martinsal Fadesa. The deals, if they come about, would leave the banks in control of Inmobiliaria Colonial and would avoid the companies becoming insolvent with detrimental consequences for the economy and employment.
Spain’s property market is likely to see many more potential insolvencies in the near future especially amongst smaller firms whose demise would have a less harmful effect on the banks.
The property market downturn seems to have worsened since the Socialists were re-elected on March the 9th, with opposition politicians accusing the government of hiding the crisis and pressurising banks to bail out another large Barcelona firm Habitat prior to the election.
The Guardian
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