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A dozen construction Navarre landed in countries from all continents with their respective projects to overcome the deep crisis facing the sector. Between them, have invested over 150 million euros, an amount that could rise three pavilions and the Kingdom Arena.

The bursting of the housing bubble in Spain in mid-2007 (then the Spanish GDP depended on this sector by 11.6% compared to 6.4% EU average, according to a study by IESE) entrained in a free fall 4,000 jobs in Navarre, and marked the end of opportunities for construction in the Navarrese until then its natural market. Of the 10,640 homes that began construction in Navarra in 2006, spent last year to 3,057, ie 7,583 less (-71.2%).

With a stagnant market, internationalization appears in this context as the only possibility for growth. At least, that they have received a dozen builders Navarre who began this journey in 2006 and have undertaken with local partners, in most cases, on all continents. When choosing a country to invest, the construction Navarre seek political stability, financial and legal security, and if possible, that language did not constitute a barrier to entry. None of the cases raise its output to foreign markets as a lifeboat to be uploaded on a temporary basis but a strategic decision in the medium and long term. In fact, several of the building and opened his delegation have sent expatriate Navarre and provide much of their revenues depend on the new countries that are now starting to venture.

Diversification of their assets abroad has led to creation of holding a hugely fragmented sector and has been forced to concentrate. These are some of the construction projects of Navarre. Further, many other and explore the rules of other markets to invest in them.



EUROPE

Romania. Navarra research in Est (consisting Cogremasa, Promotions and Eugui Antonio Erro, Sanzol buildings,and Caja Rural de Navarra) Has invested 24 million euros in the construction of 2,000 homes in a suburb of Bucharest, capital of Romania. Javier Asiáin Ansorena, architect and CEO of the company, explains that in 2007, when "no one even imagined the dimensions of the economic crisis" the sector felt that the housing market had peaked: "To continue with our business had to go out to diversify our assets. Then, in 2007, bought land in Romania to develop four different projects, "he says.

Poland. The road builders Iruña Groupand ArianPoland joined. Both companies have partnered to create the signature Aric"Good relations between Arian and Iruña Group, and the confluence of common goals allowed the establishment of an international construction company: Aric (owned 50% by the two companies in Navarre)," note from Arian. Aric has a team of 26 people and has subsidiaries in Poland, Romania, Slovakia and Panama.

Aric is building two road infrastructure in Poland with a local partner. Your budget is 30 million euros.

AMERICA

Brazil. Spain will defend his title as world champion in Brazil. The dispute in 2014 World Cup Football has become the Latin American country in the land of opportunity. The company Navarre HM General Construction Companyhas built for the Spanish company CAF, dedicated to the manufacture of railway trains, a complex of 41,000 square feet of industrial buildings and offices to accommodate the new trains for the subway in Sao Paulo.

The total investment in these warehouses, located in the city of Campinas, near Sao Paulo, was 45 million euros. In addition, the company has won navarra this work, the "Super Cap de Ouro", the highest award given in architecture in Brazil.

As indicated from the very construction, the construction of this industrial complex "has made the final leap of HM for consolidation in Brazil."

HM The company is now in the construction of the Office Tower "Building Pamplona."

Chile. Obenasa, Established in 1979 and a workforce of 465 employees, has become internationalized in Chile to develop works worth nearly 12 million euros. He has also completed other worth 661,814 euros. As explained from the construction, many of the works have to do with the country's reconstruction after the earthquake that devastated the country in February 2010. To Obenasa Chile is their first experience in internationalization. The Andean country now accounts for 3% of turnover. His forecast is to reach 35% in 2014.

In addition, Obenasa, along with Moyua group, San Sebastian, created Active 50%, to be implemented in four countries. Peru, Brazil, Colombia and Mexico. His forecast is that the end of 2011 are working between the four countries a hundred people in 2015 Activa has a turnover of 120 million euros.

AFRICA

Morocco. Morocco, the gateway to Europe, is one of the countries most builders have landed in recent years. The firm VDRworking on the construction of 350 luxury homes in Rabat, just opposite the beach of Nations. "Our forecast is 16 million euro bill, and about 20 million years," says Fernando Vidal, director general.

In this country the company is also Jesus Saves Buildings, Huarte. Have undertaken the construction of 13 homes in Tetouan and expect to finalize soon the process to build a hotel in Tangier. And Bouzkina, between Rabat and Casa Blanca, the company Samaniegoworks in the construction of a tourist project defined as "a second Venice." This development will have lakes, canals and is called Marina Bay.

Sierra Leone. Navarre is a construction company responsible for building one of the ring roads of Freetown, the capital of Sierra Leone. Eduardo explains Sanzol, president of Naxan, a consultancy specializing in Africa, investment is 20 million dollars (14.4 million euros): "There is still much to explore in Africa. The fact that a company will navarra attract other in the future. If you build housing developments, possibly cement ask your local dealer, and the same with other building materials. "

Angola. The consultant also advises Naxan Navarre another company which has undertaken a development project in Angola. The investment for this project comes to $ 9 million (6.4 million euros).

Mauritania. The firm BalatsosDedicated to metal prefabricated building modules, working in Mauritania through SNIM Society (State Society that manages the mines in Mauritania), serving a mine and another in Akjoujt Inchiri. "These endowments are composed of modular sets of offices, kitchens, bathrooms and bedrooms with a total of 5,000 m2 each," explains Rafael Rail, responsible for export of Navarre Balatsos signature, which is also found in Algiers, Morocco, Tunisia, Egyptand South American countries as Peru, Panama and Colombia.

ASIA

China. The company Arian up a neighborhood of 2,000 homes in Mailing City, Jiangsu Province, about 270 kilometers north of Shanghai. This project, aiming to some 7,000 people, and built in an area of ​​230,000 square feet represents an investment of more than 8.5 million euros.

Manuel Ayers, tells who made his first trip to China in 2004. Counted in a magazine that found that "the Asian giant was shaking the world, there was a rapid change, particularly in the housing market."


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Over the past months have been dispelled some of the dark clouds threatening the global economic recovery. While new threats have emerged as the sharp rise in oil prices following the political crisis in several Middle Eastern countries, the performance of most economic indicators in recent months indicates a greater strength. In the case of EU, we have seen a significant upturn in industrial activity and consumer confidence and even a nascent recovery in employment levels. Both tax incentives and massive liquidity injections by the Fed have played a key role in supporting economic growth. This improvement in growth prospects, which has been moderate in recent weeks, was reflected in an almost uninterrupted rise nearly five months in the stock markets.

However, in one of the pillars of U.S. economic recovery has been conspicuous by their absence.

After showing signs of stabilization and recovery during the second half of 2009 and part of 2010, the residential housing market takes about six months in decline and house prices in the U.S. have taken up the lowest observed in the first quarter of 2009.

More than a year ago in this space mentioned that the then-current recovery in the residential market could be a mirage and that the situation was still fragile. The main reason for our concern was that despite the recovery in housing prices between May and December 2009, almost a third of all homes purchased with a mortgage (almost 15 million households) had a value of below market mortgage size that was purchased. At the time mentioned in that context was very likely that many families prefer to stop paying your mortgage and allow the bank to be awarded the property before you continue making payments on a house whose value was much lower than the credit with which it was purchased. At that time we argue that more allotments would mean more sales by auction and therefore more pressure on home prices. The median home price nationally, as measured by the S & P Case-Schiller, is again 30% below its peak in mid-2007. Of the 20 metropolitan areas covered by the index, only two managed to report a growth in the last 12 months (San Diego and Washington DC). Also, there were 11 cities (Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, New York, Phoenix, Portland (OR), Seattle and Tampa) that recorded new lows.

Despite the positive signs in other sectors of the economy, there is little reason to expect a turnaround in the situation of the residential market. While there is a significant inventory of homes for sale, it is difficult to see a recovery in the prices of these. It is important to recognize that while builders are beginning to reduce its inventory of unsold new homes, this is happening amid a considerable adjustment in price levels. Additionally, despite the lack of activity in the market for new housing construction, the number of existing homes entering the inventory of homes for sale continues to grow. These are homes that are in default on their mortgages but where it is completing the legal process of adjudication and sale by creditors.

In conclusion, it is likely that in the absence of demand for house purchases and the increased supply will be necessary to observe a greater adjustment in average price nationally for balancing the housing market and lay the groundwork for a solid recovery.

 
The radical restrictions that the central government has applied to the purchase of houses seem to have made its first revenues in last February, when the aggressive real estate market showed a decline in transactions, according to reports from developers in the industry.

China Vanke, the largest real estate development agency of the country for sales, said last Friday that home sales fell nearly 70 percent year on year in February, registering 6,080 billion yuan ($ 0.930 million).

Cia. Real Estate Guangzhou R & F, which is listed on the Stock Exchange of Hong Kong, said Tuesday that its contract sales had declined by 57 percent over the previous month, while his counterpart KWG Ltd held a drop of 25 percent from January.

"This decline results from the combined action of the Spring Festival and new state policies," said Ji Feng, a researcher with China Centaline Real Estate, told the Global Times.

Ji noted that policies had been implemented with a sense of opportunity, after the State Council, the nation's cabinet, ordered cities to impose restrictions prevailed exorbitant prices for mid-February.

So far, 36 cities have adopted and are expected to be implemented in another 26.
For their part, cities such as Shanghai and Tianjin have said they will prepare their housing sales goals by the end of March.

Beijing reported sales of new homes in February 3436, for a reduction of 70 percent compared to January and a record low since 2009, according to the website of real estate transactions in Beijing.

In February, only established 239 new housing complexes in 72 large and medium cities, a reduction of inter-nearly 70 percent, while 15 cities reported a total absence of real estate, according to Shanghai Securities News.

In view of speculators, developers could cling to their land for a while, to be held for better times, when you relax a little restrictive policies and recover the market outlook.

However, observers say that the transactions in cities of second and third categories exceed those of first, due to strong demand and lower prices.
 
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The bursting of the housing bubble has moved on tiptoe in the middle of the country. At least 8 of the 17 autonomous communities. He says the price index of Housing develops quarterly by the National Statistics Institute (INE), and it is revealed that in the whole country estate setting in new home in real terms (after inflation) is virtually nil: Only 3% in the whole country. In particularIf a house cost 100 units in 2007, three years later (annual average) its value at market prices stood at 97.224 units.

The most relevant case, However, is in Andalusia, Asturias, Canarias, Castilla y León, Castilla-La Mancha, Extremadura, Galicia and Murcia, where new housing not only has not decreased in the last three years since the bursting of the housing bubble, but on the contrary, has grown. In some cases quite significant, which is even more striking. In Extremadura, 11%, in Murcia, 6%, in Galicia and Andalusia above 4%, and in Asturias and the Canary Islands around 3%, again in real terms.

INE data emphasize an open divergence between new and used housing. To the extent that existing homes have passed the 100 level in 2007 to 84 last year, representing a decrease of 16% five times in the case of new housing. In general terms, ie taking into account both new and used housing (excluding official protection) the annual average decline was 10%. That is, has gone from 100 in 2007 at 90.071 to level three years later, which highlights moderation in price declines after a period of strong expansion.

The INE uses as a source of information for the rate of house price statistics all transactions performed in all the Spanish notary. They are, therefore, prices are reported at the time in which buyers and sellers raise the document acquisition and sale deed. It is not, therefore, a poll or a work based on the appraised value of the flats, but actual data, Which increases reliability. In fact, this methodology, both in regard to source of information and calculation procedures used, is harmonized with the European Union. It is, therefore, homogeneous.

And according to these data, prices have fallen more in Catalonia (-20% in three years) than any other site-weighted average of new and used homes. Here are Navarra (-18%), Aragon (-17%) and the Community of Madrid (-15%). On the contrary, have continued to rise in Extremadura, Galicia and Murcia, precisely because the pull of new housing, whose price has continued to grow deaf the macroeconomic situation.

The attached chart, prepared by Professor Xavier Vives, Shows clearly how the adjustment in real estate in Spain has been more moderate than in other countries that have suffered bubble. While in Ireland and the UK the fall in prices since the peak has been 38% and 17%, respectively, in the Spanish case the decrease is limited (according to the Ministry of Housing and not the INE) by 13%. Vives participated in yesterday's presentation Report CESifo on the European Economy 2011, prepared by a team of seven economists from different European countries and sponsored by the BBVA Foundation.

Urban and nonurban

According to economist Julio Rodriguez, An expert on the housing market, Statistical data show the different behavior of urban and nonurban. While in the big cities the price adjustment is faster - "The market works best"- Exist in non-urban "Major assault" to bringing down the price of housing, but not sold the house for a long time.

Rodriguez, in any event highlights quality and sophistication INE survey, as it incorporates as hedonic regressions, ie compare the price of two houses or two goods of equal quality. For the index, also performed weights between existing homes and second hand, allowing make comparisons more homogeneous.

And the result in this case is striking. If at the beginning of the crisis for 46% of transactions were registered with new home notary in 2010 that percentage had grown to 54.7%. This means defying the economic laws of supply and demand, best selling houses (those showing the greatest number of transactions) are the least have fallen in price, while the lowest selling homes are those that paradoxically, have sufido biggest drop in prices.

This may be due to the INE transactions considered 'new' are actually recommendations made by developers for financial institutions to settle its debt. It is not, therefore, of new business in the strict sense, since the banks and the boxes are the houses and then sell to their customers. Julio Rodriguez, the housing market continues opacitiesIn particular in this aspect, it would have to differentiate what is a given (to cancel the loan) from a sale. And today the official statistics do not reflect this difference, which distorts the analysis of price trends.

 
Gipuzkoa was the place in Spain where prices fell more housing last year. He did so by 8.8%, well above the Spanish average (3.5%) and Basque (3.4%). Despite the cuts, is still the place with the highest prices in the state, with an average of 2,721 euros per square meter, exceeding Vizcaya (2685), Barcelona (2491) and Madrid (2465). Cheaper allowed trading market recovery. 5,839 flats were sold, 23% more than in 2009 and 10% more than in 2008. Consequently, we must go back to 2007, the last year of 'boom' property, to find a better figure. The 7,057 transactions recorded then are, however, still far from last year's activity. Are data released yesterday by the Ministry of Development, following the quarterly statistics did the defunct Ministry of Housing. The findings seem to show that owners of property in Gipuzkoa last year surrendered to the evidence and assumed that finding a buyer should be somewhat less ambitious in their financial claims. If the rest of Spain the price collapse was experienced in 2008 and, especially, in 2009, Gipuzkoa resisted and falls considerably below average. Until last year. Gipuzkoa was not only the province with the highest drop in prices. Additionally, stops short cuts that were comparable in their provinces, the highest price. Vizcaya, for example, was down only 0.3% in Álava, 1.7% and in Barcelona, ​​3.2%. Something came over cuts in Navarra (6.2%) and Madrid (5.9%). The downgrade was a result as fast as the market logic. A lower prices, more buyers and more transactions concerned. Last year, more apartments were sold in 2008 and 2009, but a more detailed analysis of transactions to discover that the increase was not widespread. The new low following the Private vendors were more likely than developers and builders to give up some of the profits in exchange for closing the sale. The data is revealing in this regard. Sales of second-hand flats rose by 64% from the 2,488 transactions recorded in 2009 to 4,093. The new housing market, however, continued its slump. Just 1,746 new apartments were sold, 22% less than 2,241 last year and just over half the 3,010 sold in 2007. Real estate industry sources note that while "the preferred particular seller lower the price and make the sale, the developers are better able to weather the storm and can afford to wait, even a couple of years to see if prices recover somewhat '. It is not the only factor that explains the continuing drop in sales of new promotions. Everyone knows that today are built much less than three years and therefore the number of signs 'for sale' is also much smaller. With the fall of last year, house prices have fallen 11% in Gipuzkoa since early 2008, when the square meter was 3,061 euros. A cut below the Spanish average, where this time the lowering was 13%, and Basque (-12.8%). Irun, Renteria, Eibar Despite this modest cut, and away to start a downward spiral, the price of apartments in Gipuzkoa rose slightly in the last quarter of 2010 compared to September, when the value of the housing market reached its lowest level in three years with 2,709 euros per square meter. In the final stretch of the year, thanks to increased sales, prices rose a slight 0.4%. Encouraging data also offer prices in cities with over 25,000 inhabitants. In the case of Gipuzkoa, Donostia more expensive area, with 4,230 euros per square meter for apartments less than two years and 3,709 for those with greater seniority. In the latter case, it remains Irun (2679), Renteria (2622) and Eibar (2244).
 
The eventual adoption of the draft Tenancy Act promoted by the ruling party, will make the eviction of tenants and discourage the market for rental housing, warned the House Inmobiliaria de Venezuela (CIV). The president of the body, Achilles Martini, said in dialogue with Notimex that the rule proposed by the United Socialist Party of Venezuela (PSUV) makes the eviction of the tenant relocation upon by the state Department of Tenancy.

"Only when the above address to get a shelter or other housing unit the person is that you can leave," said union leader.

Martini said the planned eviction procedure provides for a judicial process and a conciliation prior to the end in the hands of the government office, "which will make it worse" the situation of the owners to recover their property.

The employer also criticized the setting of a return of three to six percent and the method for calculating rents, considering that "distort" the market sector.

"The idea is that the value per square meter of land is the same anywhere in Caracas or in any city in the country, which will determine that the rents in popular areas will rise and that of the upper layers will down, "he said.

Martini warned that "regulation that will do is distort the market" and trigger prices that remain frozen for eight years, affecting the popular sectors, and proposed to revise the regulatory system.

"All controls and price regulation makes people more afraid, we do not believe that is the way to stimulate housing production, on the contrary," he said.

Considered "viable" the fixing of a discount of between 10 and 25 percent in housing prices of long standing, an amount less than a proposal that reached a peak of 40 per cent discount made by the VIC.

Martini said that in the proposed new law, the grounds for eviction as they are currently staying with the difference that the non-payment for up to leave two to four rents.

The legal project allows eviction if the landlord requires the property to take any of his relatives, is undergoing repairs, or because the tenant sublease the apartment or violates the internal regulations of the building.

Martini questioned sanctions including the possible expropriation of property for repeated breaches of law and warned that this will alienate developers and affect the supply of rental housing was reduced from 30 to six percent in recent years.

 
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The mortgage market on housing starts in 2011 to recover assets in the province, according to data from mortgage constitution prepared by the National Institute of Statistics. During the first month of the new year to 431 formed in Albacete on housing mortgages, which means 12% more loans than recorded in January 2010. These mortgages are 46 431 more than recorded in that month, and in this case the capital for which they have subscribed exceeds 50 million euros. Last year this same month, the 385 registered housing mortgages represented a total capital of about 40 million euros, according to data from the INE statistics.
The mortgage business is growing at this start of the year, not only in what he has to do with residential property. In total, including all mortgages on urban properties and rural property, 663 mortgages were granted in January, 9.4% more than the same month of 2010.
These 663 mortgages were recorded with a capital of nearly 74 million euros, while a year ago the 606 mortgages granted in the province amounted to a total capital of 61.6 million, almost 13 less.

LESS SOLAR. Statistics compiled by the INE for this month said that what they considerably reduced the number of mortgage loans made on solar, with very few cases. In January 2010 accounted for 26 mortgages, with a capital of 5.2 million euros, whereas now, at the beginning of 2011, there were only four mortgages on solar, but with a proportionally larger capital, 1.9 million euros .
Both rustic and urban properties in Albacete, banks are institutions that bring together the largest number of mortgage loans with 332 registered banks in this last January, for the 211 who registered and formed in a savings account. In addition, there are another 120 mortgage loans made on urban and rustic estates that were signed in other financial institutions.

CANCELLATIONS AND CHANGES. Also in January there were changes in a number of other mortgage loans reflects changes that provisional statistics compiled by the INE. As foreclosures in the province 635 mortgages were canceled, eight of them on rural properties, 390 homes sovereign, and no information on solar. Regarding mortgages that had changes in their conditions, there were 315 cases in Albacete, although the vast majority of them the change was by novation, and there were only three cases of changes due to the subrogation of the debtor. Of these 315 mortgages that their conditions were modified in the last month computed by the National Institute of Statistics were 174 homes that belonged to the province.

 
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fotocasa.es: Do you celebrate this year's Hall Used Housing for Individuals?
Eduardo Molet
: It has not been decided, we are still thinking. Last year we had two, one in January and another in April, and although the results were optimal for an appointment of this nature require a great deal of work.

fotocasa.es: Will it triumph of citizen initiatives and policies to be imposed in lieu of payment in foreclosure proceedings?
Eduardo Molet: I think they will not go forward. We are in a state of law to agreed conditions that can not be ignored. Moreover, if banks take out payment in kind would also be much more demanding when granting mortgages. Therefore, I do not know to what extent it should.

fotocasa.es: How are living in the area of ​​competition with the banks?
Eduardo Molet: Depends on the type of housing is more or less competition. 80% or 90% of the floors of the banks are located in peripheral areas with many foreclosures and floors are of very poor quality. In these areas the competition is brutal because the market there is absolutely stopped. However, in the inner cities and banks do not have floors.

On the other hand, we must bear in mind that competition is very tough because the banks in addition to selling floors are granting mortgages.




Prices continue to fall moderately
fotocasa.es: Could resumed tax relief for purchase of housing for all income?
Eduardo Molet: I am convinced that it will resume. Since it was abolished for most of the income is being felt far, sales have dropped considerably, but we must also take into account that many people who wanted to buy what they did last year.

I do not think it arrives in time to revisit this year, but if it is in 2011 again in 2012, with the help of the PSOE, which must be retrained, or PP, which takes on its agenda. In any case, remove the tax deduction for homeownership is no help to the sector, which is slow to sell God's help. It also creates great uncertainty in people, which as you know that the PP provides relief, it expects to buy back this tax incentive, which is very harmful to the sector.

fotocasa.es: How do prices evolve throughout 2011?
Eduardo Molet: Prices will continue falling moderately, not so much as they have done so far, but go down slowly. Nobody knows how much will fall, because it depends on many internal and external circumstances.




 
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The final presentation by the Ministry of Economy to investors contains surprises. And not minor. According to page 29 this document delivered to investors by the Treasury last week, the stock of unsold homes will be located in 2013 at about 200,000 units. The figure may still seem high, but is about Least 300,000 homes expect the buyer at the moment. Three hundred thousand homes, according to Economy, will be absorbed by the market in such a short period of time.

This means that taking into account that each year will be completed between 150,000 and 200,000 additional housing, the housing market is facing a near future 'Frantic'. Or, at least 'Promising'. Of course, if the vice president's figures Salgado match reality. The economy should absorb a total of more than 700,000 new housing units (regardless of second-hand) in just three years. A truly important figure, and clearly impossible to meet in an economic context-sensitive and low capacity to generate jobs. The variable that ultimately determines the formation of new households.

Economic data, as illustrated in the diagram-are, however, something more than optimistic. The Government suggests to investors that the housing market has been adjusting very fast. To the extent that in 2010 the number of dwellings started and completed is almost similar, which allowed reduce the stock of unsold homes. Carca 200,000 in both cases.

The reality, however, very different. The Figures from the Ministry of Public Works (P. 13) reflect, in particular, which began last year to September (latest figures closed) 91 521 flats. However, in the same period, 210,776 dwellings were completed both free and protected. That is, more than double.

The land registry data indicate also that between the third quarter of 2010 and the same period last year the sale of homes was equivalent to 454,283 units, of which 53% are new. Therefore, around 240,000 dwellings were sold, a figure very similar to the finished (just 30,000 more). This means that at this rate it would take the Spanish economy 20 years to absorb the stock of unsold homes provided that the supply of new buildings is equivalent to demand. And we must bear in mind that in a year of particularly adverse to the residential construction sector as it was 2010, initiated more than 100,000 homes (91,421 to September).

The 210,776 houses completed in the first nine months of last year in contrast to the 655,417 that were completed in 2006, which marks the peak of the housing boom. Compared to 2009, this represents a step backwards no less than 57.2%.

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In his presentation, however, economics suggests to investors that the housing adjustment is over. And for it is based on the weight of residential investment currently stands at 4.4% of GDP, a level similar to that recorded in 1995, at the end of the previous recession of the Spanish economy. The difference is, however, the stock of unsold homes, which at that time irrelevant and now stands at at least 600,000 homes. Many analysts have even this figure at about one million homes without a buyer.Only between 2007 and 2009, according to Public Works, the difference between the houses that were started and were completed, stood at 582,233 units. To this figure must be added those that came to market during that time and were built earlier. Hence, experts in the housing market are often revised upwards estimates of Economics.


 
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What state is now the housing market?

Keep in mind that at this juncture weigh many factors. The latest is the recapitalization of the savings associated with mergers, capital increases, etc.. On the other hand, is the state of the labor market where unemployment is expected to remain above 20% and the evolution of the economy which calculates a slight improvement from the third quarter of 2011.

Is there then more falls in the prices of the apartments?

The price developments will depend largely on the area where houses are located. Right now we are seeing month decline of 0.5% and 1% so far this year, representing a relatively moderate drop. While provincial capitals such as Madrid, Palencia, Santander, Jaén and Cádiz and recorded a positive trend in prices, according to the latest data for February handle. By contrast, in Ourense, Ávila, Teruel, Cáceres, Guadalajara, Pamplona, ​​Cuenca, Pontevedra, Alicante and Tarragona flats prices recorded falls of more than 3%.

What could not constrain prices anticipated a rise Euribor?

It does not have an impact in a fall in house prices because for those who are called upon is for the buyer.

A few days ago "The Economist" published that housing in Spain is overvalued by more than 40%

That statement is an atrocity. Housing in Spain has been lost since the end of 2007 by 20% and it is impossible to fall another 40% extra. This drop is too broadly. Of course there are houses, and certain areas where the floors do have to register this fall but is not widespread.

How has the purpose of the deduction for income exceeding 24,000 euros?

This tax change increased the sale of homes but not as much as expected because the length of the 24,000 euros is not the majority among the Spanish population. Curiously, in the regions where most transactions increased last year, Madrid and Basque Country, are what have kept the deduction. In addition, we noted a major boost before the summer as a result of the VAT hike. In any case, we can not believe the change will be a drought of operations in 2011 as a deduction is not a decisive factor for the demand. Many experts advocate eliminating this assistance because in their view, encouraging speculation and price artificially more expensive homes. In the end what determines the purchase is the present and future financial situation of individuals.

When will the housing market stability?

The normalization property is a slow process but in any case I think it is prolonged over a period of 15 years as some reports suggest. This estimate is an outrage and I think we could see stability in a period of 3 to 5 years. Respect to the business, the promoters are going to analyze all the variables before developing a promotion, the risks will be reduced and greater priority given to other businesses rather than the estate.

What future do you see the brick Spanish?

The immediate future goes through a cleaning companies in the sector, both as developers and real estate construction. At the time of boom companies sprang up like mushrooms in the business. So the industry is characterized by a deep professional with adjusted price. Things will be providing more quality and value. For example, providing turnkey homes, furnishing the apartments, with high quality materials, providing automation ...

The housing deduction is not a decisive factor for the demand. Many experts advocate eliminating and that in his opinion, encouraged speculation and artificially more expensive price. In the end what determines the purchase is the present and future financial situation of individuals And in terms of purchases? Development reported Monday that 491,000 homes were sold in 2010, 5.9% more.

We believe that the trend will continue upward and we believe that the transactions will be placed on the average of 400,000 homes this year.

What advice would you give to an individual who wants to buy an apartment and another who wants to sell?

The buyer will say that there are great opportunities in the market. I recommend you negotiate prices and to analyze the seller to know what your financial situation to get a better deal. And especially do not miss good opportunities because they only last three or four weeks on the market. Prices may fall a bit more but not worth the wait if the house you like. The sale price is an issue and houses that are lowered by 20% sold. My recommendation is to announce his house to publicize the content property.

How can you reduce stock unsold floor?

Betting on marketing channels online; Holding real estate fairs in Spain and abroad, seeking new forms of expertise such as cooperatives or housing for singles, etc.

How does the role of banking?

The role of institutions is crucial in terms of mortgage financing because it can not close the transactions. Although it is developing a restructuring process, the entities can not discriminate between the houses that they own and which are not yours. Must have a fair credit and banker must also adapt their products to new market.


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