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The Spanish government has announced the latest reports of new construction projects. According to the news, 20 percent fall in the construction projects is observed in the third quarter of 2010 in comparison to figures of the last year. 25 percent fall in the building projects is noticed from the last month’s records.

The number of new constructions of property in Spain was 13,377 in 2010 and about 42,490 projects were completed. The completion figure remained half of the number attained last year. 35.5 percent lesser achievement is seen from the last quarter.

Records of the last 12 months show about 69,194 projects have been started and 246,331 projects were completed. The decrease in year on year percentage of the startup projects was 31 percent and completion projects decreased by 34 percent every year.

Less number of construction ventures in the last year brought good news for the home buyers. The existing unsold homes already suffered 70 percent price cuts. More bargaining possibility for buyers will now be open.

Consultants RR de Acuna and Asociados reviewed the present situation of property in Spain and suggested that another 4 years are required to sell out the unsold 1.5 million homes in Spain.

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Spanish Property Insight has released reports on the mortgage issues of Euribor and Spain’s mortgage status. The reports states that the people buying properties in the present bad situation of Spanish real estate will need to pay more mortgage rates. This will result in further fall of prices of homes. Buyers will now bargain for lesser rates of the houses.

Euribor refers to the interest rate for repaying the mortgage amount. Serious 2.2 percent fall of Euribor is noticed from the month of November to December. The November value was 1.541 percent and the December value was 1.507 percent. About 21 percent increase has taken place from the same time in 2009. The repayment amount of Spanish mortgage worth 128,000 GBP is expected to increase 200 GBP every year for 25 years. The Euribor percentage of 0.5 percent is making the repayment value more.

This alarming rise in the mortgage rates has restricted the issuance of further mortgage to new properties available in the market for buying.

INE released reports of mortgage rates.  The home loans issued in October was 39,542. The lending came down by 24 percent on year to year basis. 25 percent fall was noticed from the September month of the same year.

The property expert Mark Stucklin noticed the lending drop for consecutive six months in a row. According to his views this tendency is not good for the Spanish real estate. The fall in mortgage lending started from July. The month of September showed about 16 percent fall. The home loans approved in October for a home was 111,368 EUR equivalent to 95,295 GBP. The amount was 12 percent less in 12 months time. Issuance of loan in September was 6.8 percent more.

Application for small amount of home loans indicates the future falling of prices of real estate.

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According to a reliable real estate firm idealista.com, Spanish real estate market is fell down as home owner are accepting the lower price offered by foreign buyers . They are selling about 20 percent less price than the general market price.

Prices of real estate have been reduced due to excessive amount of houses remaining unsold in the market. Home owners are ready to further decrease the prices. They fear that worse situations may come and the homes will not get buyers. Situations are showing bad turns in the seaside regions. Builders had built plenty of homes in beaches previously without understanding this severe times would come.

About 20 percent of the total properties in Spain are lying vacant. This score is very discouraging in comparison to other European Nations.

Spanish real estate market has enjoyed its good times in 2007. Since that year there has been considerable loss. Now further 50 percent lowering of prices are seen. The Housing Minister, Beatriz Corredor is now feeling the necessity to request the British to invest in Spanish real estate sector. His words are doing well to Spain.

Rapid price cuts are leading to the increasing signs of buying activities.

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Public Works Ministry have seen significant 14.5 percent increase in sales in the Balearic region of Spain. The figures of 2010 was definitely positive than 2009.

The previous three years was disastrous for the real estate in Spain. Only 5.9 percent year-to-year increase in sales was identified by the property experts. The value of sold homes in Balearic region surprised many people constantly dealing with property.

Government records show that about 491,000 homes were sold in 2010. The Balearic Islands named Ibiza, Menorca, Majorca and Formentera had 10,860 properties sold during this demand period.

The sales and marketing director of “Taylor Wimpey de Espana”, Ignacio Osle commented that the Majorca region in Balearic Islands showed wide yearning for homes. Majorca is the largest beach and has plenty of sporting activities. It has lovely sandy beaches, coves, architectural beauty and traditional culture. Lots of entertainment options are in store in this island.

Real estate in Spain mainly in Majorca region has always attracted British buyers. They have large interest in this part of Spanish beauty.

Foreigners are very inclined towards buying a holiday homes in Majorca region. The rates start from 143,900 Euros which is equivalent to 124,500 GBP. Mediterranean beaches always call people living in cold countries.

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Spanish press has released reports showing the Spanish real estate market in Cost Blanca region is low because of 50 percent less homes being built there.

Approvals were not given for home making in Costa Blanca region because there remained many unsold homes. The main aim is to clear out the existing homes at fast pace.

According to estimated reports of Alicante College of Technical Architect the housing projects in the last year was only 1900. The peak years had about 50,000 housing projects.

Continuous fall in price of homes is detected in Costa Blanca region because of rapid fall in home demands. The unsold homes need to be purchased to bring property growth in the area. It will take some time to restore the situation in this region.

La Verdad is Spanish newspaper publishing very unfortunate reports of Spanish real estate market. Redoven or Rafal area shows no home building projects. Only 11 homes are built in the popular Denia region in Alicante.

Alicante and Costa Blanca suffered maximum in respect to new home projects. International buyers can only bring relief to their sad condition.

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October month of 2010 did not bring lot of good news to real estate in Spain. November however, showed some positive features. Though a 20 percent increase has been observed in month to month record, 8.6 percent fall is noticed from the sales of the previous year.

28,732 homes were sold in November 2010. 15,957 homes were brand new and 16,789 homes were resold. Records of property in Spain released the above details.

Mark Stucklin is a property expert keeping complete note of the situations occurring in Spanish real estate market. He remarked that these figures showed the worst conditions of property. This absolute downtrodden situation will mark the coming of prospective season. Spain has experienced the most critical condition in real estate market.

Slight recovery was achieved in the first few months of the present year. The hype cannot be maintained because of VAT increase and continued presence of bad economic condition.

Spain will always remain a hotspot for second home buyers. British people can never show disregard to property in Spain.

Barcelona region always attracts buyers. The Spanish capital fetches 31 percent increase in home sales every year. The badly affected zones are Malaga, Murcia and Almeria.

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