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Real Property Tax Will Never Disappear

26/09/2014 – Cinco Dias

The real property tax is an agile survivor in the Spanish taxation jungle. Established in 1978, it got an ‘extraordinary’ and therefore ‘transient’ label. In 2008, the Government of Spain led by Jose Luis Rodriguez Zapatero approved its abolishment convinced by the argument that the tax opressed the medium class rather than the affluent part of the society which disposed of all sorts of tricks to dodge the payment.

However, the economic recession pushed the authorities towards reviving the contribution in 2011 and 2012. Thus, the tax increased the treshold exemption amount from €120.000 to €700.000. After the two years had passed, it was supposed to disappear.

But this has never happened. Mariano Rajoy and his Government rolled over the tax’s force twice and made it valid until 2014. If not extended to 2015, the contribution will go away. However, the chances are that the Property Tax is here to stay as the Government prepares a blueprint renewal for the following year, included in the 2015 Budget Plan.

Presently 173.505 taxpayers contribute in all regions of Spain. Some of the public administrations like Madrid can apply a 100% tax rebate. In practice, it means that the residents of the Community of Madrid do not pay the property tax.

Experts recommended that the tax be entriely abolished by the Ministry of Finance. However, the authority focused on amendments in the Personal Income Tax (PIT), the Value-Added Tax (VAT) and social contributions, leaving the question concerning the real property contribution in limbo.

On the other side, great majority of Spanish regions voted for underpining the tax for at least one year more.

The latest update reveals that each year the Goverment collects €1 billion from the property tax, which additionally helps the regions to fill-in the overall deficit. Last year, it averaged at 1.5% and it must be suppressed to 1% this year, to 0.7% in the following and to 0.3% in 2016.

Due to the 2008 abolishment, the Government was obliged to pay around €2 billion annual compensation to the Spanish regions. For this reason, earnings proceeding from the tax recovery should be returned to the State. Right now, they both keep the compensation and the collection.

 

Original article: Cinco Días (by Jaume Viñas)

Translation: AURA REE

Mortgage Approval Soars Up 29% in July

26/09/2014 – Expansion

The real estate sector in Spain is getting back to its feet. Next positive data comes from the mortgage signing area, proving that throughout the month of July, 28.8% loans more were approved by banks, totalling at 18.107 contracts.

The information has been published by the Spanish Statistics Office and it has been based on deeds sealed in prevous months.

Average mortgaged amount showed €100.866, meaning a 0.3% fall, whereas all mortgages approved during that month added up to around €1.82 billion, posting a staggering 28.5% year-on-year upsurge.

Experts remark that the 2014 data has been so far very positive due to the exceptional recovery speed taken by Spain and the fact that 2013 was pretty bad in housing terms. However, they expect major movements at the end of the year as new taxation regulations, which will be cumbersome for home vendors, is bound to come into force in 2015.

If the figures analyzed month-on-month (i.e. July over June), mortgages for home purchase increased by 5.7%, performing best in the last five years. The lent equity grew by 8.1%, representing the highest monthly score since 2010.

However, in the first seven months of 2014, the number of mortgage-tied dwellings shrank by 9.4% in comparison with the same period of time a year earlier, moreover marking an 8.2% decline in the total principal amount and a 1.3% rise in an average mortgage loan.

Most Mortgages Approved in Andalusia

By Spanish regions, in July, banks borrowed most intensively for property purchase in Andalusia (3.324 contracts), Madrid (3.247) and Catalonia (2.878).

Two regions registered less mortgages signed year-on-year in July: Castille and Leon (-11.7%) and Galicia (-0.6%), whereas the approval shot up in Asturias (+114.9%), the Canaries (+72.7%) and Cantabria (+64.8%).

In turn, most equity was lent in Madrid (€442.1 million), Catalonia (€325.5 million) and Andalusia (€281.9 million).

Interest Rate

Variable interest rate was applied on 93.8% of all July mortgages, while fixed rate on 6.2% of them. Euribor was picked the benchmark in 87% of variable rate contracts.

 

Original article: Expansión (by M. G. M.)

Translation: AURA REE

Q2: Home Sales Up 12%, Linking Two Quarters of Rise

25/09/2014 – Cinco Dias

Residential sales shot up by 12.2% in the second quarter of the year over the same period of time in 2013. This is the second consecutive quarterly increase and the best score since the second quarter of 2010.

Specifically, 91.338 dwellings changed hands from April to June 2014, while in the above mentioned last-peak quarter they hit 150.494 transactions.

The information comes from the latest report by the Ministry of Public Works that considers the data exceptionally reliable due to not being influenced by last year’s taxation revision.

After four consecutive quarters of year-on-year falls, real estate transactions bounced back by 48.5% in the first quarter of the ongoing year and it was the highest upsurge in history, marking and evoking hope for the turn in tendency.

In spite of the clear Q2 2014 rise, the number of deals still stays far behind the quarterly record established in Q2 2006, when 251.649 houses were sold, meaning 63.7% more than presently.

Unsubsidized housing sales totalled at 87.037 units, representing 95.3% of all deals, while 4.301 contracts corresponded to subsidized properties (4.7% of the total).

By dwelling type, new housing units accounted for 15.7% of all sales (14.296 operations), whereas resales represented 84.3% (77.042 deals).

Speaking of the contribution of the foreign buyers, they have been buying more for the twelfth consecutive quarter, in the second quarter purchases by them took place by 20% more often, starring at 14.952 transactions.

Altogether, residents and non-residents bought 16.154 homes, accounting for 17.7 % of the total and setting a new record high.

By Spanish provinces, foreign investors acquired most properties in Alicante (3.993), Malaga (2.222), Barcelona (1.317), Tenerife (987) and Madrid (933).

Analyzing the sales development over the last 12 months, five regions and two independent cities have performed better: the Canaries, Madrid, Catalonia, the Balearic  Islands, Navarre and Ceuta and Melilla.

 

Original article: Cinco Días (after: Efe)

Translation: AURA REE

Real Estate Empire of Amancio Ortega Valued at €4 Bn

25/09/2014 – El Confidencial

The fair market value of the property owned by Amancio Ortega exceeds €4 billion. Specifically, the investments carried out by the Pontegadea group amounts to €4.207 billion, according to the firm’s 2013 account review.

The figure posts by 25% higher than the €3.38 billion worth assigned to the real estate a year earlier. The founder of textile giant Inditex has sealed several deals during that time, such as the purchase of the Apple Store standing on the Colon street in Valencia, of the old headquarters of Banesto on the Plaza de Cataluna square in Barcelona, as well as a building in the shopping heart of Manhattan and the Devonshire House (pictured) in London.

Independent experts realized the valuation of the property held by Pontegadea Inversiones. Although specification of the exact value in line with current fair market values is not easy, the €4.2 billion volume is being compared with the stock market value of Spain’s biggest Colonial (€1.8 billion) or Merlin Properties (€1.29 billion).

Furthermore, Pontegadea invests more and more outside of the country, showing a total of €2.536 billion in 2013, by €500 million more than in 2012. Out of this amount, €1.65 billion was spent in Europe, €801 million in America and €83 million in other locations.

The real estate empire of Mr. Ortega splits among Pontegadea Inmobiliaria, Esparelle Inmobiliaria, Pontegadea Mexico, Pontegadea France, Madeleine 10, Pontegadea USA, Hills Place, Prima Cinque and Pontegadea UK. Turnover from this area brings the businessman €200 million more each year.

What is more, Amancio Ortega is weighting up floating a part of his possession.

 

Original article: El Confidencial (by Ruth Ugalde)

Translation: AURA REE

PwC Hires Former Directors of Metrovacesa & Redevco

25/09/2014 – Expansion

International professional services firm PwC (PriceWaterhouseCoopers) has just welcomed two new executives in its real estate department. Javier Hortelano and Itziar Mendizabal, prior to joing the company working as directors at Redevco and Metrovacesa respectively, have an ample and long experience in the property market of Spain.

Itziar Mendizabal is going to become the new head of strategy services before and after sealing real estate transactions. The executive have been acquiring expertise during his 10-year office at Anida, the property servicer of BBVA, and from 2007 until recently, he worked for Metrovacesa.

Javier Hortelano accedes the position of commercial real estate transaction services in the Inmobiliaria area. For many years, Mr. Hortelano has been climbing up the hierarchy ladder in Dutch property manager Redevco unitl becoming the COO on the global level. Since June 2013, he has been the president of the Spanish Association of Retail Centers and Parks.

The real estate division of PwC, led by ex-CEO of Renta Corporacion – Juan Velayos – was created two years ago. ‘We have sensed many upcoming operations on the market and we have found a gap in it for us. We were brave enough to create a specialized team and it turns out we could not position better’, he says.

Ever since, the new field was filled in with 40 employees or even 60 if the experts in legal, taxation and insurance areas taken into the calculation.

For instance, other big-name specialists from the Spanish market like Enrique Used (from Citigroup), Jose Moya (Eurohypo) and Pedro Mora (Cushman & Wakefield) joined the team, to name just few. ‘We sought first-class executives who would create an excellent team. Spain is the hottest market in the world now, with many large transactions and of significant importance in the global real estate sector’.

Among the clients of PwC one may find banks like Santander, Sabadell and Bankia, funds like Apollo, Blackstone and the Public Administration.

 

Original article: Expansión (by Rocío Ruiz)

Translation: AURA REE

The French Want to Buy Property in Spain

25/09/2014 – El Mundo 

Spain starts to see in France a leverage that may help it to raise from the real estate ashes. With a 500.000-unit housing surplus and nearby economic recovery, Madrid decided to rush to Paris with its trade show. Target: to attract the French investors.

The French rank second among the most active foregin property buyers in Spain, outrun only by the British. In 2012, the French were the third nation. The neighbors from the north are tempted by very low prices.

Throughout 2013, about 7.000 French investors purchased apartments in Spain, strenghtening their bet by 43% over the year 2012. Around 4.000 of them acquired second homes and 3.000 decided to stay for longer than for a vacation. ‘It is like France, but more sunny’, an expert says. Holiday housing experiences bonanza times among these investors.

‘Spain is one of the most desired luxury property spots. We have offices in Biarritz and every day more and more buyers come asking about properties on the Spanish coast’, says Benoît Verdet, head of the Biarritz’s branch of Emile Garcin, a company specialized in high-end real estate.

Moreover, the country is very well connected with Paris, Lyon, Marseilles and other main cities of France. Also, property values in Spain are by 35% lower and so are taxes. Finally, existing supply fails to meet huge demand and in Spain just the opposite occurs.

‘Many French people want to sell their second house in France and buy another one in Spain’, Verdet explains. Most popular destinations are the coastal areas of Barcelona, Valencia and Alicante. ‘Great majority of our clients look for a place to retire and enjoy the weather and the cuisine’, he specifies.

Prices are the key factor which convinces the French. They spend from €100.000 to €200.000 on average on the Spanish houses. Similar dwellings in Marseilles or Nice would come out at around €280.000.

France struggles to solve the problem of overpopulation, whereas Spain has got housing in excess.

Spanish developers, lawyers, CIC Iberbanco and the national Office of Tourism have prepared the road show with destination in Paris.

In the opinion of the president of the International Real Estate Federation in Spain (abbreviated to FIABCI by its name in Spanish), Ramon Riera, ‘the best time to buy were the years 2011, 2012 and a part of 2013. He assures that the property market of Spain is presently one of the most secure in Europe, once it shed the bad reputation fuelled by the bubble burst’ and subsequent crisis.

 

Original article: El Mundo ( by Raquel Villaécija)

Translation: AURA REE

Banks Reduce Number of Appraisers From 12 to 3

24/09/2014 – Cinco Dias

Strong ties between financial entities and appraisal firms, many owned by banks anyway, made Spain’s Central Bank take an action few years ago. The fact, that an arm of a bank was responsible for valuation of a property for which the bank granted a loan – widely practised during the real estate boom – or that they could dictate the discount applied on a delinquent mortgage after the bubble burst has been a clear conflict of interest for years.

However, the pressure from the side of the central authority led to reduction in the banks’ appraisers number from twelve (controlling 46.8% of the market) to a shy 4.9% share.

This is how the latest Economic Bulletin by the Bank of Spain puts the matter, basing on data gathered at the end of 2013. According to them, presently, there are three appraisal companies in the hands of banks: Sociedad Integral de Valoraciones Automatizadas (Sivasa) belonging to Banco Santander, Tasaciones Andaluzas of Unicaja and LKS Tasaciones (tasación = appraisal, translator’s note), owned by Caja Laboral.

Last year, also Global Gestión de Tasaciones (Ibercaja), Compañía de Medios y Servicios de Tasación (Cajasol later absorbed by CaixaBank) were operating on the market and closed their activity at the end of 2013.

A year earlier, Bankia had sold Tasamadrid to private equity fund Advent, since 2010 the owner of Tinsa, a huge appraisal firm held by 35 savings banks. Then, CaixaBank transferred Valoraciones y Tasaciones Hipotecarias (VTH) to Gecopinsa Tasaciones, while Banco Sabadell (that had inherited CAM Tasaciones from Bienes Mediterraneo) and Novagalicia (owning Tasaciones y Valoraciones e Galicia) decided to close their appraisal affiliates.

The objective of the Bank of Spain is to ensure maximum independence to the country’s appraising firms. Minister Luis Maria Linde forbids the directors of the firms to maintain direct contact with salesmen of the banks which hold a share in their capital.

In 2013, financial entites accounted for 71% of clients of the companies. Thus, practically one third of the total gains of 42 appraisers not held by banks proceeded from their ‘significant clients’.

Speaking of conglomeration in the sector, the Bank of Spain reports that ‘37% of all appraisals and the earnings corresponded to two major firms’ and the top five controlled 57% of the total.

 

Original article: Cinco Días (by Juande Portillo)

Translation: AURA REE

Today's House Rental Posts 5% Investment Return

Disgraced since the beginning of the financial crisis, the real estate sector in Spain has been recovering trust of investors over the last year. The property bubble burst, though, opened a door for a sustainable investment model: buy-to-let which turned out to be affordable and profitable for a private investor disposing of necessary funds.

Alvaro Alonso, director of real estate advisory firm Irea assures that, currently, this is the most interesting option for this kind of investor. Thanks to relatively low prices, the return on investment in residential assets has increased from 2% – 3% few years ago to 5%. Also, rentals make a good alternative for State bonds or equities, he says.

Now is a great time to invest in property. There are plenty of small and medium conservative investors who had deposits, fixed-income or funds and now they wish to turn to the real estate market, confirms Fernando Encinar, research director at Idealista. If you buy a home for €100.000 and rent it for €500 per month, it gives you a gross return of 6% and 5% net. It is not a high return but perfect for a cautious investor. The return doubles the State bonds, he illustrates.

The market abounds in the product, a quality one, and there is a margin to negotiate prices, above all when you pay in cash, explains Mr. Encinar. In fact, 83% of all property purchases in the first half of the year were paid in cash. The datum comes from a recent report by Tecnocasa which furthermore states that 28% of these acquisitions were done with view to renting the dwellings. This type of buyers usually opt for a 60 square meter home priced at €95.000 on average.

However, cheaper and also pretty lucrative seems to be buying a garage. As per the data compiled by Idealista, return from this investment hits 5.8% in provinces like Almeria but it falls to 4% in Barcelona and to 3% in Madrid.

Depending on size and location, retails may bring up to 11.2% profits in Cordoba and around 7% in large cities. Some of the commercial properties facing the street have not decreased the prices, remarks Miguel Fuster, investment director at CB Richard Ellis. Instead, he points at the office market as the most juicy in terms of ROI.

Analysts agree that due to decline in population, high unemployment rate, lack of financing and foreclosure oversupply, rental is the most secure option nowadays, let alone the demand for lettable property has doubled during the recession.

As the prices have gone down and they are reaching the rock bottom level, buying a property positions an investor to benefit from rise in prices. There will be no bump, but the return will be improving gradually, portends Ernesto Tarazona, land and residential executive at Knight Frank.

HOMES

Purchase of a dwelling to intend it for rent brings a 6.4% return in Lleida, 5.7% in Gran Canaria and around 5% in Huelva or Alicante. In Madrid, the ROI posts 4.3%, while in Barcelona 4.1%, informs Idealista.

GARAGES

Much cheaper, the garages give back 5.8% in Almería and 5.5% in Pamplona, Santa Cruz de Tenerife or Tarragona. In Madrid 2.9% and 4% in Barcelona.

RETAILS

Today, this is the most lucrative investment with 11.8% returns in Malaga and 7% in big Spanish cities.

Irea analysts warn that as a result of a tremendous surplus of housing, purchasing at low prices gives no guarantee for safe renting. Certainly, Madrid and Barcelona are always secure, as well as university cities like Granada, Santiago or Salamanca.

Renting requires experience, effort and skills in terms management and knowledge about the area, tenant privileges and agreement warrants, adds CBRE.

Another key choice at the moment of acquisition is the vendor. The sector strongly recommeds the offer of banks but also tells the quality of the product is not the first class.

When it comes to the property sold by developers, for the new construction homes one often has to wait for two to three years before being able to rent them.

Finally, an investor can buy from private sellers who might be additionally feeling pressure to sell before the end of the year, as from 2015 on the Government is going to raise the Personal Income Tax for home vendors, especially in case of properties acquired before 1994. The tax burden involved in a house sale can go up from 200.000 to 30.000 euros more. Thus, to sell still this year, slashing prices is inevitable.

 
Original article: Cinco Días (by Juande Portillo)
Translation: AURA REE