Tag: region

Ministry Of Development: House Sales Return To 2008 Levels

9 June 2017 – El Mundo

After the storm always comes the calm. The same is true in the residential real estate market. During the first quarter of 2017, house sales returned to levels not seen since 2008. According to transaction statistics from the Ministry of Development, between January and March, 122,787 operations were completed, up by 18.5% compared to the same period in 2016. To find a higher figure during the first quarter of the year, we have to go back to 2008 (159,088).

Of the total number of operations, only 10,771 related to new builds, which accounted for 8.8% of the total. Meanwhile, second-hand properties (112,016) accounted for 91.2%. This data shows once again that the segment of second-hand homes is consolidating its position as the real driver of the market.

In term of protection regimes, the number of free (unsubsidised) house sales amounted to 117,477, accounting for 95.7% of the total. Meanwhile, social housing transactions amounted to 5,310 during the same period, up by 4.3%.

In terms of the data by autonomous region, increases in the number of house sales were recorded in every single one, with the exception of La Rioja, which recorded a decrease of -1.6%. The highest increases were observed in Aragón (53.5%), Asturias (32.5%), Cataluña (27.6%), Cantabria (26.6%) and Castilla-La Mancha (26.3%).

By municipality, the highest volume of transactions during the first quarter of 2017 was recorded in Madrid (9,674), Barcelona (4,657), Valencia (2,588), Sevilla (2,007), Zaragoza (1,799), Málaga (1,778), Palma de Mallorca (1,386) and Alicante (1,194).

Foreigners account for 16.8% of all purchases

In terms of the nationality of buyers, the number of transactions undertaken by foreign residents in Spain experienced a YoY increase for the 23rd consecutive quarter. Specifically, the number rose by 17.9% compared to the first quarter of 2016, totalling 19,805 sales. In total, the number of purchases made by foreigners (residents and non-residents) amounted to 20,593, in other words, 16.8% of the total.

By province, the most purchases by foreign residents were recorded in Alicante (4,539), Málaga (2,206), Barcelona (1,806), Madrid (1,581), Santa Cruz de Tenerife (1,416) and Baleares (1,254).

Original story: El Mundo

Translation: Carmel Drake

BBVA Research: RE Sector Makes “Good Start” To 2017

6 June 2017 – El Mundo

BBVA Research has given the real estate sector a “good mark” for the first quarter of 2017, following a “positive” trend in terms of sales, which accelerated the growth in prices. However, the organisation indicated that the sector showed signs of a “significant heterogeneity” by region once again, and that there was a loss of “momentum” in terms of new loans in April due to a decrease in refinancings.

That was according to the latest Real Estate Observatory for Spain report, prepared by BBVA Research, the financial entity’s research service, which acknowledges a “positive trend” in terms of house sales, given that, based on data from the Centre for Statistical Information from Notaries (CIEN), 48,695 homes were sold during the month of March.

This means, after correcting the series for seasonal variations and calendar effects (CVEC), there was a stagnation in sales with respect to the previous month, but an increase in sales (19.5%) in YoY terms. In this way, sales during the 3 months to March rose by 16.2% YoY, above the average for 2016, in large part thanks to the fact that the main determinants of demand “continued their positive tone during the first quarter of the year”, said BBVA Research.

In this sense, it highlighted that employment is continuing to evolve positively, given that the number of people registered for Social Security in April and May grew at an average MoM rate of 0.4%, above the average monthly rate recorded during the first quarter (+0.3%) (…).

Fewer new loans

Nevertheless, the report warns that new loan operations to buy a home stagnated in April, due to a sharp decline in the number of refinancings. According to data from the Bank of Spain, during the fourth month of 2017, new loans to buy a home decreased by 41.6% YoY, a reduction that actually reflects the high volume of refinancings that took place in April 2016. As such, if we exclude refinancings, the number of new loan operations remained stable with respect to the same month last year (-0.1%).

BBVA Research is “certain” that the stagnation is related to the fact that Easter fell in April this year. In fact, the sum of new operations in March and April rose by 13.1% YoY. With this, during the first four months of the year, new loans to buy a home rose by 10.6%, with respect to the same period a year earlier. Excluding refinancings, which decreased by 86% during the same period, the increase in new mortgage loans amounted to 16.5%. (…).

Heterogeneity in terms of price rises

Meanwhile, the growth in house prices accelerated during the first quarter of 2017. According to the Ministry of Development, the average house price amounted to €1,525.80/m2 during the first quarter, up by 0.7% in QoQ terms, after correcting for seasonality (CVEC), in other words, 0.2 percentage points higher than during the fourth quarter of 2016. Moreover, the YoY evolution saw an acceleration in the growth rate to 2.2% during Q1, up by 0.7 percentage points compared to the previous quarter.

In any case, BBVA Research indicates that the evolution of house prices was still “significantly heterogeneous by region” between January and March. After correcting the series for seasonality, price rises were reported in nine autonomous regions (Andalucía, Canarias, Cantabria, Cataluña, Comunidad Valenciana, Madrid, Murcia, Navarra and País Vasco), with particularly noteworthy rises in Cantabria, Navarra and País Vasco – the three regions have shown less activity in previous quarters.

By contrast, average house prices fell during the first quarter with respect to the previous quarter in all of the other autonomous regions, led by Aragón and La Rioja, which saw QoQ decreases of around -2%. (…)….whilst the price increases being recorded in the Balearic Islands, Madrid and Cataluña exceeded 10% in all three cases.

Housing permits on the rise again

Finally, the first quarter of 2017 closed with a renewed growth in construction activity. (…). The number of housing permits rose by 18.7% during Q1 2017. In this way, almost 20,000 new homes were approved during the first three months, up by 3,141 compared to the same quarter in 2016. (…) .

Original story: El Mundo

Translation: Carmel Drake

Sareb Recorded Loss Of €663M In 2016 Despite 25% Rise In Property Sales

31 March 2017 – RTVE

Sareb recorded a loss of €663 million in 2016 due to the high costs associated with the maintenance of its portfolio and the sale of its assets at a loss, despite increasing its volume of property sales by 25%.

The entity known as the bad bank highlighted the 1% increase in revenues that it recorded, to reach €3,923 million, which allowed it to reduce its debt by €2,170 million.

The entity’s main source of income last year was its portfolio of loans to property developers, whose management generated revenues of €2,846 million. Almost three-quarters of that amount came from the repayment and sale of loans, collaboration initiatives with the property developers through the Sales Promotion Plans and the sale of properties securing loans.

Finance costs amounted to €558 million

Meanwhile, in the expense caption, the company highlighted that its finance costs carried the most weight, amounting to €558 million.

During 2016, the first year of full operation with the four servicers responsible for managing the entity’s assets (Altamira, Haya, Servihabitat and Solvia), the volume of property sales rose by 25% with respect to 2015, to a total of 14,000 units, including residential assets, land and tertiary properties.

Most of Sareb’s asset sales were concentrated in Madrid, Andalucía and Cataluña

By autonomous region, Madrid, Andalucía, Cataluña and the Community of Valencia accounted for most of the bad bank’s property sales. Similarly, Sareb managed 10,500 proposals relating to the clean-up of its credit portfolio, up by 16% compared to the previous year.

Regarding its real estate business, the company recorded revenues of €1,050 million due to the “commercial dynamism” that was deployed during the first full year of operation of its servicers and to the commercial campaigns that it undertook for new builds, second-hand properties, homes on the coast, plots of land, etc.

Specifically, Sareb’s revenues from these campaigns grew by 85% to reach €220 million. Meanwhile, the number of homes put up for rent increased by 20% to 4,558 units.

Taking stock after four years

Since Sareb was launched in 2013, it has: recorded revenues of €16,864 million, reduced its portfolio by €10,806 million (21.3%); and repaid debt amounting to €9,856 million (19.4%).

Similarly, its cumulative losses during the first four years have amounted to €751 million.

Sources at the entity highlight the contribution that it has made to economic activity in Spain (€14,870 million), primarily by reducing debt, paying interest to entities that received public aid amounting to around €2,800 million and paying taxes amounting to €596 million.

In parallel, the entity explained that it has established a channel of collaboration with the public administrations in the area of social housing, which has allowed it to create a stock of 4,000 homes for social housing, and that 3,000 homes have been handed over already, and around 8,000 people have benefitted as a result.

Original story: RTVE

Translation: Carmel Drake

Ibercaja Puts 1,000 Discounted Properties Up For Sale

30 January 2017 – Expansión

The real estate portal Casaktua has launched a commercial campaign to sell a portfolio of almost 1,000 properties owned by Ibercaja with average discounts of 10%. By autonomous region, most of the assets are located in Aragón, La Rioja, Castilla y León, Castilla-La Mancha, the Community of Valencia and Cataluña, which is where Ibercaja has the greatest presence.

By type of property, the portfolio includes homes with between one and four bedrooms, which have an average surface area of 160 m2 and an average price of €64,000, having decreased from €67,200.

In terms of the non-residential assets, the portfolio contains a wide range of garages, retail premises, warehouses and storerooms.

Casaktua and Ibercaja have launched promotions on other occasions. At the end of last year, they put 1,300 homes on the market.

Original story: Expansión

Translation: Carmel Drake

Tinsa: House Prices Rose By 0.8% In Q4 2016

4 January 2017 – El Mundo

Average house prices in Spain rose by 0.8% during the fourth quarter of the year with respect to the same period in 2015, according to provisional data published in Tinsa’s IMIE Local Market Index. According to the appraisal company, the stabilisation in prices, which is in line with the YoY variation recorded during the third quarter of the year, “reflects micro-market multiples, which are evolving at different speeds”.

The index highlights that Cataluña, which saw an increase of 7.2%, the Community of Madrid (5.2%) and País Vasco (4.3%) continue to be the drivers of the housing market in Spain, followed by the Canary Islands and Andalucía, which saw price rises of 2.8% and 2%, respectively, in terms of YoY variation during Q4.

At the other end of the spectrum, the highest price decreases were recorded in the regions of Murcia (-4.8%), Castilla y León (-3.9%) and the Balearic Islands (-3.1%). Price decreases were also observed in Cantabria (-2.1%), Navarra (-1.9%), Asturias (-1.3%) and Aragón (-0.9%), which closed the year with lower prices than in Q4 2015.

According to Tinsa’s report, homes are now at least 5% more expensive than they were a year ago in up to six provinces. Barcelona (8.4%), Palencia (7.8%) and Guipúzcoa (7.4%) saw the highest price rises over the last year, followed by Málaga (with growth of 6.6%), Madrid and Almería (both of which recorded YoY rises of 5.2%).

By contrast, the provinces of Huelva and Lérida registered decreases of -6.9% and -6.5% over the last year, respectively. The provinces of Orense, León, Murcia and Valladolid are saw prices decreases of more than 4%.

Cities

By provincial capital, house prices rose significantly over the last year in San Sebastián (12.1%), Bilbao (11.6%) and Barcelona (11%), well above the increases recorded in Madrid, Málaga and Palencia, where average prices rose by 6.3%, 5.4% and 5% YoY, respectively.

This evolution contrasts with that recorded by the group of 29 capitals where average prices are lower than they were a year ago, led by León (-11.1%), Murcia (-7.3%), Valladolid (-6.6%) and Lugo (-6.2%).

Tinsa’s detailed analysis of the residential market in Spain’s five largest provincial capitals reveals significant price increases in certain districts of Barcelona, Madrid and Valencia. That was the case in the neighbourhoods of Gràcia and Eixample in Barcelona, where the average price of finished homes rose by 16.5% and 15.1% YoY, respectively.

In Madrid, the highest price rises were concentrated in the areas of Hortaleza (13.4%), Centro (11.9%) and Tetuán (11.4%). (…).

The Barcelona district of Sarriá-Sant Gervasi continued to be the most expensive neighbourhood of the five large capitals analysed, at €3,901/m2, followed by Les Corts (€3,716/m2). In the capital, the neighbourhood of Salamanca, with an average price of €3,645/m2 exceeded prices in Chamberí (€3,562/m2), which saw the highest price rises in the city last quarter.

Rate of sales

According to Tinsa, average sales periods (…) have decreased below 10 months for the first time since this indicator was first compiled in Q2 2015, to 9.9 months across Spain. (…).

Original story: El Mundo

Translation: Carmel Drake

Cifuentes Presents New Land Act For Community Of Madrid

25 October 2016 – Expansión

Yesterday, the President of the Community of Madrid, Cristina Cifuentes (pictured above), submitted the draft bill for the new Law governing Urban Planning and Land in the Community of Madrid, an initiative long demanded by the Madrilenian real estate sector. The bill aims to clarify and organise the management of urban planning in the region, whereby replacing the existing regional Land Act, which dates back to 2001.

During its 15 years of life, the existing text has been partially modified 15 times, which, as the Ministry of the Environment, Local Administration and Land Planning itself admits, has ended up making it “difficult to understand and interpret”.

“Circumstances have changed considerably over the last 15 years and so the content of the Land Act has been completely distorted”, acknowledged Cifuentes yesterday during the presentation of the new draft bill. “This new law has been put together as a single piece of legislation to give coherence to the urban planning rules”, she added.

The regional Government plans to submit the Draft Bill to the Assembly before the end of the year and, according to Cifuentes, it hopes to obtain “the maximum consensus and support possible”. It is something that seems almost impossible, taking into account that eight months ago both the PSOE and Podemos left the technical and political tables that have been managing the text presented yesterday.

This was not helped either by the fact that Ciudadanos decided to put “an end” to these working tables in a unilateral way “to look for a new consensus”, according to an announcement last week from its spokesman in the Assembly, Ignacio Aguado. The orange party’s idea is to look for maximum political support to approve the law, and so it is advocating that the work of these tables be transferred to the specific report about the Land Act, which already exists in the Assembly.

“We want a Law that represents the consensus of all of the political groups and not another piece of steam roller legislation from the PP”, said Aguado. “Ciudadanos is going to fight to ensure that there is real citizen participation and genuine transparency in the way that urban plans are prepared. We want to put an end to the current opacity”, said the spokesman. (…).

New elements

In addition to the goal of making urban planning “more agile and transparent”, the Draft Bill presented yesterday by Cifuentes includes some important innovations. The most notable is its commitment to urban renovation and regeneration, compared with the model of expansionist urban planning under the previous legislation.

In this sense, one of the most innovative aspects is the fact that cities in the region will have the opportunity to undertake the renovation of large areas without the need to modify their General Plans. (…).

The new text retains the categories of urban land – buildable and non-buildable, but eliminates the category of unsectorised buildable land, which becomes non-buildable common land. Nothing can be built on this kind of land, under any circumstances, unless its classification is changed in the general plan upon request by the town halls themselves. “The aim is to achieve a more sustainable urban planning approach that avoids unnecessary urban planning developments”, say sources at the Ministry.

Other novelties include the creation of a Simplified General Urban Plan, designed for towns with fewer than 5,000 inhabitants and budgets of less than €6 million. Those towns may choose to adopt this framework, which is more flexible and agile than an ordinary plan, provided that the work focuses on historical centres and does not include any new developments. This framework may be applied to almost half of the 179 municipalities in the region.

Original story: Expansión (byLuis M. De Ciria and Carlota G. Velloso)

Translation: Carmel Drake

Fotocasa: Rental Housing Prices Rose by 1% In May

29 June 2016 – El Economista

The average price of rental housing in Spain rose by 1% in May, to €7.36/m2/month, placing rental prices at levels not seen since October 2012 (€7.38), according to the latest data from the real estate portal Fotocasa.

In YoY terms, rental prices rose by 5% in May, the steepest increase since January 2006, when fotocasa.es began to compile these statistics.

The monthly increase in rental home prices recorded in May continues the trend recorded during 2015, the year when rental prices began their recovery after eight years of widespread decreases.

In monthly terms, rental prices increased in 15 autonomous regions in May, meanwhile, in YoY terms, they rose in every Spanish region.

“The rental market is slowly gaining ground in Spain. Despite the re-opening of the credit tap and the marked decrease in prices, there is still a very significant segment of the population that cannot afford to buy a home and is therefore forced to rent. Higher demand, together with the high returns that this market offers, are causing a widespread recovery in prices across the country”, explained the Head of Research at fotocasa.es, Beatriz Toribio.

Since rental prices peaked in May 2007 (at €10.12/m2/month), they have recorded a cumulated decrease of -27.2%. In this sense, four autonomous regions have recorded price decreases of more than 30% since their maximums five years ago.

Aragón is the region where residential rental prices have decreased by the most (by -40.2%), followed by Castilla-La Mancha (-35.3%), Cantabria (-34.9%) and Comunidad Valenciana (-30.3%).

Price rises in 15 autonomous regions

By autonomous region, price rises were recorded in 15 regions in May, with the increases ranging from 3.9% in the Balearic Islands to 0.1% in Cataluña and La Rioja. Meanwhile, prices remained stable in Navarra and fell by -0.1% in Aragón.

In terms of the price ranking, Madrid (€10.29/m2/month) replaced the País Vasco (€10.18) and Cataluña (€10.23) as the most expensive region to rent a home. At the opposite end of the spectrum, Extremadura (€4.53/m2/month) and Castilla-La Mancha (€4.69/m2/month) are the two regions were rental prices are most affordable.

Original story: El Economista

Translation: Carmel Drake

Tinsa: Holiday Home Prices Rises Spread Along The Coast

15 June 2016 – El Mundo

Holiday home price increases have spread to more than twice the number of municipalities that they were seen in last year, with the Costa del Sol, Alicante, Balearic and Canary Islands enjoying the most active markets. Meanwhile, Castellón, the Cantabrian coast, Menorca and La Palma are still seeing price decreases/stabilisation. Those are the findings of the Coastal Homes 2016 report prepared by Tinsa, which shows that prices increased in 71 of the 136 municipalities analysed along the coast during Q1 2016, compared with 35 in 2015 and 4 in 2014.

The appraisal company explained that although this trend, “which is more in line with a stabilisation phase than a clear recovery” is spreading “gradually”, the coastal market is still “very heterogeneous”, given that prices in certain locations are still decreasing at an annual rate of more than 5%. The company added that the most repeated pattern is the absence of construction as well as of transactions involving land. (…).

By municipality, the towns of Teguise and Tías, in Lanzarote, recorded the highest YoY price rises during the first quarter, with increases of 17.8% and 14%, respectively, according to provisional data from Tinsa’s appraisals. They were followed by Gavà (Barcelona) and Benicarló (Castellón), both of which saw an increase of 13.2%, and Blanes (Gerona), where prices rose by 12.8%, with respect to Q1 2015.

The largest decreases were recorded in Piélagos (Cantabria), where the average price fell by 16% over the last 12 months; Antigua (Fuerteventura), down by 12.6%; and Los Alcázares (Murcia), with a decrease of 10.6%.

Price decreases of more than 50%

Similarly, the report shows that the Spanish coast accounted for a large majority of the highest price decreases during the crisis. Of the municipalities analysed, the most intense reduction since 2007 was recorded in Mataró (Barcelona), where the average price has decreased by 59.8% since the height of the boom. (…).

Stable outlook

Tinsa’s forecast for the next few months is characterised by stabilisation. Tinsa expects prices to remain stable in just over half of the regions analysed in its report and for prices to rise in just over a third of the areas. This forecast for improving prices focuses primarily along the coast of Valencia Alicante, Málaga, Palma de Mallorca, Canary Islands and San Sebastián, as well as along some stretches of the coast in Gerona, Barcelona, Cádiz and Asturias.

In terms of the supply of holiday homes, the report notes that it mostly comprises second-hand properties. The stock generated in recent years as a result of the slowdown in financing and sales is gradually being absorbed.

Moreover, Tinsa’s technical network classifies the over-supply of holiday homes as “very abundant” in just 8 of the 55 regions. These include the northern coast of Castellón; the Manga del Mar Menor; the west of Almería; the south of Barcelona; the central stretch of the Tarragona coast; the western region of Cádiz and the eastern coast of Vizcaya.

To evaluate the degree of difficulty in terms of stock absorption, Tinsa concludes that the current stock is “manageable in the short term” in 56% of the regions. This group includes the coasts of the provinces of Girona, Valencia, Huelva, Granada and San Sebastián, as well as Ibiza, Fuerteventura and Lanzarote, and most of the provinces of Alicante, Murcia and Cádiz. (…).

Original story: El Mundo

Translation: Carmel Drake

INE: Primary Residence Foreclosures Fell By 31.8% In Q1

3 June 2016 – El País

The number of foreclosures over primary residences is continuing its decline. The number of cases involving homes (secured by mortgages) being sold due to a failure to keep up with the mortgage repayments, decreased to 6,118 during the first three months of the year, which represents a 31.2% reduction compared with the same period in 2015, according to Spain’s National Institute of Statistics (INE). Taking the total number of family homes in Spain during the first quarter (18,408,300) as a benchmark, foreclosure proceedings were initiated on 0.03% of those properties during the quarter.

Whilst the crisis recedes, so too does one of its darkest sides. Two years ago, in 2014, 34,680 primary residences were handed over to the banks to settle unpaid debts. In 2015, that figure decreased for the first time by 13%. The decrease in interest rates to historical lows – they closed May in negative territory for the four month in a row and the monthly rate dropped to -0.013% – and agreements between borrowers and financial entities have helped to alleviate the drama.

Homes mortgaged in 2007 are the worst off

Borrowers who mortgaged their homes in 2007 and did so over second-hand homes have been hit the hardest. 20.4% of the foreclosures in Q1 corresponded to loans granted in that year. 15.6% related to mortgages signed in 2006 and 11.8% to loans taken out in 2008. The period comprising 2005-2008 accounted for 58.5% of all mortgage foreclosures and the highest values were reached in 2013 and 2007. During Q1, foreclosure proceedings were initiated against 0.20% and 0.19% of the mortgages granted over homes in each of those years, respectively, according to INE. 86.4% of the cases initiated during the three months to March related to second-hand homes, whilst 13.6% corresponded to new builds.

Homes owned by legal entities accounted for 17.7% of the total mortgage foreclosures. Beyond the housing market, the number of mortgage foreclosures registered over properties in general during the first quarter amounted to 19,354, which represents a 37.9% decrease with respect to the same period in 2015.

Andalucía, the most asphyxiated

The autonomous regions with the highest number of mortgage foreclosures over homes were Andalucía (3,144), Cataluña (2,113) and Valencia (2,094). And the fewest foreclosures were filed in Cantabria (43), La Rioja (54) and Navarra (61). Borrowers who took mortgages out between 2003 and 2015 in Murcia (0.25%), Andalucía (0.20%) and Valencia (0.18%) were the worst off. Meanwhile, those in the País Vasco (0.03%) and Cantabria (0.06%) suffered the least.

Original story: El Páis (by Sandra López Letón)

Translation: Carmel Drake

Servihabitat: House Prices Will Rise By 3.8% In 2016

2 June 2016 – Expansión

The increase in demand, the reactivation of investment activity and the improvement in access to mortgage financing are some of the factors behind the marked improvement in the residential market.

In its report entitled “The Residential Market in Spain”, Servihabitat, which is jointly owned by TPG and CaixaBank, says that “the positive trend experienced in house prices/values in Spain during 2015 will be consolidated this year”. The largest price rises are forecast in the Balearic Islands (+6.8%), the Community of Valencia (+4.6%), Cataluña (+4.4%) and the Community of Madrid (+4%).

The average price rise across Spain is expected to amount to 3.8%, which is 2.4 points below the figure (6.2%) forecast by Servihabitat in November. This lowering of expectations may be due to the fact that prices actually accelerated at the end of last year. In addition, “there is a certain amount of volatility because the realities of the sector are very different by area”, said Julián Cabanillas, CEO at Servihabitat.

The report predicts “that this year, the rate of growth will continue” in terms of the sale and purchase of residential properties, driven “by pressure from increased demand”. Specifically, in 2016, the number of operations is expected to grow by almost 10% YoY, which means that more than 440,000 homes will be sold in total.

The autonomous regions where sales activity is expected to increase by the most this year include: Asturias, Cataluña, País Vasco, the Community of Madrid, La Rioja and the Community of Valencia, as well as in the Canary and Balearic Islands, all of which have a forecast YoY variation of more than 10%. The only region where sales are expected to decrease is Extremadura (-0.6%). (…).

The report also forecasts YoY growth of 12.5% in terms of the number new homes that will be completed this year, to reach 50,800 units.

The volume of new build stock will continue to decrease by approximately 25%, from 492,000 homes last year to 367,500 by the end of 2016, according to the study. (…).

Boom in the rental sector

The study points out that, according to Eurostat, the rental market in Spain has grown significantly in recent years. “More than 21% of Spaniards live in a rented home, a figure that brings Spain ever closer to other European countries with more tradition in this regard. In addition, the forecast until the end of the year shows that the number of rental operations will remain stable or increase with respect to the number of sale and purchase operations, at the same time as rental prices are forecast to stabilise”

On the other hand, the company highlights that more than 17% of purchases in Spain were made by foreigners in 2015, who acquired more than 69,000 homes in total, for both residential and holiday use. “The concentration in just eight provinces is noteworthy: Alicante, Santa Cruz de Tenerife, the Balearic Islands, Málaga, Girona, Las Palmas, Murcia and Almería”, adds the report.

Original story: Expansión (by Juanma Lamet)

Translation: Carmel Drake