New build homes “all the rage” in Spain

Construction is up across the country, Eurostat data reveals, with activity rising 4.1 per cent in June 2013 year-on-year. The stats rank Spain as the second most active country in the Eurozone.

Indeed, house builder Taylor Wimpey España reports that it has three projects now under construction on the Costa Blanca alone, with another three on the Costa del Sol and four on Mallorca.

The figures inject a note of confidence to the market after years of recession and a market left with a large volume of unsold inventory from the previous construction boom. Now, though, buyers are returning in big numbers, attracted by low prices and affordable holiday homes. And new build property, it seems, is meeting that demand.

“Our sales figures across all three regions in which we currently have developments show exactly this,” agrees Marc Pritchard, Sales Manager for the builder. “This year up to August, our total sales increased 132% in comparison with 2012 and our latest phase of the Los Arqueros Beach complex on the Costa del Sol sold out last month, 114 properties in 11 months.”

Other property development news this week:

Construction slides in Cyprus

Construction is sliding in Cyprus, according to official figures.

Data from the Cyprus Statistical Service shows the number of building permits in June 2013 was 416, a fall of 33 per cent from June 2012.

The total area covered by the authorised permits also plunged from 134,085 square metres to 63,687 square metres. Their value declined too, from just over €126 million to just over €64 million.

Source: Cyprus Property News


Off-plan sales rebound in Miami

Sales of off-plan property have rebounded in Miami, according to one broker.

More than 30 towers are now being built in South Florida, according to CondoVultures, with another 120 towers on the way. And sales of off-plan property are driving development forward. Rather than the previous deposit of 20 per cent, buyers are now willing to pay a minimum of 50 per cent of a unit price up front, as developers regain power within the market.

Source: World Property Channel