Alicanteos

Simed (Salon Inmobiliario del Mediterraneo – Mediterranean Real Estate Exhibition ) is since 2004 the annual meeting of professional and people interest in the residential real estate market in the south of Europe.
The exhibition offers business opportunity for sellers and buyers the last editions generated a turn over higher than 125 millions Euro from direct home and land sales. Majors developers will be at the SiMed making special special offers, if you are interested the SiMed takes place in Malaga from October 3rd to October 7th details at http://www.simedmalaga.com/.

SiMed 2006

17000 m2 of gross exhibition space
9500 m2 of net exhibition space
120 first class exhibiting companies
25000 visits
16000 visitis by accredited professionals
Presence of 17 countries and 43 Spanish provinces
212 accredited journalists
183 different media

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A new Land Act came into effect on 1st July 2007 replacing the old Land System and Valuation act 6/1998. There is an interesting article about the new Land Act on Mondaq.com , the article says that the new act purpose are:

Preserve landscape and environmental character
Curb property speculation and rising house prices
Stop excessive development

This is indeed good news they are at least 6 noteworthy novelty :

1 – Rights of all citizens are specifically regulated

2 – A requirement that 30 % of new residential land be set aside publicly protected housing

3 – All planning instruments and agreements must undergo a public information procedure before being approved.

4 – Change in the zoning of land

5 – Expectations not to be applied in the valuation of land.

6 – A requirement that new developments allocate to the public stock of land a percentage ranging between 5% and 15% of the land

More details on Mondaq

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According to Enrique Llopis, Honourary President of the Alicante Real Estate Agents College, 300 estate agencies ceased trading in Alicante in the first seven months of 2007. This is quite a number. The numbers of agencies in trouble is estimated at 3000.
The most vulnerable agencies are the smaller and newer companies.

Prices are stable on resale properties but as I said in an earlier post , the time to sell a property is getting longer about 120 days. They are also less buyers at this period new mortgages over the first six months are down by 2.85%, that the first reduction in six years.

Technorati Tags: spain, property, market, mortgages

According to the Red de Expertos Inmobiliarios (REI) 30 % of real estate agency in Spain could close their business in 2007 if they don’t adapt their marketing approach, The sector has to face a reduction in the numbers of properties to sales.

The numbers of transaction decrease and the time to sell a properties increase , it averages 120 days for the moment.

September should be a key month to observe the trend , let see what happens.

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