Young Adults Favor “Aticos” to Other Flats

Here is an interesting article from another real estate blog, Deshazte de tu Casa, about how young adults tend to favor aticos over other types of flats.

This makes sense given that this age group tends to enjoy outdoor spaces where they can relax and entertain while taking in impressive views. However, there are some things to be cautious of when looking for an atico to rent or buy – here are some recommendations:

• Make sure there are good drains to prevent any problems with humidity and leaks.
• An orientation towards the south is preferable to avoid excessive heat from sunlight, especially if you are in a climate with hot summers.
• Examine the terrace’s separation from those of the neighbors: Do you have privacy? Are there any ventilation ducts or other utilities preventing you from enjoying views or maximizing the space?
• Find out whether the terrace is private or community space for your building!

To read more, click here to read the Spanish article.

Staff Picks Mon. 29/6

Casamona flats are distinctive and hand picked by all of our staff members, so it is no surprise that we feel strongly about promoting our properties! While all our flats have characteristics that fit the “Casamona” ideals, there are some particular flats that truly define the standard of our agency. Check out our staff picks, and who knows, maybe you’ll find yourself enjoying your morning coffee on one of these terraces sometime soon…

Sylvain
Rental: XC4210 Stylish One Bedroom Apartment with a 40m2 Private Terrace in Eixample Esq. close to Universitat Metro Station

Sale: C612 Timeless and Classic 150m² Flat with a Quiet Covered Terrace in a Historic Building


John
Sale: C448 Impressive 83m² Apartment Newly Renovated with Modern Fittings near Tarragona Metro

Nicolas Vo Van
Rental: XC400 Central Flat in Eixample by Provenca Ferrocarril Station, Internet included

Amelia
Sale: C611 Beautifully Designed 104m2 Flat in a Historic Building with Details by Catalan Architect Puig i Cadafalc

Sale: A413 Amazing 125m2 Flat with Wooden Beams and 2 Small Balconies Close to the Metro Station Parallel


Sale: A343 Gorgeously Renovated 70m2 Flat with Elevator and Balcony in Eixample Dret

Spanish first time buyers have to part with 86pc of income

Thanks to high property prices and miserable salaries, buying a home has been prohibitively expensive for Spanish first time buyers for the best part of the last decade. Now that the Spanish property boom has turned to bust, and house prices are coming down, you would think that buying a home is becoming a lot more affordable for first time buyers.

Well, you’d be wrong. Housing affordability has improved a bit, but buyers in the 18 to 34 age group still have to spend on average 86% of their annual income to finance the purchase of a home, according to the Observatorio Joven de Vivienda, a body that monitors housing accessibility for young people. Lower interest rates and property prices have only improved affordability for young people by 2% since the last quarter of 2008.

So, even taking into account the small improvement in affordability, young people living in Spain still need to earn triple the average salary for their age group if they are to afford a home without taking on an unreasonable level of debt, says the Observatorio Joven de Vivienda.


Sourge: Spanish Property Insight Blog

Foreigners buying holiday homes in Spain

There was an article yesterday in the local papers discussing the latest figures from the Ministry of Housing for foreigners buying property in Spain. I wrote about these figures the day before, noting that just 484 holiday homes were sold to foreign buyers in the first quarter of the year. But this article says that 5,036 were sold. Why the difference?

I’ll explain, but first let’s have a look at the data from the Ministry of Housing. The following table compares sales to foreigners in the first quarter of 2008 with the first quarter of 2009. Under the heading ‘Resident in Spain’ are purchases by foreigners officially resident in Spain. Under the heading ‘Non-resident in Spain’ are purchases by foreigners living elsewhere.

To my mind, foreigners living elsewhere (484) are buying holiday homes, whilst foreigns living in Spain (5,036) are most likely buying main homes, not holiday homes. That explains the difference.

Furthermore, I assume that a big chunk of foreign residents buy homes are actually economic migrants, not Britons and other Europeans relocating or retiring to Spain for the better quality of life.

That said, I do accept that some or many of those 5,036 resident foreign buyers will be Britons and other Europeans buying property in Spain.

Whatever the case, the data shows that sales to both groups of foreigners are down much more than the overall market, which ‘only’ fell 33% in the first quarter.

Sourge: Spanish Property Insight Blog