PROPERTY SEARCH

Date Published: 08/04/2021

ARCHIVED - Property sales and mortgage activity up in Murcia as the Costa Cálida bucks the national trend

ARCHIVED ARTICLE

The national figures show that mortgage activity is falling while sales figures remain steady

The latest monthly bulletin published on Wednesday by Spain’s property registrars reports that during February the number of residential property sales and purchases registered in the Region of Murcia rose by a healthy 10.6 per cent in comparison with the same month in 2020, while at the same time the number of mortgages registered on properties changing hands increased by 8.6 per cent.

This is in marked contrast to the country as a whole, where during February the number of residential property sales and purchases registered fell by 3.7 per cent to 42,028, although at the same time the number of mortgages registered on properties changing hands dropped by a far more significant 12.8 per cent to 29,868.

The minimal decrease in sales appears to indicate that the immediate effect of the coronavirus on the market is now over – last spring falls of over 50 per cent in sales figures were observed - as the comparative data in February last year still refer to the period prior to the introduction of a national state of emergency in mid-March 2020. However, while sales figures are largely at the same level as a year ago, the reliance on mortgage financing has dropped significantly, possibly due to a far lower level of job security among purchasers and a resulting loss of willingness on the part of lending banks to offer advantageous terms.

At the same time, though, it is worth pointing out that while these generalizations might be true for the country as a whole, there is considerable variation in the February figures among the 17 regions of Spain. Among the eight regions in which fewer sales were registered this February the most significant decreases are reported in the Balearic and Canary Islands (-18.2 per cent and -14.6 per cent respectively) and the Comunidad Valenciana (-12.6 per cent), but on the other hand double-digit increases were reported in Asturias (16 per cent), La Rioja (13.,7 per cent), the Basque Country (12.9 per cent), Murcia (10.6 per cent) and Navarra (10.8 per cent)

Similarly, the figures for mortgages on residential property also present very different scenarios in different regions. In this case, there were year-on-year increases in only 5 regions, although these included a rise of 69 per cent in La Rioja, while on the downside the sharpest decreases are seen in Aragón (-30.2 per cent), Catalunya (-21.8 per cent), Madrid (-17.1 per cent) and the Canaries (-16.8 per cent). The registrars report that the percentage of purchases financed by mortgage loans has been falling steadily since the start of the pandemic emergency, the only exception having occurred in September.

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PALS Solicitor for the most trusted tax, conveyancing and inheritance advice in the Costa Cálida

PALS Solicitor Costa Calida Murcia Multi-lingual staff provide help for both residents and non-residents at the offices in Puerto de Mazarrón and La Manga

With over 20 years of experience in helping both residents and non-residents in the Costa Cálida with all of their conveyancing, tax, inheritance and family law needs, the team at PALS Solicitor have become one of the most trusted and reliable in the Region of Murcia.

The multi-lingual staff at the offices in Puerto de Mazarrón and La Manga del Mar Menor bring a wealth of knowledge and the wisdom which can only be gained through years of experience to the task of assisting you in a precise, efficient, measured and friendly manner, whether it is in managing your tax burden, completing the sale or purchase of a property, ensuring that you have a valid will to cover your assets in Spain or any other of the numerous obstacles and hurdles that living in Spain sometimes seems to entail.

The vision of PALS (Professional and Legal Solutions) is to offer the most inclusive tax and law services in Murcia, always providing clear and affordable advice in order to take the hassle out of what could otherwise be daunting paperwork and bureaucracy. The languages spoken by the experts at PALS include not only Spanish and English but also French, German, Dutch and Swedish, making them accessible to the vast majority of non-Spaniards with interests in the Costa Cálida.

The main services offered include the following:

Property law and conveyancing

PALS have dealt with countless property sales and purchases over the years, but their services regarding property are not limited to the conveyancing side. They can also help in finding the right property, arranging finance‚ securing an NIE number, opening a Spanish bank account, ensuring Due Diligence, overcoming the potential difficulties after Brexit (such as the requirement for British nationals to obtain a military permit if buying certain properties in the Costa Cálida!) and even helping to organize repairs and refurbishments once the property is yours!

And in completing transactions, PALS accompany you to the notary to check the deeds before signing, make all the arrangements for tax obligations to be correctly met, and register the deeds with Land Registry.

The team also have experience in dealing with the controversial mortgage rate “floor clauses” which were included in many loan conditions in the past, protecting clients’ interests against lending banks.

In addition, if you plan to rent out your Spanish home it is vital to make sure you do so legally, and again PALS can help you to put everything in place quickly, easily and with the minimum hassle.

Tax and Accounting

Taxation in Spain can be a complex topic, and at a time when the current Spanish tax system is regularly subject to review on issues surrounding Brexit, globalisation, and even the popularity of cryptocurrency, it is especially important to make sure that your affairs are up to date with the latest requirements.

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Inheritance and Wills

Arranging a will and inheritance for your estate in Spain is of the utmost importance, but many people fail to make proper provision for the distribution of their assets.

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Power of Attorney Service/Representation

If you plan to be absent from Spain for long periods, of if you simply want to do away with much of the stress of buying and owning property in Spain, why not let PALS help you?

Many clients take advantage of PALS’ "Power of Attorney," allowing them represent their interests.

Other legal advice

PALS also provide a wide variety of legal, accounting, fiscal and labour relation services including but not limited to General Contracting, Family Law, Evictions, Traffic Matters and Monetary Claims.

All of the above services are tailored to the needs of each individual client: contact PALS now and make an appointment to discuss how they can help you to enjoy your property and your life in Spain!

Main office : Avda. Doctor Meca, 107
Local 3 Puerto de Mazarrón
Murcia 30860 - España

E-mail: info-mazarron@palsolicitor.com
Direct Line (00 34) 968 595 826
Fax (00 34) 968 595 827

Second Office : Gran Vía, MM, 49 (OPPOSITE Exit 12) 30380 La Manga
Cartagena - España

E-mail: info-lamanga@palsolicitor.com
Direct Line (00 34) 968 175 552
Fax (00 34) 968 175 551