VIEWS: 7 PAGES: 1 CATEGORY: Business POSTED ON: 9/17/2012
says that the prices in these kinds of area have dropped 10 till 15 percent in the last 3 many years.
Significant Decline On Madrid Real Estate Price The National Statistics Institute or INE has described that the prices of Madrid Real Estate have fallen around 14.4% in this 2nd quarter of 2012 if it is in contrast with the fact in 2011 in the same period of time. Because the statistic was published by INE in 2008, this percentage becomes the biggest decline. In contrast with the first quarter of 2012, the reduction of the prices is two points higher. Nevertheless, this reduction doesn't occur in Madrid only, but also some places in Spain such as Catalonia, Basque nation, Aragon, Balearic Islands, and Navarra. Some economic specialists argue that this phenomenon is the twin impact of global monetary crisis. Besides, euro zone debt crunch will take apart in this circumstances as well. Spanish real estate is hard to be sold. Some properties which are not selling are those in the outside of cities. Those properties are extremely difficult to sell. Similar to those properties, properties in coastal resort areas don't attract the customers either. Mr. Casas as an expert in higher-end residential market in Madrid says that the prices in these kinds of area have dropped 10 till 15 percent in the last 3 many years. In general, prices of properties in Spain drop 30 percent or even more. Mr. Casas also says that some buyers are arriving from other countries such as Mexico, Russia, and Venezuela. Only few buyers are from the United States. However, there are many Spaniards who buy properties in Madrid as well. Every buyer has his or her own intention in purchasing the properties. Some of them determine to buy them as property investment Spain. They notice that properties are beneficial monetaryly. Therefore, they can gain profit by eventually selling. The other folks would like to buy the property for their children attending a university in Madrid. It is more beneficial to buy a property instead of rent it because they can sell it when their children have graduated. nOt directly, it can be said as an investment. Before getting Madrid Real Estate, it is well-recommended employing a lawyer in advance. The buyers only need to pay the lawyer no less than $1,000. The lawyer has understood any requirement associated to spanish law. At the closing, a notary will be required to make sure that the property has been transferred based on the law in Madrid. Buyers from another nation can apply for a mortgage in a spanish bank. However, they have to know that more cautions from the bank will be transported out due to economic crisis. Before 2008, almost all domestic and foreign mortgage applicants were offered some types of financing. Nowadays, only 20 percent of applicants will receive the financing. In this case, those who have been living in Spain for long time will have a wider opportunity to get financing. Besides the price and fee for the lawyer, the buyers have to consider about tax. If they want to be bothered with difficult needs in purchasing a property, they can choose to contact an agent which provides brief or long-term leases. It becomes a good selection for those who want to stay in Madrid for a period of time of time for instance for students or professionals. Madrid Real Estate
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