Marbella and Torremolinos complete the ‘top 5’ with the highest average income per capita and Almáchar repeats as the poorest town Rincon de la Victoria is no longer the richest municipality in the province. The title has been taken from Benahavis after a real sprint: it has increased its average gross income by 10% in just one year, reaching 28,428 euros per capita. It thus becomes the seventh richest municipality in Andalusia, while at the national level occupies the 172 position of the ranking. This is revealed by the ‘Statistic of the IRPF declarations by municipalities’ for 2015, prepared by the Tax Agency (AEAT), which places Rincón de la Victoria in second place in the provincial ranking with an average gross income of 27,003 euros per inhabitant . Málaga repeats in third place with 24,463 euros and Marbella (24,182 euros) advances to Alhaurín de la Torre (24,066 euros); so that they come to occupy the fourth and fifth position respectively. The report only includes municipalities with more than 1,000 inhabitants.
The gross average income of the province is 22,175 euros, which represents a year-on-year increase of 3.2%. The average income available is 18,695 euros. In the Andalusian ranking, Málaga is the third one with greater income declared by its inhabitants to the AEAT, behind Seville (23,267) and Cadiz (22,455). The average Andalusian gross income is 21,392 euros, the second lowest in the country after Extremadura.
According to Exceltur data, in 2016 the tourist sector generated revenues 125,000 million euros. A figure much higher than that registered by Saudi Arabia that stayed in the 83,000 million by the oil.
It has always been in the imagination of the Spaniards that any other Western country is better and that another production model is always more successful than the one installed in our country. A feeling that takes wings when the comparison is with other states of the European Union such as Germany, France or UK and that magnifies when we look towards the Persian Gulf. Saudi Arabia lives on oil and its status as the world’s largest oil exporter. Spain, on the other hand, lives on tourism as its main destination and its income. Two countries, two economies and two totally different market models with conflicting results.
Historically, oil has been synonymous with wealth in abundance and prosperous industry envied by own and strangers. As counterpoint, today, a part of Spanish society that sees with good eyes the accrued by the black gold business, mortifies the industry turned in tourism, with altercations in the streets shouting “tourists out” with the Aim to expel the outsiders who cram the main cities of the country while leaving an enviable economic trail.
In 2016, Spain added, according to Exceltur, 125,000 million euros for tourism, while Saudi Arabia was 83.862 million euros (329,000 million dollars) corresponding to oil revenues, which is equivalent to 62% of the total Of income in the Arab country. The injection in petrodollars has fallen 26% compared to 2015 and 64% since 2014. In other words, Spain enters almost 50% more by tourism than Saudi Arabia for oil.
Exceltur’s 2016 outlook for tourism outlook points to the exceptional figures achieved last year. On the one hand, “tourist GDP accelerated its growth to 4.9%, which means an increase of 6,414 million euros in activity to reach 125,000 million, which allows the share of tourism in the Spanish economy to rise to 11 , 2% of GDP “. On the other hand, “tourism generated 80,688 new jobs in 2016, at a rate of 5.7% -the largest of the large sectors of the Spanish economy- according to Social Security data.”
A figure that has its reason for being in the number of international tourists who visited our country. In 2016, all the records of the historical series were broken with the arrival of 75.3 million tourists, which translated into an expense, by these, of more than 79.738 million euros, according to statistics of tourist movements In frontier (Frontur) and the tourist expenditure survey (Egatur) that collects the INE.
Spain, for what the data says, like it and much. Prospects for 2017 point to a new record. The figures published by INE show that between January and June of this year 36.3 million international tourists have arrived in our country, that is, almost 4 million more than in the same period of 2016. Stratospheric records that have Located to Spain in the third step of the podium of the ranking of the main tourist destinations.
In the last edition of the World Tourism Organization (UNWTO) Panorama in 2016, in 2016, Spain was the third most visited country on the planet with the arrival of 68.2 million international tourists and the third, also , By income derived from visits of foreigners with a total of 56,500 million dollars. In macroeconomic figures, that year, the National Institute of Statistics (INE) amounts to 119,011 million euros of tourism’s contribution to the Spanish economy, which represents 11.1% of GDP in 2015. In terms of employability, the tourism sector Gave employment to almost two and a half million people, or 13% of the total employed in Spain, according to EPA data for that year.
August of 2017 will take the pulse to a record year. Another one. With an airport at full capacity, a ready hotel offer and very high levels of occupancy, with a forecast of growth of 2.6% in overnight stays, according to the figures that the Junta of Andalusia managed last June. More than 400,000 passengers of 2,342 aircraft will use the Malaga-Costa del Sol airport facilities this weekend, according to the movements scheduled between last Friday and next Tuesday, August 1. Sources from the airport precinct reported that Sunday will be the day with the highest number of flights. Nothing more and nothing less than 492 devices will take off or land in Malaga, with an offer of 85,131 places. The mere contemplation of the figures show the strength of destiny and serve as a touchstone for optimism. Malaga is living this year the best tourist exercise since there are records. According to the tourism statistics report of the National Institute of Statistics, tourism has grown by 6% in the first half of the year in the capital and touches the 600,000 households, which have generated 1,144,459 overnight stays, 4.6% more than the same period Of 2016. In the absence of the final balance of July, the data handled by the Tourism area of â€‹â€‹the City of MÃ¡laga indicate that in July there has been a further increase of 6% in the number of travelers staying in hotels From the capital. Specifically, the establishments have given accommodation to about 110,000 tourists. These travelers have generated in the city some 245,000 overnight stays, 5% more. For August, the same trend is expected to continue, with increases of between 5 and 6%, both in the number of hotel stays and in the number of travelers staying. In this way, it will reach the approximately 222,000 tourists and more than 270,000 overnight stays. Thus, according to municipal forecasts, between June and September, it is expected that 475,000 tourists will be accommodated in the hotels of the city, which will generate almost one million overnight hotel stays. The average occupation in this period is expected to reach 85% and the average stay will exceed two days. The Councilor for Tourism, Julio Andrade recalls that this evolution has also reflected in the hiring. In fact, according to the Tourist Observatory of Malaga, between November and April, only in the hotel sector there has been an increase of 7.09% and already work in the hotels of the city a total of 1,390 people. These figures have been made possible by the good behavior of international markets. In fact, between January and June, a total of 356,434 foreign tourists stayed in hotels in Malaga, 14.15% more than in the same period of the previous year. These travelers generated 748,236 hotel stays, 11.68% more. And they compensate for the fall of the national market, which in the first half of the year has registered a decrease of 4%, reaching the figure of 241,862 tourists staying. These travelers generated 396,222 stays, 6.5% less than in 2016. Therefore, the Councilor for Tourism, Julio Andrade, has announced an increase in promotional actions in the domestic market. All these references make it clear that forecasts for Tourism and Planning Costa del Sol, announced at the beginning of the summer by the president of this public company (the old Board), ElÃas Bendodo, were right. According to these estimates, between June and September of this year will exceed seven million travelers. This figure represents an increase of 5.2% over the same period of 2016.
The institution says that the recovery is “consolidating” and says that the economy will grow by 3.1% in 2017 and 2.4% in 2018
Spain is one of the countries that improve on the outlook of the International Monetary Fund (IMF) and lead the financial institution to affirm that “recovery is strengthening” during the presentation today in Kuala Lumpur of the update of the Perspectives The world economy.
The review, less detailed than the study presented by the financial agency in Madrid on July 18, predicts that the Spanish economy will grow by 3.1% in 2017; And 2.4% in 2018.
These data represent a rise of 0.5% and 0.3% compared to the data announced in April in the aforementioned Perspectives of the world economy.
The IMF already recognized a few days ago that “the economic recovery of Spain is still strong, with consumption, investment and net exports contributing to a more balanced pattern of growth.”
Recommend Reduce Vulnerabilities
But he recommended that the Spanish government increase productivity to meet the economic outlook and reduce vulnerabilities, further mergers and bank reorganization, deepen economic reforms and raise VAT to lower the deficit and the “very high” public debt.
He also advised to review some expenditure items, such as pharmaceuticals, and improve the productivity of the economy in the face of an aging population.
According to the IMF, Spain’s pension system will only be viable if working life is prolonged and private pension schemes are encouraged, and warns that “the pension of a Spanish pensioner will remain well above the European average” with An annual increase of 0.25%.
In general terms, Spain, with Germany, Brazil, Canada, China, France, Italy and Mexico, form the group of economies that improves their growth data in the IMF update, confirming that recovery is strengthened and that the economy The world is on the right track, with growth forecasts of 3.5% in 2017 and 3.6% in 2018.
US Downgrades Growth Outlook
The IMF also said it has downgraded US economic growth prospects because they predict fiscal policy “will not be as expansive” as previously thought.
The world’s first economy will grow 2.1% this year and 2.1% in the following year, less than the 2.3% and 2.5% that IMF experts calculated in April.
“US growth should remain above its potential long-term growth rate over the next two years, but we have narrowed the outlook,” IMF Research Director Maurice Obstfeld said during a presentation in Malaysia broadcast on Direct online.
Obstfeld said the rebate was applied because “US tax policy seems less likely to be as expansive as we thought in April.” This impression is drawn by the IMF from the uncertainty surrounding the timing of the implementation of the measure and the nature of the measure.
The volume of joint investment of all real estate sectors expects to close the first half of the year with close to 6,000 million euros, which represents an increase of almost 70% year-on-year, according to JLL. The retail sector was the most active between January and June with 2.4 billion investment, followed by offices and hotels, hovering around 1.2 billion each. The residential monopolized 780 million with the entry of foreign investors.
The forecasts for the closing of 2017 of the real estate consultant are expected to close between 10% and 15% more than in 2016. “The market is in an excellent moment and it is expected that all business segments will improve their investment volume To 2016, leaving a real estate investment at the end of 2017 that could be between 10% and 15% higher than the previous year, “explains Borja Ortega, director of Capital Markets JLL.
The retail sector was the launching point of the investment during the first half of the year with 2.4 billion euros, up 188% year-on-year. Among the main operations is the sale of the Xanadú shopping center for more than 520 million euros.
Meanwhile, in the offices, investment exceeded 1.2 billion, which is 55% more than between January and June 2016, with 700 million investment in Madrid and 510 in Barcelona, which in six barely almost equals the whole figure from last year. Among the most talked about operations are the purchase by Merlin Properties of Torre Agbar for 142 million euros, the purchase of the Isla de Chamartín Park, for 103 million euros. And the purchase of the headquarters of Banco Popular by Hines for 90 million, is last in the City of Barcelona.
The hotel side has also had a 69% increase compared to close to 1.2 billion euros. Hotels along the Spanish coast have been the main interest of international investors.
For the residential part, the sum up to June has captured 780 million euros, which is more than double that invested in the first half of last year. This investment is due to the landing of foreign investors attracted by the profitability and the route offered by the sector. Now there is a process of consolidation and formation of large corporations from large promoters to large patrimonialists, “says the director of Capital Markets JLL.
The only drop was in the logistics sector with 400 million euros, 12.3% less than in the first half of last year. For JLL, the logistics will rebound at the end of the year and estimates an investment of 1,000 million euros the figure of 2016.
Home sales in Málaga province jumped by 19.6% in the first quarter of this year compared to the same period last year, while the month of March saw a year-on-year increase of 37%, according to National Statistics Institute (INE) figures released last week.
The hefty Q1 boost follows a 6.6% increase in sales during 2016 as a whole compared to 2015, showing an acceleration of the surge in sales. The 2,925 homes sold in the province in March of this year is the highest figure for any single month since April 2008.
Beware of property conman operating in Spain, by Mark Stücklin.
Reputable local agents warn that a fraudster is offering bargain properties in Spain to trick the unsuspecting out of their deposits. The fraudster is offering ridiculously cheap property to trick victims into handing over deposits that will never be seen again.
The fraudster is someone who used to work for a local real estate agent, then legged it to Thailand with the client database, and is now hammering the mailing list with astounding bargains that don’t exist.
Apparently so far three clients have paid him approximately €22.000 in deposits. Once he gets his hands on the money, the fraudster no longer responds.
An example of how he operates : he is hawking a villa for sale in Las Ramblas on the Costa Blanca – actual price €400.000 – as a bank repo with pool for just €99.994, which can be secured with a €10.000 deposit if you move fast and transfer him the money. Apparently the police have been informed and legal action is underway.
As reputable local agents point out : “if something looks to good to be true, it probably is.”
They also offer the following advice : Ensure the agent has an established office. | Check for AIPP membership. | Do your research. If a property is at an unbelievable price, why is it still for sale? | Do your research on the agent as well.
The Spanish property market is plagued with incompetent clowns, cowboys, and crooks. Be careful who you deal with.
from Spanish Property Insight by
71% of Spaniards think this is a “good time” to buy property, according to a new study by Solvia (a bank real estate servicer) and Kantar TNS, a research company that has developed a an index to measure investor confidence in Spanish real estate.
The index, based on a survey of 1,000 people, goes from zero (most pessimistic) to two hundred (most optimistic), and currently stands at 112, suggesting Spaniards are now reasonably optimistic about real estate as an investment. A few years ago, pessimism reigned.
Reasons cited by respondents for their positive view included the fall in prices during the crisis, the idea that property is a good investment, and a market that now offers “real opportunities.”
But when surveyed about their own financial circumstances, respondents were largely pessimistic. 61% said now is a bad moment for them to afford a property investment. Precarious employment and low savings were the main reasons given.
When asked about property prices, 35% said they thought there were rising, 43% said they were stable, and 22% said they were still falling.
Solvia has a lot of property to sell, so you could be sceptical about its agenda. But if this survey presents a fair picture of reality, then the majority of Spaniards think this is a good moment to invest in property, and a similar majority say can’t afford to.
Never before have Belgians bought so many properties in Spain. Last year, the Spanish registry offices recorded 3,243 real estate transactions with buyers from Belgium. This is nothing less than 14 times as many as ten years ago. The region that stands out is the Costa Blanca. In the region between Valencia and Alicante last year 1,260 Belgians bought an apartment or house here. After that come Andalusia and the Costa del Sol (916 transactions) – and the Canary Islands (553).
The reason Spain is so popular has different causes. Firstly, there is the price: last year the average price was 150,000 euros. “A slight increase of 5 percent compared to 2015, but still 30 percent cheaper than prices just before the 2008 crisis.
Also, the ever cheaper flights and the fact that many Belgians find Turkey too unsafe, play along.
Remarkably, the Belgians also stand out, unlike the Dutch or British: more and more buyers do this not only for themselves but also for the next generation. “1 out of 4 Belgians who buy a Spanish casa allow children, grandchildren or other relatives to decide, usually the baby boom generation, which are the ones that put the money on the table. 9 out of 10 do not even borrow for the purchase. The money doesn’t give any interest in the bank anyway. A property in Spain is seen as an investment which can be enjoyed by the whole family.
From Spanish Property Insight, by Mark Stucklin
Spain’s Golden Visa scheme, introduced in 2013, offering qualified residency in return for certain investments has brought in €2.16 billion since then, with results improving after the scheme was tweaked in 2015 to make it more attractive to foreign investors.
Under the Spanish ‘Golden Visa’ residency scheme non EU-nationals can get a qualified type of permanent residency including Schengen-area travel in return for certain types of investment, including €500,000 or more in real estate.
The scheme got off to a slow start being more bureaucratic and less attractive than similar schemes in countries like Portugal and Malta, not to mention the USA. But results improved after the Government streamlined the visa application process in July 2015, and allowed investors to include more family members. Golden Visa investment in 2016 was four times greater than in 2014.
In the three years since it was introduced 27,301 residency permits handed out to 2,236 investors and their family members, and 72% of investments were in property, with 59% of investors coming from China (714 investors) and Russia (685 investors).
Close to half of all property investments driven by Golden Visa demand has been in Barcelona (893), followed by Malaga / Costa del Sol (348), Madrid (306), and Alicante / Costa Blanca (151). My sources in the industry tell me that Chinese and Russian investors favour Barcelona, and Latin American investors (many from Venezuela) favour Madrid.
Given the housing crisis in Barcelona, with prices and rents increasing fast, I’m sure the local Government would like to see the back of the Spanish Golden Visa scheme.
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