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Jan 23

Written by: International Marbella
Thursday, January 23, 2014  RssIcon

Residential property prices in the Euro Zone are recovering from the previous property crash but some areas still have more ground to cover.

International Marbella can start the new year with the exciting knowledge that home prices in the Euro Zone increased by 0.6 percent during the third quarter of 2013 compared to the previous quarter, marking the second consecutive quarterly increase, according to data released today by the EU's statistics office Eurostat. Even though the downward spiral in property prices is generally over, home prices in the euro zone are about five percent lower than their peak in the second quarter of 2008.

Property prices in Ireland and Spain - two markets hard hit by the bubble burst - increased during the third quarter by 4.1 percent and 0.8 percent, respectively.

International Marbella experiences that the Spanish property market is on a recovery path - an opinion shared by Microsoft founder Bill Gates who has purchased a 6 percent stake in the Spanish construction company Fomento de Construcciones y Contratas S.A., for 113.5 million euros ($156 million). The transaction was completed early part of November 2013. The Barcelona-based company has an infrastructure division, as well as water and waste-management operations.  The Spanish property sector is on a recovery path, some analysts believe.   

"The positive structural changes in Spain are far more evident than in other countries such as Portugal or Greece," Francisco Salvador, a Madrid-based analyst at FGA/MG Valores, told Bloomberg. "If Spain were a company, it would be a restructuring story similar to that of FCC, and investors usually like those stories.
 


Home prices in Spain increased during the third quarter for the first time since the second quarter of 2010, according to the country's National Statistics Institute. Prices increased 0.7 percent from the second quarter, standing at a positive level for the first time in 13 quarters.

The annual home price index increase five points and now stands at -7.9 percent. This is the highest rate since the third quarter of 2011.The new home price index increased five points from the previous quarter, while the index for existing homes increased more than four points.

After a busy Christmas period we look forward to a busy year 2014.......

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