Friday, 3rd July 2020

This Month's Magazine
Property News

Property News

Various news items of interest seen on the Spanish Press

More than 67% of all Spanish residential electric installations are faulty.
Physicist Manuel Llorente declared in Laredo that 67% of electrical installations in Spanish homes are faulty and are potentially dangerous. He warned that this rather high percentage of inadequate electrical installation is the cause of more than 6000 fires each year caused by overloading and old or defective installations.
Although the new regulation state that inspections of all buildings' electrical installations must be carried out every 10 years, it cannot be enforced on "private homes" without a Court Order. Current legislation also increased the minimum electric requirement for all new homes from 3,300 Watts to 5,750 Watts, unfortunately even this is not sufficient to cover for the usage of all the electrical appliances in a modern home today.
The Lar Group budgets and investment of 360 millions for Andalucia.
While all other companies are diversifying into hotels or commercial centres, so as not to put all their efforts into one sector which seems to have reached its limits, the Grupo Lar continues with its heavy investment policy in residential property in Andalucia.


The property boom reduces income from tourism.
In the last 6 years the number of foreign people living in their own or friends' homes has doubled and the average expenditure per person has dropped by 6% between January and June.  Last year more than 10 million tourists visiting Spain stayed in their own homes or homes bought by friends or family, practically twice as many as seven years ago. A hotel tourist spends some 30% more than one who stays in a private property. This phenomenon added to the increase in hotel accommodation and the competition from cheaper holiday locations are giving a worse recessionary impression in the hotel industry, which was forced to reduce prices in the first two weeks of August. In the last seven years, the number of foreign tourists increased from 39.5 millions to 52.4 millions, yet almost half of the increase is attributed to people who resided in free accommodation and the tendency continues. On the other hand, hotel accommodation has increased by about 150,000 beds between 1999 and 2003. "This has been the worst summer season in recent years." States Ramon Bag√≥ the president of the Grupo Serhrs, "Probably the number of tourists this year is the same or more than last year, but the hotel income is notably down."
Editors Foot Note:
We have been predicting this for some time. Back in 1999 there was a substantial shortage of hotel beds on the Costa, however an additional 150,000 beds between 1999 and 2000 hardly makes a dent when talking in terms of 52.4 million tourists.
Is it not perhaps the truth that they are counting the increased number of residents as tourists? Is it not also the case that hotel prices have gone up to such an extent that it is cheaper to buy your own holiday home or stay with friends who have bought their home on the Costa?  This is also the end of inflated tourist prices at restaurant and bars, compensated by increased spending at supermarkets.

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