123 Property News

House prices in Spain up 121% since 1997

According to statistics published in "The Economist" recently, house prices in Spain have risen more rapidly than in any other industrialised economy ­ by an incredible 121% over the last seven years. The only exception to Spain’s lead in this price hike was Ireland, where the average cost of houses has increased by a staggering 174% in the same time period. Behind Spain comes the UK ­ up 116%, Australia ­ up 113%, and then dropping to a comparatively small 75% increase for Holland, which finds itself a long way behind in fifth place. At the other end of the scale comes Japan, where prices have fallen by 22%, and Germany, which has stayed the most level market, with only a 3% drop since 1997.

Over the last 12 months house prices in Spain rose by 17.3%, slightly less rapidly than in New Zealand, which saw a 22.8% rise and Australia with 17.9%, but still by far the steepest rise in Europe. According to statistics published by the Technological Institute of Building earlier last month, real estate costs in southern Spain are, on average, a staggering 1,092 euros per square metre, with some areas, such as Malaga, reaching figures of up to 2,000 per square metre for new builds.

The state of the art design of their new building was further enhanced by a stunning collection of contemporary tableaux of The Rock profile. The exhibition entitled The Last Exit was the work of Jodi Fuller. All fourteen works were commissioned especially for the event as a mark of Sovereign's long and happy professional and personal association with Gibraltar. The huge masterpieces stuck to two key themes The Rock profile and its geographical setting. Large tableaux saw the Rock in rain, sunshine, levante cloud and weathered sea storm. The geographical satellite settings of the Strait and Gibraltar's relation to the Atlantic, Mediterranean, continental Africa and Europe were almost photographic in their quality as fine oil art works.

"It was important to celebrate the new modern Gibraltar." comments Howard Bilton, Chairman of Sovereign Group, "we can only endorse fantastic changes that have taken place on the Rock both as a professional business centre and as a residential proposition. This exhibition is a fitting tribute to the forward thinking outlook that has been the key to our success here. I do believe that employees, customers and professional investors really appreciate Gibraltar as a highly effective and efficient Finance Centre".