Archives for May 2008

May 30th, 2008

Whilst Spanish construction giants, the so-called G14, encompassing household names such as Martinsa-Fadesa, Realia and Reyal Urbis, are sobbing into their cervezas at the slowdown of their industry and plunging share values, holiday home hunters are cracking open the cava as a market slowdown forces developers to think creatively about ...

Continue reading Developers Woes Become Investment Opportunities

May 29th, 2008

Valencia’s Generalitat regional government has asked the central government in Madrid for permission to introduce regulations enabling it to sell some of the thousands of unsold properties lying empty in the region as VPO or social housing. VPO, (Vivienda de proteccion official) classed property is offered to first time buyers, or ...

Continue reading Unsold Property in Valencia Destined for Social Housing

May 28th, 2008

Two of every three foreigners who have arrived in Spain in recent years had jobs in their homelands and decided to emigrate in search of a better quality of life, says a survey released by the INE statistics institute. The 2007 edition of the National Immigrants Survey addressed that subject for ...

Continue reading Immigration in Spain

May 27th, 2008

Prices are dropping. Spain’s official property price statistics show that property prices continue to rise in Spain. However, everything points towards erroneous statistics and that the fall has begun and the downturn will continue. The average Spanish house prices rose by 3.8% last year and 0.8% during the last quarter, ...

Continue reading Scandinavians Make Sense of Spain

May 26th, 2008

Urban land prices are starting to fall in Spain as developers who are short of cash are forced to sell in order to make money. The price of land in Spain fell by 2.7 per cent to €277 per square metre in the last quarter of 2007, according to figures from ...

Continue reading Spanish Land Prices Start To Fall

May 23rd, 2008

After much criticism, and growing pressure from the European Parliament, the government of the Valencian Region has announced its intention to overhaul urban planning laws, including the infamous ‘land grab’ laws that allow developers to expropriate land from private owners. The decision to “coordinate all the town planning laws and satisfy ...

Continue reading Valencian ‘Land Grab’ Laws to be Reviewed

May 22nd, 2008

First-time buyers (FTBs) from the UK are increasingly considering investing abroad, an expert has revealed. Nick Fullerton, managing director of FC Exchange, stated that the housing market in Britain is currently in a state of "turmoil". This, he said, has led to people who are looking to get on the housing ladder ...

Continue reading First Time Brit Buyers Buy Abroad

May 22nd, 2008

Necessity is the mother of invention, they say, and the property sector is awash in necessity right now. Quite simply, houses are no longer selling on the Costa del Sol and the province of Malaga like hot cakes. The only response is to dream up more imaginative ways of selling ...

Continue reading It´s A Buyers Market

May 21st, 2008

Developer San Jose applied for court protection this week against it's creditors. This means that anyone who put down a deposit on an off plan property through San Jose must join the queue of creditors to try and get their money returned. UK law firm, Irwin Mitchell will hold a ...

Continue reading San Jose Meeting (update)

May 21st, 2008

VERY few regulators emerge from this crisis looking good. The Americans did not see the poison from unregulated mortgage originators seeping into the credit system. The Germans did not spot the huge exposures to off-balance-sheet entities at various Landesbanks, and the Swiss missed the grenades strapped to UBS's investment-banking arm. Following ...

Continue reading Curbing Bank Greed

May 20th, 2008

This week Spain celebrated 30 years of democracy since the death of General Franco. Last week, 40 years since the 1968 Eurovision song contest, it was revealed that El Generalisimo rigged the vote to hand victory to Spain, denying Cliff Richard a win with his song 'Congratulations'. Unfortunately, such official ...

Continue reading Time to Clean up Spain's Dirty Laundry

May 20th, 2008

Yesterday it emerged that the sales of Spain’s largest listed developers fell by more than 70% in the first quarter of 2008. Today we read that Caixa Catalunya – one of Spain’s leading savings banks – forecasts that average Spanish property prices will fall by 2.2% in 2008. 2.2% – What ...

Continue reading Bank Predicts 2% Price Drop in 2008

May 19th, 2008

Buyers at the Trampolin Hills residential golf development in Campos del Rio could suffer “massive losses” as a result of planning irregularities at the resort, a judge has warned. In a statement on the 12th May, reported in Murcia’s regional paper ‘La verdad’, judge José Miñarro García said properties at Trampolin ...

Continue reading Town Hall To Compensate Buyers

May 16th, 2008

Developer San Jose applied for court protection this week against it’s creditors. This means that anyone who put down a deposit on an off plan property through San Jose must join the queue of creditors to try and get their money returned. This is going to be a long and ...

Continue reading San Jose Creditors Meeting

May 16th, 2008

The PIMS Index of Property Market Sentiment Falls from 2.2 in March to 1 in May 2008. In the space of two months the Index of Market Sentiment, published by Property Investment Management Spain, has fallen from 2.2 to 1. This is a drop of over 50% and indicates a significant ...

Continue reading Spanish Property Market Sentiment Falls