Archives for July 2008

July 31st, 2008

Soaring inflation has been a major news item for some months and record inflation rates are hitting countries worldwide. The main contributors to rising inflation have been the staggering surge in the price of oil and rocketing food prices. Oil prices have not just affected the fuel in your tank ...

Continue reading Inflation Threatens Retirement in Spain

July 30th, 2008

The Spanish Government will buy €300m of land over the next few years to meet the demand for state-subsidised housing. According to reports from Reuters the Spanish Government has announced that it is going to buy 300m of land over the next four years for state-subsidised housing. However, it insists the move ...

Continue reading Spanish Government Buying Land for Subsidised Housing

July 29th, 2008

Two aspects of the eurozone economy are often mixed up. One is its overall performance. The other is the divergences that at any time exist within the single currency area. The Spanish economy may be about to fall off a cliff. But Spain accounts for only 11.8 per cent of the eurozone's gross ...

Continue reading Eurogroup Must Shed Complacency

July 28th, 2008

By going into voluntary administration, Martinsa-Fadesa, Spain’s biggest private house builder by assets, has left 12,578 of its clients wondering whether they will ever see the properties they have partly paid for, and worrying what will become of their stage payments. The company has issued statements vowing not to let down ...

Continue reading Martinsa-Fadesa’s Bankruptcy: Advice for Buyers

July 25th, 2008

UK newspaper the Financial Times (FT) has launched, what it calls, the first European house price guide which brings together data from across Europe. The company said that the launch of the dedicated microsite will help rectify the “lack of effective house price data in Europe” and is collated using official ...

Continue reading FT Lanuches European House Price Guide

July 25th, 2008

Spain has come top in a study assessing quality of life across Europe, making it prime for relocation. Britain and Ireland have the highest average incomes in Europe, but come bottom in terms of quality of life, while Spain is at the top of the index, according to a study published ...

Continue reading Spain Enjoys High Quality of Life

July 24th, 2008

Question: “I was in Denia this week to see what I can afford to buy in the North Costa Blanca, from Denia south to Albir and I found that property prices have fallen but not enough. Can you give me your opinion as to whether house prices will fall more ...

Continue reading How Much Should I Pay for Spanish Property?

July 23rd, 2008

A further update on the Spanish Law of Vicios Ocultos, courtesy of Campbell Ferguson of Survey Spain There is no standard contract for selling and buying resale properties, and there could be different ways of trying to avoid the responsibilities of vicios ocultos. Wording of this kind could be added to ...

Continue reading Buyer Beware of Vicios Ocultos

July 22nd, 2008

European expatriates in Spain's Valencia region who were under threat of losing free access to healthcare have won a partial reprieve. Restrictions announced last month on the right to state healthcare provision were aimed primarily at non-working expats below pension age. From June 5, foreign nationals not contributing to the Spanish ...

Continue reading Retiree Reprieve in Valencia

July 21st, 2008

Spain's finance minister Pedro Solbes has stunned the markets with an admission that his country faces the worst economic crisis in its history as the full effects of the property crash spread through the economy. "This crisis is the most complex we have ever lived through given the plethora of factors ...

Continue reading Spain Stops Reassurances as Crisis Deepens

July 18th, 2008

A recent article in the Spanish daily ‘El Pais’ illustrates the excesses of Spain’s recent property boom. Using the example of Seseña, a massive new urbanisation of 13,500 apartments in the province of Toledo (Castilla-La Mancha) south of Madrid, the article shows that much of Spain’s recent property boom has been ...

Continue reading Speculation and Spain’s Property Boom

July 17th, 2008

Lehman Brothers and other investment banks, private equity firms and hedge funds are lining up to buy distressed Spanish assets as the steep economic slowdown offers investors big discounts. Lehman has purchased stakes in distressed senior bank debt, the law firm Ashurst said recently, providing a rare glimpse of insight into ...

Continue reading Investment Banks Look to Spain for Bargains

July 16th, 2008

The number of 500 Euro notes in circulation in Spain, known locally as ‘Bin Ladens’, has declined in line with the Spanish property market, suggesting a quirky gauge for measuring activity in the Spanish property market. Locals call 500 Euro notes ‘Bin Ladens’ because, when the Euro was first introduced, everyone ...

Continue reading Bin Ladens Retreats as Spain’s Property Slump Bites

July 15th, 2008

The municipality of Catral, in the Vega Baja region of the Valencian Community (South Costa Blanca) is infamous for its problem with illegally-built homes, 1,300 of which were built and sold to Britons and other foreign buyers between 2000 and 2007. The problem was so bad that 2 years ago ...

Continue reading Catral Illegal Homes Remain

July 14th, 2008

Expats are facing the demolition of their homes in the latest town planning scandal to hit Almería province. Around 19 properties, all lacking building licences and first habitation certificates, are facing the bulldozers in the El Fas district of Cantoria. Although the case has been going through the courts for almost ...

Continue reading Expats Hit With New Demolition Orders in Almeria