Archives for September 2008

September 30th, 2008

At the weekend, Kyero.com won the title of Best Spanish Property Portal 2008 at the CNBC-sponsored European Property Awards. (OK, you might not feel as cheerful as me about that one). The Ministry of Housing has updated it's Q2 2008 figures and is under competitive threat from another government body to ...

Continue reading Five Reasons to be Cheerful in Spain

September 30th, 2008

House prices are falling globally and there are signs that the situation is getting worse, recent research showed. During the year to the end of June the cost of property fell in 21 of the 33 countries across the world for which there is reliable data, according to property research group ...

Continue reading World House Prices Falling

September 29th, 2008

The fall in asking prices for Spanish property accelerated to as much as 5 percent in the third quarter of 2008, according to Idealista.com. Idealista said prices fell by between 2 and 5 percent compared to between 2 and 4 percent in the second quarter, but added final sale prices may ...

Continue reading Spanish Property Prices Down by 2.5%

September 26th, 2008

Year-on-year Q2 2008 saw foreign buyers in Spain completing on 31% fewer off-plan properties and 67% fewer resale properties. Spanish buying was down by 14% and 44% respectively. Overall, the total value of property transactions fell from € 39.7 Billion to € 26 Billion - a drop of 35% Y-O-Y. The ...

Continue reading Q2 2008 Spanish Housing Ministry Figures Released

September 26th, 2008

Sustained by the construction sector, the growth in tourism and agriculture, the economy of the province of Murcia has gone from strength to strength over the last decade with an average annual growth estimated to be around 3.9% since 2000. However, the current situation appears quite different. Over the last year ...

Continue reading Spanish Unemployment Rising

September 25th, 2008

Spain will launch a new house price index on Oct. 1, the statistics institute said on Thursday. The data will be an alternative to Housing Ministry figures which analysts have criticised for not reflecting the property market slump. Spanish house prices declined 0.3 percent between April and June, while home sales fell ...

Continue reading New ‘Official’ House Price Index in Spain

September 25th, 2008

The collapse in July of Martinsa-Fadesa, a big property developer, has generated the sharpest monthly rise in bad debts at Spanish banks in more than five years, according to figures released on Thursday by the Bank of Spain. Spain’s bad debt problem underlines the severity of the downturn facing even those ...

Continue reading Spanish Bad Debts Rise Fast

September 24th, 2008

Banks should have to put aside reserves in times of boom that they can draw down in times of bust to prevent banking crises like the current one pulling down whole economies in their wake, Bank of England deputy governor Sir John Gieve argued. He pointed to a system called "dynamic ...

Continue reading Bank of England Praise for Spanish System

September 23rd, 2008

The global economic slump may end up having one surprising consequence: an increase in the number of Real Estate Investment Trusts in Europe. Consider what is happening in Spain, whose economy is apparently being dragged into recession by what is Europe's worst housing-sector slump. A large part of the Spanish economy ...

Continue reading REIT Hope for European Recovery

September 22nd, 2008

Wall Street is in turmoil and the rest of the world looks on with trepidation. Thousands of miles away, banks across Europe are being forced to face up to the fact that there is more pain to come for them. Deciding which will be the last bank to collapse in Europe ...

Continue reading European Banks Also Face More Pain

September 19th, 2008

Spanish Prime Minister Jose Luis Rodriguez Zaperto has announced his government’s intentions to provide developers with a €3billion lifeline to help certain companies survive the economic downturn across the country. Speaking at a press conference, Zaperto outlined his plans amidst severe criticism of his government’s handling of the country’s economic situation, ...

Continue reading 3BN Lifeline for Spanish Developers

September 18th, 2008

The latest index of property prices in Spain shows that they have plummeted over the last 12 months with those on the Costas falling at almost double the national average. Prices on the Spanish Mediterranean coast fell by 8.3% over 12 months to the end of August, according to figures just ...

Continue reading Latest Figures Confirm Spanish Property Downturn

September 17th, 2008

The Spanish government’s plan to scrap inheritance tax may indirectly help British expats by restarting the housing market and easing the financial pressure they are under. Spain's prime minister José Luis Rodríguez Zapatero has re-opened talks to do away with IHT and although Steve Laird, principal of Carrington Wealth Management, does ...

Continue reading Expat Gain as Spain Scraps IHT

September 16th, 2008

The town hall of Bilbao is the most transparent in Spain in terms of its dealings with the public, the contracting services and its finances according to a study on the transparency of town halls (ITA) by an international organization called International Transparency. This organization used 80 indicators to analyze ...

Continue reading Transparency in Spain’s Town Halls

September 15th, 2008

Not only are Spain's economic woes a more extreme version of what's happened in the past year in the U.S. and U.K., they're likely to last longer because of the shallow roots of Spain's recent economic success. A strong rebound isn't out the question, if the government undertakes key reforms, ...

Continue reading More Pain to Come But Spain Should Recover