Archives for October 2008
October 1st, 2008
While cautious investors are spending sleepless nights worrying about household bills, opportunists are rubbing their hands as currencies fall, distressed properties abound and new investment niches open up. "Remember that there are no quick wins," says Tim Murphy, director of IP Global. "Make sure rental yields are sustainable - so choose ...
Continue reading Cash is King in Overseas Property
October 2nd, 2008
Spain unveiled a 2009 budget plan which forecast a narrowing deficit and moderate growth despite fears the economy will be in recession next year. The budget saw growth in the euro zone's fourth largest economy sliding to 1 percent in 2009 from 1.6 percent in 2008 as the central government deficit ...
Continue reading Spanish Budget for Deficit, not Recession in 2009
October 3rd, 2008
The deadline for creditors to register their claims against Martinsa-Fadesa has been extended to 25 October, as a result of lobbying by Spain’s Association of Users of Banks, Savings Banks, and Insurers (Adicae). The extension has been confirmed by the administrators, and announced at the official website for Martinsa-Fadesa’s insolvency ...
Continue reading Martinsa-Fadesa Creditor Claims Deadline Extended to 25th October
October 3rd, 2008
Abbey owner Santander has emerged as the saviour of Britain's High Street banks, but its future prospects are heavily dependent on it dodging the ill-effects of a collapsing Spanish housing market, while hoping that the Latin American economic miracle continues. The Madrid based financial powerhouse has grown rapidly to become ...
Continue reading Seeking Santander Saviour?
October 6th, 2008
For years property developers have understood that fairway-adjacent villas were driving construction of golf courses, not the other way around. A new study provides vivid evidence of the extent to which the tail is wagging the dog. In Europe, the Middle East and Africa the sale of villas, houses and apartments ...
Continue reading Spanish Golf Courses: Tail Wagging the Dog
October 1st, 2008
The latest Kyero.com Spanish House Price Index reflects average asking prices for Q3 2008 - and it contains some surprises. Overall, the average house price in Spain appears to have increased from €240,000 to €245,300 - in just three months. In the current market conditions, how can an apparent increase ...
Continue reading Kyero Q3 2008 House Price Data Released
October 2nd, 2008
Despite an unprecedented collapse in the Spanish property market, not to mention a monumental property glut that makes America’s housing overhang look trivial, Spanish property prices fell by just 0.3% over 12 months to the end of the second quarter, if you believe a house price index just launched by ...
Continue reading INE v MVIV Stats = D'oh!
October 7th, 2008
Spain's unemployment rate surged in September, extending a yearlong run of job losses as the country's economy teeters on the brink of recession. More than 95,000 people signed up for unemployment benefits last month, pushing the total number to 2.6 million -- the highest number in more than a decade. Spain's unemployment ...
Continue reading Spanish September Surge in Unemployment
October 8th, 2008
Spain's banks may have been spared a direct hit from the hurricane sweeping through the world's financial systems, but bankers in Madrid predict that the country will still succumb to a conventional banking crisis over the next two years because of the collapse of its housing market. In the past two ...
Continue reading Spanish Banks not Immune from Housing Slump
October 7th, 2008
One news article this week begins: "While cautious investors are spending sleepless nights worrying about household bills, opportunists are rubbing their hands as currencies fall, distressed properties abound and new investment niches open up." The Spanish residential property sector is fast ...
Continue reading Buying Distressed Spanish Property
