Archives for December 2008

December 31st, 2008

Spain escaped exposure to U.S. subprime assets but risks its own property debt crisis in 2009 as defaults soar among real estate and construction firms that account for half of all Spanish corporate credit. Over 1000 Spanish property and building firms will have filed for bankruptcy protection in 2008 and more ...

Continue reading Spanish Subprime Risk

December 30th, 2008

Spanish Prime Minister Jose Luis Rodriguez Zapatero predicted the country's slumping economy would begin to recover in the second half of 2009 after suffering a difficult period. "We are going to go through some bad months, but there is a certain and solid recovery on the horizon," he said in an ...

Continue reading Zapatero Predicts Spanish Turnaround After July 2009

December 29th, 2008

Spain passed its 2009 budget despite fierce opposition to its growth and deficit forecasts that have become unrealistic as the euro zone's fourth largest economy barrels into recession. Spain's ruling Socialists allied with small nationalist parties to win an absolute majority of 178 lower house votes needed to overrule a Senate ...

Continue reading Spanish Assistance Assured Around April

December 24th, 2008

Spain's super-rich will emerge as the key investors in its troubled property sector next year and would do well to take up positions in the office market, the head of consultants Cushman & Wakefield said on Monday. Roger Cooke, Cushman's managing partner in Spain, said traditional investors like German property funds ...

Continue reading Rich Spaniards to Save Commercial Property

December 23rd, 2008

At first glance, the recent career paths of the European bankers who masterminded last year’s audacious €72bn ($98bn, £64bn) takeover and break-up of ABN Amro could hardly be more different. With chaos sweeping through global markets, Sir Fred Goodwin resigned as chief executive of Royal Bank of Scotland and apologised to ...

Continue reading Spanish Banks Face New Challenges

December 22nd, 2008

The tax year in Spain is 1st January to 31st December, whereas the UK tax year runs 6th April to 5th April. If you are planning on moving to Spain in 2009 you could time your departure from the UK and your arrival in Spain to lessen your tax liabilities. You ...

Continue reading New Year Tax Planning in Spain

December 19th, 2008

Real estate business portal, Globaledge recently published the results of what it claims is the biggest ever study into global demand for overseas property. The study analysed 1.4 million English-language searches undertaken on Google during September 2008 and employed a team of researchers to categorise the information into regional ...

Continue reading Study Reveals Strong Interest in Spanish Property

December 18th, 2008

Spain's government is to help home-seekers buy or rent one million homes in the next four years, it said on Friday, as it seeks fiscal catalysts as well as props for the hard-hit housing sector. Under the plan, which was approved by the cabinet on Friday, Spain will spend 10.1 ...

Continue reading Housing Help for 1M Spaniards

December 17th, 2008

Some 40% of Brits either own, or intend to buy an overseas property in the future, with 2.4% (1.44 million of the total population) stating that they would look to purchase within 12 months, according to a new survey from Barclays Bank in association with Homes Overseas magazine. The research found ...

Continue reading Overseas Property Appeals to 1.4M Britons

December 16th, 2008

It turns out that my unbridled optimism last week may have been either premature or misplaced, or both. I reasoned that the Metrovacesa debt for equity swap was a sure sign of the bank's confidence in a return to form for the company, and the Spanish property sector in ...

Continue reading Spanish Property: A New Perspective

December 16th, 2008

The collapse of Spain's house building industry will mean up to 900,000 construction workers lose their jobs by the end of 2009, an industry head said on Tuesday, reinforcing expectations of a bitter Spanish recession. Spain's construction sector, which until last year employed over 1 in 10 workers or 2.6 million ...

Continue reading Spanish Housing Sector to Lose 900,000 Jobs

December 15th, 2008

Sir, Philip Stephens might want to reflect on the Spanish economy’s present predicament within the straitjacket of euro membership before advocating that the UK economy might be served better by euro membership once it emerges from recession. Spain’s euro membership hardly prevented Spanish house prices from approximately doubling in real terms ...

Continue reading Spain: Acid Test for the Euro

December 12th, 2008

Spanish property prices fell by 7.8% over 12 months to the end of the November, according to the latest monthly Spanish house price index published by Tinsa, one of Spain’s leading appraisal companies. After the latest decline, Spanish house prices are back to where they were between May and June of ...

Continue reading Spanish Property Rewinds Two and a Half Years

December 11th, 2008

Good news for Spanish residents and anyone owning property in Spain – as we move into 2009 there is no longer any requirement to pay Spanish wealth tax or even file a wealth tax return. The abolition of wealth tax in Spain from 1st January 2008 was approved by the ...

Continue reading Update on Spanish Wealth Tax

December 10th, 2008

The Spanish land investment scam run for years by Fortuna Estates has finally been busted, with the Spanish fraud squad swooping last week on several office in Mijas and Fuengirola, arresting at least 2 people, and questioning 20 others. This could be one of the biggest Spanish property scams to ...

Continue reading Fortuna Estates: Busted by Spanish Police for Land Fraud