Archives for January 2009

January 30th, 2009

Spain's enduring appeal to holidaymakers and property buyers is largely thanks to its weather and long, long coastline. With almost 5,000 km of coastline to choose from on the mainland alone, which of the Costas offers the best weather in Spain? A new range of Costa property guides from Kyero.com helps ...

Continue reading Hottest of the Spanish Costas

January 29th, 2009

Thanks to a new series of Kyero.com property guides, you can now identify those parts of the Spanish coastline where you are most likely to find a Spanish property bargain. By defining each costa as the strip of land within 5km of the sea, and overlaying our historical house price data, ...

Continue reading Spanish Property Costa Comparison

January 28th, 2009

A draft law introducing real estate investment trusts (REITs) in Spain is so complex and restrictive they would be of little use to property companies, Metrovacesa's legal chief warned on Thursday. Manuel Liedo told a property conference in Madrid that the bill, which is going through parliament, needed to shed a ...

Continue reading Spanish REITS Too Complex

January 27th, 2009

Normally implacable foes, Spanish MEPs from the Socialist Party and the right-of-centre Popular Party closed ranks yesterday in the face of heavy EU criticism of Spain’s abuse of property rights and the environment. The criticism came in the form of a draft report by Margrete Auken, a Danish MEP from the ...

Continue reading Spanish MEPs United Against EU Criticism

January 27th, 2009

Property broker, CB Richard Ellis, said Spanish properties it sold via its online auction website were going for discounts of 20-30 percent on average. While property stocks rise in Spain and sale plummet at the end of a decade-long property boom, CBRE said it sold 43 investment properties, commercial lots, warehouses ...

Continue reading Spanish Property Sales: Discounting Works

January 26th, 2009

A This is Money article explains: PIGS is an acronym for a group of four countries. Portugal, Ireland, Greece and Spain - all in deep economic trouble in the eurozone. These are the four countries reckoned to be suffering from having to stick with the euro - and with the European Central ...

Continue reading PIGS: Portugal, Ireland, Greece & Spain

January 26th, 2009

Easyjet carried the most passengers into Malaga Airport in 2008, flying more than 2.1million visitors into the Costa del Sol city, an increase of 16.7% y-o-y, according to figures released by the Spanish Airports Authority (AENA). The Authority revealed that Monarch came second on the list, jetting in 804,00 passengers, a ...

Continue reading EasyJet: Costa del Sol Heroes

January 22nd, 2009

Fractional property will take over from freehold sales in Europe within five years, according to industry specialists, as poor economic conditions leave its legacy on the world’s mid-range buyer market. Fractional ownership was already growing in prominence with global buyers before the downturn, according to data from Mintel and the world’s ...

Continue reading Fractional Ownership to Rescue Spanish Property Market?

January 22nd, 2009

Over 90% of British overseas property owners are under-insured, opening themselves to public liability challenges in UK courts after the Rome II legislation came into effect this month. The regulation change particularly impacts European property owners where insurance cover for public liability in Europe is often at a very low level, ...

Continue reading Expat Landlords run Insurance Risk in Spain

January 21st, 2009

The Spanish government on Friday slashed its economic forecasts for 2009 from growth of 1.0 percent to a contraction of 1.6 percent due to the global financial crisis and warned of dark days ahead for Europe's fifth-largest economy. Unemployment, already the highest in the European Union, will hit 15.9 percent this ...

Continue reading 2009 Shrinking Spanish Economy

January 20th, 2009

Clearly, no country in Europe is immune from the current economic squeeze. A painful adjustment for Spain and Britain deals with the similarities between the economies of the two countries. Currency differences apart, it seems that Britain and Spain have a common love of cheap credit - which drove house prices ...

Continue reading What Spanish Property Market?

January 20th, 2009

Standard & Poor's has threatened to strip Spain of its coveted AAA rating as country's budget deficit explodes, offering the clearest warning to date that even wealthy states are running out of room to borrow. The move caused fury in Madrid and revived fears in the currency and bond markets ...

Continue reading Spain Struggles with Credit Rating

January 19th, 2009

Owners of overseas property could be in for a two-fold tax hit due to the falling sterling and property prices, warns PKF Accountants & business advisers. Matt Coward, director of personal tax, says UK tax laws stipulate any gains on overseas assets are calculated using the spot exchange rates on the ...

Continue reading Beware of CGT Sting if Selling Spanish Property

January 16th, 2009

Spanish unemployment topped 3 million for the first time ever in December and the government said unemployment would worsen in 2009, as the global economic crisis continued to wreak havoc on the country's property-driven economy. The number of people out of work in Spain jumped by 139,694 people, the ninth straight ...

Continue reading Spanish Unemployment Exceeds 3 Million

January 15th, 2009

Last year was the worst year ever on record for the Spanish property sector, and this year doesn’t look like it’s going to be any better, reports the Spanish daily ‘El Pais’. Residential property sales collapsed, as did housing starts, and now there is hard evidence of unprecedented price falls, ...

Continue reading G14 Concede Falling Spanish Property Prices