Archives for March 2009

March 31st, 2009

It's been a very strange week for Spanish property. It all started (from my point of view) with a story about CAM Bank in last week's newsletter. If you've already registered to receive more information about their cheap, distressed and repossessed properties, you're in good company, because hundreds of other ...

Continue reading Spanish Property Market: Heal Thyself

March 31st, 2009

The one year Euribor reference rate has been falling since the ECB started lowering interest rates in the autumn of last year. The average rate of interest charged by Spanish banks on new mortgages has been rising steadily since December 2007. The average interest rate charged by Spanish banks for new mortgages ...

Continue reading Spanish Banking Breaking Down

March 30th, 2009

The European Parliament today approved a report slamming Spain for all manner of evils relating to the Spanish property sector, including the ‘land grab’ and Ley de Costas scandals that have created so much misery for home owners in Spain. The report, by Danish MEP (Greens) Margrete Auken, paints a depressing ...

Continue reading EU Parliament: Spain Guilty of Property Abuses

March 27th, 2009

In spite of difficult economic conditions and significant falls in the value of Sterling, searches for international property on Primelocation.com increased in January 2009 by 72% month-on-month and broke through the one million barrier in February, according to data released yesterday. Spanish property was the most popular search on the portal, ...

Continue reading Spain Tops Overseas Property Searches

March 26th, 2009

The low-cost airline will open 39 new Spanish routes to and from eight Spanish airports – Alicante, Girona, Granada, Ibiza, Palma, Reus, Santander and Sevilla. Irish low-cost airline Ryanair is to open 39 new Spanish routes in 2009 despite a sharp drop in tourism due to the global economic crisis, chief ...

Continue reading Ryanair to Expand Spanish Flights in 2009

March 25th, 2009

Despite a glut of unsold property hanging heavy over the Spanish property market, a rising number in the industry believe that the bottom of the market could soon be in sight as discounts start to attract buyers. Agencies such as Andalucian Dream Homes (ADH), Atlas International and GEM Established are just ...

Continue reading Spanish Property: Discounting Works

March 24th, 2009

A couple of weeks ago in Spanish Banks Delay Impact of Bad Debts, we learnt that the level of bad debtors in Spain is so high that banks and building societies are choosing not to flag the loans as bad, nor repossess the property or assets concerned. I've been wondering for ...

Continue reading Distressed and Repossessed Spanish Property

March 24th, 2009

Europe has thus far spurned the dramatic, cash-heavy solutions of the US and Britain, focusing instead on extending credit lines to euro zone lenders and broadening the range of assets that it will accept as collateral. Since the financial crisis spread worldwide in September, central banks have struggled to restart the ...

Continue reading EU Leaders Reject Cash Heavy Solutions

March 23rd, 2009

The number of foreigners buying Spanish property as a second home collapsed in 2008, falling by 59% to a measly 3,691 sales, according to the latest statistics from the Ministry of Housing. Compared to 2006, when non-residents bought 17,212 second homes in Spain, sales were down by a whopping 79%, ...

Continue reading Spanish Property: Where Are the Foreign Buyers?

March 20th, 2009

The Spanish property market shrank by 41% in January compared to the same month last year, according to the latest sales figures from Spain’s National Institute of Statistics. Not including social housing, there were 33,528 property transactions in January, compared to 56,738 a year before. Year on year, sales were down ...

Continue reading Spanish Property Market Down 41% in January

March 19th, 2009

Euribor - the rate normally used to calculate mortgage payments in Spain – closed last week at the lowest level in its history, and then started this week plumbing new lows, touching a daily rate of 1.919% on Monday. At this rate Euribor looks set to close March at 1.959%, ...

Continue reading Euribor Hits Bottom

March 18th, 2009

The RICS European Housing Review 2009 is commissioned and published by RICS (Royal Institution of Chartered Surveyors) which is the largest organisation for professionals in property, land, construction and related environmental issues worldwide. The Spanish property market slowdown intensified during 2008, though recorded prices in the two official indices surprisingly showed ...

Continue reading RICS 2009 European Housing Review

March 17th, 2009

There's no way of selling your home in Spain without spending money. As a bare minimum, you'll pay fees to the notary and probably some capital gains tax. Whether you advertise the property yourself or use an estate agent, attracting buyers will probably be the most significant cost ...

Continue reading 64 Golden Rules to Sell your Spanish Property

March 17th, 2009

Spanish Long Term Rental prices fell 8% on average in 2008, whilst the supply of properties for rent surged by 300,000 homes in response to plunging property sales, according to a recent article in the Spanish daily ‘Publico’. Renting is not popular in Spain, at least when it comes to primary ...

Continue reading Cost of Spanish Long Term Lets Falls 8%

March 16th, 2009

New measures include handing out unemployment benefits and providing incentives for companies to hire an unemployed person and reduce working hours. Spain's socialist government approved a fresh package of measures Friday aimed at fighting the sharp rise in unemployment in the country, which has reached the highest level in the European ...

Continue reading Fighting Spanish Unemployment