Archives for April 2009

April 30th, 2009

It's no secret that times are tough for property markets worldwide. The credit crunch, or "la crisis" as it is known in Spain, has had a major impact on the Spanish property market and it doesn't look like it's going to improve any time soon. I'm not going to go into ...

Continue reading Dear Mr Zapatero ..

April 29th, 2009

A British couple who were forced to live in their garage when the Spanish government knocked their £600,000 Spanish villa over supposed building irregularities have been told the demolition was illegal. Len and Helen Prior, who retired to southern Spain from Berkshire six years ago, became the first British expatriates to ...

Continue reading Property Demolition in Almeria Illegal

April 28th, 2009

IMF urges Spain to curb fiscal spending Spain must prepare bank bailout contingency plans Spain risks L-shaped adjustment without reforms Spain should be wary of extra fiscal stimulus measures and must prepare contingency plans for bank bailouts to head of possible systemic risk, the International Monetary Fund said on Wednesday. In a report following ...

Continue reading IMF Comment: Spain to Curb Spending & Support Banking

April 27th, 2009

The International Monetary Fund fired off the latest round of criticism, lamenting in a report that coordination between EU countries on the financial crisis had been "far from optimal." Seven months into the worst financial crisis in generations, Europe is still coming under fire both from at home and internationally for ...

Continue reading IMF Comment: Europe Must Try Harder

April 24th, 2009

Spain could be sliding towards harsh budget cuts like those forced on another former euro zone high-flyer Ireland. Concern about Ireland's deficit and exposure to bank losses pressured its government to slash spending and hike taxes this month to reassure investors of its long-term solvency. Although Spain has just launched a bank ...

Continue reading Ireland & Spain: Property Boom Cousins

April 24th, 2009

Spain says restructuring to strengthen banking system Spain's banks at disadvantage, savings bank head says CECA sees more bailouts after Caja Castilla Banking association head calls for capital injections Spain's government on Wednesday said it would restructure the Spanish banking system as one lobby group warned of "catastrophic" risks without contingency plans to deal ...

Continue reading Spanish Banking Restructure

April 23rd, 2009

February drop broadly maintains January rate of decline No reaction to Q1 price decline Estate agents report hefty price falls New house sales fall 29.3 percent Spanish property owners were still struggling to sell homes in February, figures showed on Tuesday, even though price falls gathered pace according to official data and some estate ...

Continue reading Spanish Property Still Moving – Slowly

April 23rd, 2009

Thousands of UK holiday-home owners face losing a range of tax benefits under changes announced in the Budget. From April next year, holiday property landlords will no longer be able to write off "trading" losses from second homes against their tax bill. Capital allowances and capital gains benefits will also go. Tax experts ...

Continue reading Holiday Home Tax Break Cut

April 21st, 2009

Spanish property prices fell at their fastest rate since records began in the first quarter, government data showed on Wednesday, while analysts forecast more big falls in property values. House prices in Spain fell 6.8 percent in the March quarter, compared with the same period in 2008. On a quarter-on-quarter basis ...

Continue reading Spanish Property Prices Continue to Fall

April 20th, 2009

Where are you if you can’t see anything around you, and don’t have a map? Lost, most likely, just like the Spanish property market, where a lack of reliable data means nobody really knows where the market is heading, other than somewhere South. But at a time like this, when the ...

Continue reading Spanish Ministry of Housing: We Need More Data

April 17th, 2009

A total of 58,686 foreclosure auctions took place last year compared to 25,943 in 2007 and is set to rise over 75,000 this year, says Spain’s judicial body. The number of foreclosure auctions of homes and businesses more than doubled last year in Spain, official data showed Monday, as people struggled ...

Continue reading Spanish Foreclosures Doubled in 2008

April 15th, 2009

The eagerly awaited March Spanish house price index from Tinsa is, unfortunately, not good news. You can download the latest three page Spanish and English guide here. After analysing last month's report, we commented "Comparing January 2009 with January 2008, the index (and therefore house prices) had decreased by 10%. The glimmer ...

Continue reading Tinsa Spanish House Price Index March 2009

April 14th, 2009

An article in ‘El Mundo’, one of Spain’s leading news papers, suggests there may be signs of recovery in the Spanish property market, in one of the first positive articles on the outlook for the market since the crisis began. “It appears to be the beginning of the end of the ...

Continue reading Signs of Recovery in the Spanish Property Market?

April 13th, 2009

Demand for properties in Spain stated falling in 2007, but the number of completed new properties kept growing steadily in 2008, rapidly inflating Spain’s excess housing inventory. Now, finally, the number of construction completions has started to decline, according to data from Spain’s Ministry of Development. There were 33,670 construction completions ...

Continue reading Spanish Construction Completions Finally Slowing

April 10th, 2009

Several experienced agents in the Costa del Sol are starting new ventures in response to the recession, with fractional and distressed sales in particular providing opportunities. New sales company Property Revolution is being managed by Richard Diaz, sales and marketing director for The Fractional Ownership Consultancy, while David Honeyman, formerly of ...

Continue reading Fractional & Repossessed Property Opportunities