Archives for April 2009
April 16th, 2009
Industrial production in Britain falls by less than others. Four-day week and lack of data dampens activity. More of the same likely this week. Sterling hesitated around Monday's €1.10 opening level before moving up to €1.1150 on Tuesday. More hesitation took it back down to €1.10 on Thursday. Then it was ...
Continue reading Moneycorp: Sterling Still Riding High
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 ...
Continue reading Fractional & Repossessed Property Opportunities
April 9th, 2009
Spain’s financial system avoided the US subprime mortgage party, which helps to explain why Spanish banks have coped with the financial crisis better than many of their peers in the US and Europe, at least until now. But though Spain’s banks never consumed or sold US toxic assets, that doesn’t mean ...
Continue reading Developer Loans Looming Large in Spain
April 8th, 2009
British PMIs lead the way in manufacturing and services sectors. Non-controversial G20 communiqué welcomed by markets. ECB rate cut to 1.25% leaves room for more next month. The pound climbed steadily throughout the week. Starting from €1.07 last Monday it added three cents to open in London this morning at €1.10. Little ...
Continue reading Moneycorp: Sterling Rallies Against Euro
April 7th, 2009
In last week's newsletter, I suggested that there were early signs of an encouraging level of activity at the lower end of the Spanish property market. Not every one agreed with me. Newsletter subscriber, David Jesner commented: "You are encountering curiosity and assuming this equates with, and will translate into, ...
Continue reading Consumer Confidence Matters
April 7th, 2009
Despite the weak pound, bolt holes in some of Europe's best-loved regions can be had for less than £150,000. Holiday homes abroad have dropped down the list of priorities recently, what with many of us being more concerned with paying the bills and holding on to our jobs. But for ...
Continue reading How to Get Ahead on the Med
April 6th, 2009
A new regime to end the years of financial free-for-all was unveiled by world leaders yesterday. They said the regulatory revolution would give capitalism a conscience and correct the excesses behind the economic crisis. Moves to open up the secretive world of hedge funds, curb executive pay and risk-taking, ...
Continue reading G20: Rewriting Capitalism
April 3rd, 2009
The number of unemployed in Spain registered the weakest gain in six months in March compared to February, but the overall jobless total rose to 3.6 million, the highest since 1996, the labour ministry said Thursday. By the end of March there were 3,605,402 unemployed workers in Spain, up 3.5 percent ...
Continue reading Spanish Jobless Total Slows in March
April 2nd, 2009
As prices in the world’s most popular second home destinations for international buyers hit rock bottom, interest rates fall and stock markets remain volatile, a growing number of industry specialists believe that the first signs of recovery in the market are being seen. Leading the charge are high net-worth (HNW) individuals, ...
Continue reading Realistic Optimism in the Spanish Property Market?
April 1st, 2009
Spain's banks have been among the most robust and profitable in the world since the financial crisis began last year, but the country's weaker lenders now face a challenging period of mergers and restructurings following the crash of the Spanish property market, according to regulators, government officials and analysts. Unlike crisis-hit ...
Continue reading Smaller Spanish Societies Stumble
