Archives for November 2009

November 30th, 2009

In more mortgage related news, the Euribor has closed the month of November with its ninth straight record low at 1.23%, meaning an average saving of 240 euros per month or 2880 per year compared to one year ago, this data is based on an average mortgage of € 150,000 ...

Continue reading 240 Euro per Month Saving on an Average Spanish Mortgage

November 30th, 2009

While not specifically Spanish related, many feel that this story is reflected worldwide and that banks are just looking to protect themselves and their shareholders and not helping normal mortgage payers as promised, even after seeking huge financial injections from world governments. The story stems from new evidence to suggest that ...

Continue reading Banks Relucatant to Refinance Mortgages with Public Money

November 30th, 2009

Demonised by agents for keeping prices artificially high to avoid losses, or making it harder for agents to access distressed deals, many now feel that Spanish banks must become better estate agents if the market is to recover. Ian Waudby, chairman of investment consultancy Crest Group International, observes that the companies ...

Continue reading Spanish Banks Should be Better ‘Estate Agents’

November 27th, 2009

The Ministry of Finance has estimated that more than half of all residential leases in Spain not declared to the relevant tax authorities. This has been stated just over a month since income tax rent relief for landlords was raised from 50 to 60%. Specifically, they estimate that there are ...

Continue reading Massive Tax Evasion on Rental Properties in Spain

November 27th, 2009

The market for new homes is on the road to a mild recovery, claims the G-14 group of Spain’s leading developers. Sales of newly built homes will continue “consolidating in the coming months” said Pedro Pérez, head of the G-14. There is some basis for the developer’s optimism in the latest ...

Continue reading ‘Mild’ Recovery of the Spanish Property Market

November 26th, 2009

The average home in Spain is currently on the market for 344 days, taking more than 11 months to find a buyer, according to a study recently published, which indicates that many prices are still out of reach of many buyers. The length of time is reduced in some areas of ...

Continue reading Around 1 Year to Sell a Spanish Property

November 26th, 2009

A survey, conducted in June this year among more than 6,000 people reveals that currently the major obstacle in buying a property in Spain was in obtaining financing. In fact, 87% said it is difficult or very difficult to get a loan today, well above the European average 60%. However, it also ...

Continue reading Spanish Property Buyers just need Finance

November 26th, 2009

Mikel Echavarren, head of Irea, a Spanish real estate consultancy, talking about the state of the real estate sector in Spain. As an experienced professional in touch with many different companies in the sector it is worth listening to what he has to say. Here is a selection of comments from ...

Continue reading Spanish Property Recovery Already Underway?

November 24th, 2009

The technical end to recession in Europe makes both Spain and the UK look a little sick, although it also represents an opportunity for Spanish growth. If the country also deals with the systematic corruption of its Town Halls - maybe there really are blue skies ahead? The big news last ...

Continue reading Blue Skies Ahead for Spanish Property?

November 24th, 2009

Something is stirring in Mallorca's property market. The overall market still looks depressed, but look a bit closer and you find that the quality segment is coming back to life. A window of opportunity has opened up for buyers who want the best at a reasonable price. That window won't stay ...

Continue reading Mallorca – a Taste of Things to Come in Spain

November 23rd, 2009

Once a star performer in Europe's 11-year old monetary union, Spain has become the wayward laggard. Growth data last week showed the Spanish economy - hit badly by a property market collapse and soaring unemployment - stuck firmly in recession in the third quarter, while the eurozone as a whole ...

Continue reading European Recovery is the Best News for Spain

November 20th, 2009

After 15 years, Spaniards are finally seeing the rampant corruption beneath all the uncontrollable property speculation. Fifteen years of frenzied real estate speculation in Spain is being replaced by a wave of political corruption that is angering many Spaniards already suffering from the economic crisis. "After getting drunk on speculation, we are ...

Continue reading Finally, Spain Wakes up to Corruption Hangover

November 19th, 2009

Europe's deepest recession since World War II officially ended when the world's biggest single trading bloc joined Japan and the United States in returning to growth. Both the 16-nation eurozone and the 27-nation European Union as a whole, home to half a billion people, posted growth -- of 0.4 percent in ...

Continue reading Recession Ends Across Europe

November 18th, 2009

Looking back at this feature on the Costa de la Luz we can see that is was one of the more unfamiliar parts of the Spanish coastline, at least to foreign visitors. In the past 5 years not too much has changed, while there has been a growth in tourism ...

Continue reading Costa de la Luz, Spain’s Atlantic Coastline

November 18th, 2009

Spanish prices dropped for the eighth straight month in October, official data confirmed, falling at the slowest rate since April amid base effects from energy prices. Spain's consumer price index fell 0.7 percent year on year in October in line with a Reuters poll and compared to a 1 percent slide ...

Continue reading Spain: Deflation Concerns Subsiding