Archives for February 2010
February 1st, 2010
Spanish property developers' debts with banks at the end of September were worth around a third of the country's gross domestic product, the Spanish Mortgage Association said on Monday. A spokeswoman said data up to the end of the third quarter showed hard hit property developers owed 324 billion euros ($458 ...
Continue reading Spanish Property Developer Debt Totals €324B
February 2nd, 2010
The European housing market hasn’t stopped attracting British buyers, with Spain, Cyprus and Poland among the hot spots. Investing in property abroad is a daunting prospect at the best of times. Many Britons who borrowed heavily to invest in foreign properties have been left in negative equity, which may be enough ...
Continue reading Sun & Sea Property Prospects in Spain
February 2nd, 2010
I know this defies logic, and I'll understand if you decide that I've joined the pundits who only voice a positive spin on the Spanish property market - but, things do seem to be picking up in Spain. Ignore property asking prices and ignore the government data - they're both misleading. ...
Continue reading Spanish Property Bouncing Back?
February 3rd, 2010
Hopes have emerged that the battered Spanish property market could be hitting something that feels like a floor. Pardon the vague language, but with 1 million homes still on the market to say the future is torrid for Spanish property is an understatement despite the latest positive data. The most positive ...
Continue reading Spanish Property: Light at the End of a Long Tunnel?
February 4th, 2010
Spain’s Cabinet will discuss spending cuts of as much as 50 billion euros ($70 billion) by 2013 as it aims to slash the budget deficit by two-thirds to meet a European Union target. The government will discuss the so-called austerity plan that aims to cut current spending in the central and ...
Continue reading Spain Targets €50Bn Spending Cuts
February 5th, 2010
Elena Salgado, the normally sprightly Spanish finance minister, could not disguise her discomfort when she announced an austerity plan designed to slash successive budget deficits and restore the country's credibility on international markets. She had good reason to be uneasy. The table of figures she presented on Friday showing Spain's "fiscal ...
Continue reading Spain at Risk of Greek Problem
February 8th, 2010
In a somewhat shocking and worrying statement, a leading Spanish lender has declared the country’s real estate sector is ‘bankrupt’. According to Santos Gonzalez Sanchez, president of the Spanish Mortgage Association who speaks on behalf of the country’s mortgage lenders, there is so much debt in the industry that finance for ...
Continue reading Spanish Property Industry 'Bankrupt'?
February 3rd, 2010
Britain emerged from recession in Q4 - just. Germany has no plans to help rectify Greek budget problems. Sterling managed to add about half a cent, opening this morning in London at €1.1450, but did it the hard way. A one-cent setback on Tuesday and a peak of over €1.16 show ...
Continue reading Growth & Credit Status Hold Sterling Back
February 9th, 2010
Rocketing unemployment is going to make it even harder for Spain to meet promises to slash its budget deficit, and it is already hard to find an analyst who believes the growth assumptions behind the forecasts. The number registered as unemployed topped 4 million in January, official data showed Tuesday, an ...
Continue reading Spanish Unemployment Challenge for Budget Cuts
February 5th, 2010
The overseas homes market may have already entered recovery in some parts of Spain as one developer has started putting its prices up. Key Mare in Almeria has seen sales rise by 30% in the last three months and now has more international customers than Spanish ones. The company raised prices ...
Continue reading Spanish Developer Increases Prices
