Archives for March 2010
March 31st, 2010
UK budget leaves sterling unmoved. The EU reaches another agreement to rescue Greece; this one might hold water. A two-cent range took sterling from €1.1050 to €1.1250 and all the way back again. It opened in London this morning half a cent up on the week at €1.11. After their experience the ...
Continue reading A Clean Sheet for Sterling
March 30th, 2010
This week's article entitled: The Pain in Spain outlines the challenges facing Spain with refreshing clarity and honesty. For me, the situation is summed up nicely with this quotation: "The only way for Spain to remain competitive is for the country to increase productivity, because it cannot lower prices artificially ...
Continue reading Spanish Property News Roundup
March 30th, 2010
Housing starts in Spain have fallen by almost 80% since the economic crisis began in 2007, reveal new statistics from the Ministry of Housing. You don’t have to be a genius to work out how badly that will have hit the residential construction business in Spain. The sector has effectively ...
Continue reading Number of Spanish Home Starts at 17-Year Low
March 29th, 2010
Understandably, few Britons know the difference between a casita and a villa when looking at Spanish property. Indeed, these terms are frequently misunderstood and can lead to real disappointment. The terms are certainly not interchangeable so, if you are looking at villas in Spain (particularly on the internet), ...
Continue reading The Difference Between Spanish Casitas & Villas
March 26th, 2010
Every year PricewaterhouseCoopers (PwC) and the Urban Land Institute publish a report called European Property Market Trends that starts with a short phrase summing up the market. In 2008 it was “The fear returns”, and in 2009 it was “Things get complicated”. This year brings a hint of optimism with phrase ...
Continue reading Spain to Lag European Property Market Recovery
March 25th, 2010
MPC members raise spectre of double-dip recession. Brussels and Berlin agree to disagree over Greece. Sterling made hard work of adding the half cent between €1.10 and €1.1050 last week. An initial half-cent loss was followed by an upward ratchet to €1.12, reached on Thursday. Friday brought a one-cent sell-off to ...
Continue reading Bank of England 2 – Sterling 0
March 25th, 2010
Yesterday in the European parliament’s Petitions Committee, a Spanish government spokesman attracted widespread condemnation for Spain’s failure, over many years, to act on extensive property scams, affecting British and other buyers of Spanish holiday and retirement homes. In the meeting, Alicia Paz, Director General for Sustainability of Coastal Regions, asserted that ...
Continue reading Spanish MEPs Demand Action Over Property Scams
March 24th, 2010
The bursting of Spain's construction bubble, why it won't exit the euro, and its future role in Europe. Spain's rapid decline from one of Western Europe's fastest-growing economies to one of its most troubled has left many looking for blame. How could the country, a poster child for the benefits of ...
Continue reading The Pain in Spain: What it Means for Europe
March 23rd, 2010
Quick quiz: Name three internationally renowned Spanish companies. Santander? Sol Melia? and erm .. Ever heard of Inditex? If not, you've definitely heard of the high-street brand Zara which they own. Yes, a Spanish company is behind one of the most successful high-street retailing stories of the last decade. ...
Continue reading Spain: 3 More Reasons to be Cheerful
March 23rd, 2010
Local Government Minister Rosie Winterton this week welcomed progress to give better protection to UK citizens living in or considering moving to Spain and pressed the Spanish Government to seek long-term solutions to the current property problems faced by some UK citizens. Ms Winterton met with Manuel Chaves, Spain’s Third Vice-President ...
Continue reading More Talk of Support for British Citizens in Spain
March 22nd, 2010
Spanish ministers approved Friday a wide-ranging 10-year reform plan designed to wean the economy off its dependence on construction and create broader, more sustainable growth as the country fights to climb out of recession. The bill, which now goes before Parliament, features everything from tighter supervision of the financial sector — ...
Continue reading Spain Aims for Sustainable Economy
March 19th, 2010
Spanish retail giant, Inditex - owner of Zara, Pull & Bear & Massimo Dutti chains posted impressive Q1 profits - proving that Spanish industry, innovation and manufacturing are possible, and profitable. Inditex posted a 17% rise in fourth-quarter profit on a 13% rise in revenue as the Spanish retailer saw strong ...
Continue reading Inditex Profit Jumps 17% Q1 2010
March 19th, 2010
Five years of work finally came to a head on Monday as the third terminal at the Pablo Ruiz Picasso Airport in Malaga was officially opened. King Juan Carlos, accompanied by Queen Sofia, addressed the 500 strong crowd of institutional representatives from political, touristic, economic, aeronautical and communication spheres, describing the ...
Continue reading New Terminal at Malaga Airport Now Open
March 18th, 2010
Spanish property price fell by an average of just 4.3% last year, according to the official house price index prepared by the National Institute of Statistics (INE). Everyone in the business knows that average prices fell much more than that, so why is the INE publishing figures that invite ridicule and ...
Continue reading It's Official: Spanish House Price Index is Ridiculous
March 18th, 2010
Hundreds of furious expats have staged a march in Malaga today over Spanish government plans to demolish illegally built holiday homes in Andalucia. The protest group took part in a rally in the southern city carrying placards in Spanish and English which read 'we've done nothing wrong' and 'citizens betrayed'. Demolition orders ...
Continue reading Malaga March Over Property Demolitions
