Archives for May 2010
May 31st, 2010
The Spanish parliament has backed a 15bn-euro ($18.4bn; £13bn) austerity package by one vote as the country strives to cut its budget deficit. The vote saw 169 in favour of the Socialist government's austerity plan and 168 against, with 13 abstentions. Spain announced the austerity package earlier this month. It includes wage ...
Continue reading €15 Billion Austerity Plan Approved for Spain
May 28th, 2010
Spain reigns supreme as the most popular holiday destination for the British. Most of us who have been there think we know the country. But, in truth, we probably know only its Mediterranean holiday coast - the costas with their concrete hotel strips, clubs, bars and cafes that ...
Continue reading Discover Spectacular Green Spain
May 27th, 2010
Three Spanish regional savings banks, led by Caja de Ahorros de Mediterraneo said on Monday they have reached a preliminary agreement to merge some of their operations. The agreement, which also includes Cajastur, Caja de Extremadura and Caja Cantabria, would aim to create a joint banking group that seeks to "strengthen ...
Continue reading Spanish Banks Agree Merger to Strengthen Solvency
May 26th, 2010
The Road Safety Law reform that comes into force on Tuesday May 25th introduces new traffic fines: 100 euros for a minor offence, 200 for a serious offence and 500 for a very serious offence. The new regulations reduce the number of traffic infractions that affect licence points to 20, ...
Continue reading New On-the-Spot Traffic Fines Planned
May 25th, 2010
A bank specialising in foreign mortgages is getting behind a plan to clear up Spain’s glut of unsold homes. Solbank, part of the country’s fourth biggest bank Banco Sabadell, has agreed to provide mortgages for all properties for sale through the Spanish Homes Network – an initiative from a Spanish business ...
Continue reading Bank Agrees Plan to Clear Unsold Spanish Properties
May 24th, 2010
The Bank of Spain removed the managers of CajaSur, a savings bank crippled by property loan defaults, and put the bank under a provisional administrator. The lender, based in the city of Cordoba, Spain, and controlled by the Roman Catholic Church, will be controlled by the government’s bank restructuring fund, the ...
Continue reading Regulator Seizes CajaSur
May 24th, 2010
According to the latest set of data, the slow recovery in the Spanish property market continued in March. According to the Spanish statistics office, the INE, sales of Spanish property were up 9% this March compared to last March. This is an increase of only half that seen in February (18.7%) ...
Continue reading Spanish Property Still Attracting Bargain Hunters
May 21st, 2010
Spain's long-awaited jobs reform, likely this week, will cut the cost of hiring and firing but may not provide enough flexibility to erase financial markets' doubts about the economy in the longer term, economists said. The reform is key to Spain's ability to create jobs, pay down its debts and build ...
Continue reading Will Spanish Jobs Reform Ease Economy Worries?
May 20th, 2010
House prices in Spain are still falling as the promising sales growth at the start of year becomes more sluggish. Prices fell by 4.6% year-on-year in April, with the Mediterranean coast reporting the biggest drop of 5.2%, according to valuation firm Tinsa. However, values did rise compared to the previous month and ...
Continue reading Spanish Property Prices Falling Despite Market Growth
May 19th, 2010
Thousands of property hunters may miss out on an overseas bargain by waiting while the new Government beds in, it is claimed. Traditionally, the period around an election creates a pause in interest in investments or forward planning as people want to know what kind of government they’re going to ...
Continue reading Don't Miss Out on Bargains, Say Estate Agents
May 18th, 2010
In last week's newsletter I said that "Foreign exchange rates can have a huge impact on the true cost of buying Spanish property". Yesterday, I glanced at this graph plotting Sterling against the Euro and realised that Sterling is currently at a 2010 high as it nudges its way towards 1.2. ...
Continue reading Spanish Property News Roundup
May 18th, 2010
Despite repeatedly promising spending cuts, Spanish Prime Minister Jose Luis Rodriguez Zapatero has always shied away from drastic reforms. This week, everything changed. The cuts announced on Wednesday are deep. Some are also deeply controversial - including a 5% cut in public sector pay, starting in June. Salaries will then be ...
Continue reading Spain PM Announces Sweeping Budget Cuts
May 17th, 2010
Owners of illegally-built homes in the Valencian municipality of Catral, most of whom are British, may have a case to sue both the Valencian government and the town hall for damages, claims the European Association of Town Planning Consumers (AECU), a group fighting for the rights of property owners in ...
Continue reading Catral Home Owners May Sue Over Illegal Builds
May 14th, 2010
Owners of homes which are retrospectively judged to have fallen foul of regional planning rules can now be given just one month's notice that council bulldozers are being sent in, as part of a crackdown on excessive development in one of Spain's most popular regions. Thousands of homes that were bought ...
Continue reading Expats Fear New 'Express Demolition' Law
May 13th, 2010
Spain and Portugal, bowing to intense pressure from their eurozone partners and the International Monetary Fund, promised yesterday to accelerate implementation of their austerity plans. The new pledges to cut national budget deficits are aimed at bolstering the credibility of the €750bn ($997bn, £651bn) stabilisation plan for the eurozone unveiled by ...
Continue reading Spain Pledge to Fast-Track Budget Cuts
