Archives for 2012

December 31st, 2012

According to the Tourist Expenditure Survey (EGATUR) drafted by the Institute for Tourism Studies of the Ministry of Industry, Energy and Tourism, inbound tourists to Spain spent a total of 52.83 billion euros between January and November 2012. This is an increase of 6% over the first eleven months of ...

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December 31st, 2012

According to the latest figures released by the National Statistics Institute, the number of new mortgages on homes in October this year totalled 19,105, which is down 14.4% compared to the same month of 2011. With October’s year-on-year decline, home mortgages accumulated 30 consecutive months of declines. However, the decline ...

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December 28th, 2012

In a transaction set to take place on 31st December, Spain’s nationalised banks - Bankia, Novagalicia Banco, Catalunya Banc and Banco de Valencia – are to transfer to the asset management company for bank restructuring (Sareb) assets with a total value of 36,085 million euros. As the four entities have communicated ...

Continue reading Nationalised Banks to Transfer 36,085 Million Euros of Assets to ‘Bad Bank’

December 28th, 2012

The twelve months Euribor, the indicator used to calculate mortgages, is expected to close 2012 at a record low, with an average rate of around 0.550%, the lowest in its ten year history. Although a couple of trading days remain, if the data is confirmed at the end of December, the ...

Continue reading Euribor Set to End Year Three Times Lower Than 2011

December 27th, 2012

According to a study carried out by the Organisation of Consumers and Users (OCU), 63% of Spanish workers and 44% of pensioners received less income this year than in 2011. Workers who are complaining that their wages are lower than those received in 2011, cite pay cuts and abolished bonuses and ...

Continue reading Six in Ten Workers have Less Income than a Year Ago

December 27th, 2012

The Russian ambassador in Madrid, Yuri Korchagin, is convinced that if the Spanish Government provides residence in Spain to home buyers, it will open the way for his countrymen to acquire more properties in the country, which would help reduce the accumulated 'stock' of unsold homes. "Of course there would undoubtedly ...

Continue reading Spanish Residency Will Attract More Russian Home Buyers

December 26th, 2012

According to the latest Eurobarometer survey published by the European Commission, 98% of Spanish citizens believe that their country’s economic situation is "all bad", which places Spain among the most pessimistic countries of the European Union, only surpassed by Greece, where 99% of respondents also rated the state of the ...

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December 26th, 2012

In a video posted on the official website of the European Council, the Council President, Herman Van Rompuy, said that "2012 marked the turning point" to exit the financial and economic crisis affecting the eurozone. Van Rompuy stated: "We are at the end of the year and it is time to ...

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December 25th, 2012

According to the latest data from the survey of tourist border movements (Frontur) released on Friday, Spain received 55.1 million foreign tourists in the first eleven months of the year, which represents an increase of 2.9% over the same period in 2011. In November alone, three million foreign tourists visited ...

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December 24th, 2012

The average amount town councils have spent on Christmas lighting this year has fallen by 21% compared to 2011, reaching 209,247 euros, ranging from 1.52 million euros in Madrid to 10,000 euros for León. According to a report prepared by the Association for Civil and Social Economic Rights (Adeces), this decrease ...

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December 24th, 2012

In his speech last week in the Spanish Parliament to report on the results of the last two European summits, the Prime Minister, Mariano Rajoy, said that the ECB bank supervision is a "guarantee" for the financial system and that he considered that the new banking supervisory authority will make ...

Continue reading Rajoy Believes ECB Banking Supervisor Will Facilitate Loans to SMEs

December 21st, 2012

The number of foreign citizens contributing to the Spanish Social Security system in November 2012 fell by 38,201. This equates to a drop of 2.24% over the previous month. In year-on-year terms, the number of foreign contributors to the system continues to fall and is doing so relatively faster than the ...

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December 21st, 2012

Even in the midst of the current crisis, Spanish tourism has continued to exercise its role as a reliable economic engine. The weight of the sector's activity in Spain, measured by means of final tourist demand, stood at 10.8% of the Gross Domestic Product (GDP) in 2011, which is four points ...

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December 20th, 2012

Spain’s population now stands at 46,815,916 inhabitants, which is nearly six million more than a decade ago. In other words, the population of Spain has grown by 14.6% since 2001, when the National Statistics Institute carried out the last population and housing census. The Institute noted that "if we take into ...

Continue reading Spanish Population has Grown by 14% in 10 years

December 20th, 2012

The average price of a rental home in Spain rose 0.4% in November compared with the same month last year, according to the latest data from the National Statistics Institute. The rental increase stands 2.5 points below the overall Consumer Price Index (CPI), which stood at 2.9% in November. Month-on-month, the ...

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