fadesa
September 12th, 2008
Lack of clarity on Spanish property valuations, as seen with Aisa (Actuaciones Actividades e Inversiones Inmobiliarias), will continue to be problematic until next year, market experts told dealReporter. Experts surveyed by this news service said that in 2009, vulture funds and other bargain-hunters will begin to buy assets from administrators, ...
Continue reading Problematic Spanish Property Valuations
September 3rd, 2008
Spanish property group Colonial, which is struggling under huge debts, reported a €2.38bn (£1.9bn) first-half loss as the value of its assets tumbled. The net loss compared with a profit of €316m a year earlier, as Spain's decade-long property boom ended. Colonial has written down the value of assets, including €800m for ...
Continue reading Spanish Property Group Loses €2bn
September 1st, 2008
Some Spanish banks and insurance companies are breaching consumer protection laws by stalling, or refusing to honour guarantees for off-plan stage payments, reports the Spanish daily ‘El Pais’. Bank guarantees are meant to protect the money of people who buy off plan or under construction, and are required by law. If ...
Continue reading Bank Guarantee Woe for Buyers
August 13th, 2008
Morgan Stanley, the investment bank, has issued a major alert on the health of Spanish banks, warning that a replay of the ERM crisis in the early 1990s could wipe out the capital base of weak lenders exposed to the property crash. "A momentous economic slowdown is now under way. We ...
Continue reading Morgan Stanley issues alert on Spanish banks
August 12th, 2008
A growing number of British buyers who have invested in homes in Spain are planning to take legal action against property developers who have gone out of business. According to reports on Telegraph.co.uk, lawyers specialising in property are noticing a surge in the number of British buyers contacting them for advice. Some ...
Continue reading Brits To Take Action Against Spanish Developers
August 4th, 2008
Martinsa-Fadesa, one of Spain’s largest residential developer, not to mention largest ever business failure, has won a reprieve from its creditors after a judge in La Coruña accepted the company’s request for voluntary administration. But whilst Martinsa-Fadesa struggles on like a zombie, kept alive by the administration courts, stories are ...
Continue reading Developer Sold Properties Without Licences or Bank Guarantees
July 29th, 2008
Two aspects of the eurozone economy are often mixed up. One is its overall performance. The other is the divergences that at any time exist within the single currency area. The Spanish economy may be about to fall off a cliff. But Spain accounts for only 11.8 per cent of the eurozone's gross ...
Continue reading Eurogroup Must Shed Complacency
July 28th, 2008
By going into voluntary administration, Martinsa-Fadesa, Spain’s biggest private house builder by assets, has left 12,578 of its clients wondering whether they will ever see the properties they have partly paid for, and worrying what will become of their stage payments. The company has issued statements vowing not to let down ...
Continue reading Martinsa-Fadesa’s Bankruptcy: Advice for Buyers
July 21st, 2008
Spain's finance minister Pedro Solbes has stunned the markets with an admission that his country faces the worst economic crisis in its history as the full effects of the property crash spread through the economy. "This crisis is the most complex we have ever lived through given the plethora of factors ...
Continue reading Spain Stops Reassurances as Crisis Deepens
May 30th, 2008
Whilst Spanish construction giants, the so-called G14, encompassing household names such as Martinsa-Fadesa, Realia and Reyal Urbis, are sobbing into their cervezas at the slowdown of their industry and plunging share values, holiday home hunters are cracking open the cava as a market slowdown forces developers to think creatively about ...
Continue reading Developers Woes Become Investment Opportunities
May 29th, 2008
Valencia’s Generalitat regional government has asked the central government in Madrid for permission to introduce regulations enabling it to sell some of the thousands of unsold properties lying empty in the region as VPO or social housing. VPO, (Vivienda de proteccion official) classed property is offered to first time buyers, or ...
Continue reading Unsold Property in Valencia Destined for Social Housing
April 9th, 2008
International banks are scrambling to sell their holdings of Spanish mortgage debt at a steep discount, fearing that the country may be sliding into the worst economic downturn in its modern history. A blizzard of grim data has soured the mood, capped yesterday by a plunge in PMI purchasing managers' index ...
Continue reading Foreign Banks Flee Spanish Property Debt
November 6th, 2007
The big Spanish property companies are all agreed on one thing: if a lot more land is not made available for building in the immediate future, the price of housing will rise sharply over the coming two years. This was the message in the G-14 meeting last week, when a ...
Continue reading More building land needed
March 16th, 2007
Foreign real estate investment in the Valencian region has fallen by a thousand million euros since high profile protests about ‘land grab’ laws began in the region, according to a recent study by the Bank of Spain. Brenda Waddington of Spanish agent Rusticasa told the OPP that: “There has been an ...
Continue reading Land Grab Costs Valencia €1Bn
April 25th, 2006
Agents Fadesa and Grupo Pinar, amongst others, implicated in MarbellaEl confidencial.com reported that in the case of Marbella a number of the big national property agents are being denounced for promoting as many as 82 works for irregularities on as many as 30,000 dwellings within the municipality of Malaga. Fadesa, ...
Continue reading This Weeks Spanish Property News
