Spanish property market crash accelerates, with transactions down 31% in May
Spanish property sales fell by 31% to a total of 107,947 transactions in May compared to the same time a year ago, according to a press release from Spain’s Institute of National Statistics (INE). The market has shrunk every month this year for which figures are available (January -27%, February -24%, March -38%, and April [...]
Martinsa-Fadesa sold properties without licences or bank guarantees
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 starting to emerge that Martinsa-Fadesa [...]
Cheapest holiday rental apartments are in Lugo, Tarragona, and Alicante
A new report from the Spanish appraisal firm Tecnitasa reveals that the cheapest rental properties on the Spanish coast are located in the provinces of Lugo (Galicia), Tarragona (Catalonia), and Alicante (The Valencian Region). In all of these provinces you can rent an apartment looking onto the beach for less than 1,200 Euros a month [...]
Environmentalists condemn “unsustainable development of the Spanish coast”
Though plain for all to see, the Spanish environmental group ‘Ecologists in Action’ this week pointed out the terrible mess that Spain has made of much of its beautiful coastline by sacrificing it to senseless urban development. The finger of blame for Spain’s environmental tragedy is also pointed at short-term thinking and over-exploitation by the [...]
Martinsa-Fadesa request for voluntary administration accepted by judge
The judge in charge of the Martinsa-Fadesa insolvency proceedings has accepted the company’s request to go into voluntary administration. This move protects the company from its creditors, and allows it to continue trading until a restructuring plan is agreed by the court-appointed administrators, which could take months.
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