Glut of more than 1 million new homes in Spain
Property prices need to fall 40% to 50% from peak says new study Spain’s developers finished 2008 with 1.05 million newly built homes in stock, according to a new study by José García-Montalvo, a professor at the Pompeu Fabra University. Based on last year’s average sales rate this inventory of unsold new homes will take [...]
Chiclana town plan rejected by the courts
The Supreme Court of Andalucia has annulled the latest town plan drawn up by Chiclana, a town in Cadiz Province (Costa de la Luz, Andalucia) plagued by serious illegal building problems.
Martinsa-Fadesa bankruptcy proceedings could last a year longer
The Martinsa-Fadesa bankruptcy proceedings, affecting hundreds of foreign buyers, are likely to take a year longer than expected, the Spanish press reports. The administration court dealing with the claims of Martinsa-Fadesa’s creditors has received 630 claims to date, with more expected in the next few days, despite the January 14 deadline. The high number of [...]
Management not to blame for collapse of Llanera says court
A lawsuit against the management of Llanera – one of the first big Spanish developers to go bankrupt – has been dismissed by a court in Valencia on the grounds that the economic crisis is to blame for Llanera’s collapse.
Residential rents drop 7% in 2008
The average cost of renting a home in Spain fell 7% in 2008, according to the latest report jointly prepared by Fotocasa.es – one of Spain’s biggest property portals – and IESE – one of the world’s leading business schools.
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