Residential rents in Barcelona start to fall
After rising 63% between 2002 and 2007, residential rents in Barcelona stagnated, and even fell slightly in the last 6 months of 2008, according to figures from Barcelona’s town hall. In 2003, the average flat for rent in Barcelona had 92m2 and cost 884 Euros/month. Today, the average flat has 75m2, and costs 1,096 Euros [...]
El Castillo Golf Resort in Jumilla, Murcia, buyer on the warpath
“WARNING! DON’T BUY AT EL CASTILLO GOLF RESORT (JUMILLA, SPAIN)” are the first words you read at a new website set up by a furious Briton called Alan Ablett who is fighting to get his deposit back from a developer who he says has not even started building his home. “In Jan 20007 we put [...]
Property crash casualties: Valencia FC
Thanks in part to Spain’s property market crash, Valencia FC is close to bankruptcy and can’t afford to pay its players, whom it owes 15 million Euros in unpaid wages. Valencia was supposed to make millions from a property deal involving its grounds, located in one of the most expensive areas of the city, which [...]
Santander freezes redemptions on its Banif real estate fund
Casualties mount as Spain’s property bust plays out, creating problems for some of Spain’s biggest banks. Santander, the largest, has announced that it is freezing payouts from its Banif real estate fund for 2 years, as investors demanded their money back en masse. Recently valued at 3.3 billion Euros, Santander’s real estate fund – called [...]
Alicante’s developers accuse banks of unfair competition
During the boom developers and banks were the best of friends, as banks fell over themselves to finance any old real estate project. Then came the credit crunch, which soured the relationship. Now banks are starting to look like the enemy, as developers in Alicante accuse banks of stealing their clients through unfair competition. According [...]
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