Tourist rental clampdown in Barcelona’s Old Town
The drive to regulate short-term tourist rentals in Barcelona’s popular Old Town Gothic Quarter (Ciutat Vella) is starting to show results. 474 tourist rental apartments have been shut down since April last year, leaving 424 “illegal” flats still in operation, reports the Spanish press. In the past, many of the short-term tourist lettings in Barcelona [...]
Biggest developers in Spain start just 135 properties in last quarter of 2008
Just 135 new housing starts in the last quarter of 2008, and not a single one in December: That was the combined output in terms of housing starts for the G-14 group of Spain’s biggest developers, including companies like Martinsa-Fadesa (in administration) and Nozar (fighting to avoid administration) and Colonial and Metrovacesa (taken over by [...]
Collapse in property sales will continue says finance minister Solbes
The collapse in property sales will continue “for some time to come” said Pedro Solbes, Spain’s Finance Minister, reported by the Spanish news agency Efe. He also admitted that the Spanish economy came to rely too heavily on residential construction, which has led to a housing glut. The Spanish property market shrank by 29% in [...]
Aifos bankruptcy blog watch
The other day I reported that the notorious Spanish developer Aifos has been forced to respond to a court request, by two suppliers owed a total of 392,000 Euros, to put the company into administration on the grounds of insolvency. Aifos opened several sales offices in the UK during the boom, and sold hundreds, if [...]
New property prices have fallen 20% since summer say developers
New build property prices have fallen 20% since the summer, claims Pedro Pérez, President of the G-14 group of Spain’s biggest developers. He also argues that, as a consequence, new build prices have little room left to fall.
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