Construction collapse “good news” says housing minister
The collapse in Spain’s housing starts has been described as “good news” by Beatriz Corredor, Spain’s Minister of Housing. Spanish housing starts fell by more than half from 760,000 in 2006 to 360,000 in 2008, and are expected to drop into uncharted territory this year.
Spanish government bails out first savings bank. More to come?
Spain has long had a reputation for big lottery prizes like ‘El Gordo’ (the fat one), but these days international investors are just as likely to associate it with big property market problems, problems big enough to bring local banks to their knees.
Mortgage interest rates rise whilst Euribor falls
Euribor – the rate normally used to calculate mortgage payments in Spain – has fallen rapidly to the lowest it’s ever been, but banks and savings banks are charing higher interest rates on new mortgages, the latest figures reveal.
EU Parliament finds Spain guilty of widespread property abuses
The European Parliament today approved a report slamming Spain for all manner of evils relating to the country’s property sector, including the ‘land grab’ and Ley de Costas scandals that have created so much misery for home owners in Spain.
Santander bank agrees to offer 100% financing if developers drop prices by 20%
Spain’s biggest bank, Santander, has agreed to help out its developer clients by offering their buyers 100% mortgage financing if the developers drop their prices by 20%.
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