Half of all newly built properties go unsold
Last year 615,00 new homes were finished in Spain, just 4% less than in 2007. At the same time, only 333,500 new homes were sold in 2008, 54% less than the year before, according to figures from the Ministry of Housing. The result is that one in two newly built Spanish properties can’t find a [...]
Martinsa-Fadesa bankruptcy proceedings update
A group of frustrated Martinsa-Fadesa clients are threatening the company with a lawsuit to get their money back. Most of them have made stage payments to the company but have no property to show for their money.
Euribor hits all-time daily low
Euribor – the rate normally used to calculate mortgage payments in Spain – closed last week at the lowest level in its history, and then started this week plumbing new lows, touching a daily rate of 1.919% on Monday. At this rate Euribor looks set to close March at 1.959%, below the previous record low [...]
Spanish property market shrinks 41% in January
The Spanish property market shrank by 41% in January compared to the same month last year, according to the latest sales figures from Spain’s National Institute of Statistics. Not including social housing, there were 33,528 property transactions in January, compared to 56,738 a year before.
Second home sales to non-residents plunge 59% in 2008, but sales in Teruel explode
The number of foreigners buying a second home in Spain collapsed in 2008, falling by 59% to a measly 3,691 sales, according to the latest statistics from the Ministry of Housing. Compared to 2006, when non-residents bought 17,212 second homes in Spain, sales were down by a whopping 79%, giving investors a chance to observe [...]
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