Savings banks create an ‘outlet’ sales channel for impaired property assets
23 of Spain’s 42 savings banks, known locally as cajas, have joined together to create a type of ‘outlet’ sales channel to help them sell their impaired property assets. The company, called Ahorro Corporación Soluciones Inmobiliarias (ASCI), will be managed by Ahorro Corporación, a financial services company jointly owned by Spain’s cajas. The new company [...]
Property prices fall 9% over 12 months to February, rate of decline slows
Spanish property prices fell by 9% over 12 months to the end of February, according to the latest monthly Spanish property price index published by Tinsa, one of Spain’s leading appraisal companies. The good news, if there is any, is that the rate of decline slowed slightly, by 1.1% compared to January, when it fell [...]
Big developers fail to start a single home in 2 months
The G-14 is a lobby group made up of Spain’s biggest developers, and in the 2 months over December and January they didn’t start one single home between them, reports the Spanish daily El Pais. That’s right. Spain’s biggest developers, responsible in recent years for some 10% of housing starts nationwide, didn’t start building so [...]
Chartered Surveyors publish European Housing Review
The Royal Institute of Chartered Surveyors (RICS) has just published its European House Review report for 2009. It’s pretty grim reading wherever in Europe your property interests might lie, but Spain stands out as a particularly critical case, along with the UK and Ireland. The section on Spain starts like this: “The country had one [...]
615,000 new homes finished in 2008
Demand for new homes in Spain may have collapsed, but the number of new homes being finished is still close to record highs thanks to long lead times in the construction sector. According to new data from the Ministry of Development (Fomento) there were 615,000 construction completions in 2008, just 4.1% less than the all [...]
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