Smugness turns to egg on face as bad debts explode
Spanish banks and savings banks, known as cajas, largely dodged the US subprime mortgage debacle, leading to a bad case of smugness in certain government and banking circles. Now, however, Spanish banks, and in particular cajas, are having to cope with their own, home-made toxic assets thanks to foolish lending to developers during the boom. [...]
Spanish land prices fall 4.8pc in a year
The average cost of land in Spain fell 4.8% over 12 months to the end of March, and 3.7% compared to the last quarter of 2008, all according to figures from the Ministry of Housing. Land now costs an average of 239 Euros/m2.
Construction sector output rises 3.2pc in April, giving sector a glimmer of hope
The first signs are emerging that the Spanish government’s attempts to stimulate the economy might be having some effect, in the building trade at least. Spanish construction sector output rose by 3.2% in April compared to March, the second biggest month-on-month rise of any European country bar the Czech Republic, according to new figures from [...]
Mayor of Marbella reaffirms pledge not to demolish any illegal homes
With a new draft of Marbella’s town plan on her desk for approval, Ángeles Muñoz, the lady Mayor of Marbella, has reaffirmed her campaign pledge not to knock down any occupied homes amongst the 18,000 illegal properties in the municipality.
Spanish property now opportunity of a lifetime says Taylor Woodrow de España
Publicity Every seasoned investor knows that the time to buy property is during the bust, and it’s no secret that ‘bust’ is the best word to describe the Spanish property market today. Put the two together and it’s hard not to conclude that now might be a great time to buy a home in Spain.
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