Martinsa-Fadesa request for voluntary administration accepted by judge
Posted on July 24, 2008 by Spanish Property News
Filed Under Martinsa-Fadesa, bankrupt developers | Leave a Comment
The judge in charge of the Martinsa-Fadesa insolvency proceedings has accepted the company’s request to go into voluntary administration. This move protects the company from its creditors, and allows it to continue trading until a restructuring plan is agreed by the court-appointed administrators, which could take months.
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Martinsa-Fadesa promises not to let buyers down, but are fine words enough?
Posted on July 23, 2008 by Spanish Property News
Filed Under Martinsa-Fadesa, bankrupt developers | Leave a Comment
In a press release, Martinsa-Fadesa vowed to finish and deliver all the properties it has not yet completed. Expressing “profound regret” at the situation, Fadesa says it will do everything possible to “finish the projects and works in progress, and deliver the homes that have been promised.”
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Martinsa-Fadesa’s bankruptcy: Advice for buyers
Posted on July 22, 2008 by Spanish Property News
Filed Under Martinsa-Fadesa, bankrupt developers | Leave a Comment
By going into voluntary administration, Martinsa-Fadesa, Spain’s biggest private house builder by assets, has left 12,578 of its clients wondering whether they will ever see the properties they have partly paid for, and worrying what will become of their stage payments.
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One week of Spanish property news lost to technical problem
Posted on July 22, 2008 by Mark
Filed Under spanish property news | Leave a Comment
The Spanish property news posted here during the last week was lost this morning during system maintenance. I will try to recover as much of it as possible, but inevitably some RRS feeds and links to the 10 or so news items lost may not work. A summary of the lost news items follows:
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Fadesa forced to seek protection from its creditors
Posted on July 15, 2008 by Mark
Filed Under Martinsa-Fadesa, bankrupt developers | Leave a Comment
Fadesa, Spain’s biggest house builder by assets, is the latest casualty of the Spanish property market crash. The company was forced yesterday to seek protection from its creditors in the biggest case of insolvency in Spain’s history.
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19 homes in Cantoria under threat of demolition
Posted on July 14, 2008 by Mark
Filed Under Almeria, illegal building, planning problems | Leave a Comment
The public prosecutor is seeking the demolition of 19 homes in the El Fas district of Cantoria, in Almeria. The detached homes, most of which are owned by British families, were illegally built without construction licences, in a non-residential zone, and lack licences of first occupation.
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Spanish recession in 2008 say two international banks
Posted on July 14, 2008 by Mark
Filed Under Spanish economy | Leave a Comment
The Spanish economy will go into recession this year, and suffer zero growth in 2009, forecast 2 new reports by international banks.
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Fadesa teeters on brink as shares are suspended
Posted on July 14, 2008 by Mark
Filed Under bankrupt developers | Leave a Comment
Trading in Fadesa’s shares have been suspended this morning after falling 27% in the first hour of trading on the Madrid stock exchange. Martinsa-Fadesa’s shares have now fallen by more than 50% in 2 days, and the regulator of Madrid’s stock exchange has not said when trading in Fadesa’s shares will resume.
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Spanish property prices could fall by up to 30% says leading developer Colonial
Posted on July 13, 2008 by Mark
Filed Under Spanish property slump, spanish property prices | Leave a Comment
Whilst august institutions like the IMF, the OECD, The Economist Magazine, and even the Bank of Spain have been warning for years that Spanish property prices are inflated, and might fall, the one group that has consistently refused to entertain such a possibility has been Spain’s property developers. But finally, in the face of mounting evidence of a Spanish property crash, and with big, quoted developers like Martinsa-Fadesa fighting for their survival, some developers are starting to break ranks and concede that property prices will fall.
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Construction completions on course for all time record in 2008
Posted on July 12, 2008 by Mark
Filed Under Spanish economy, Spanish property slump | Leave a Comment
An increase in the supply of new homes is not what the doctor ordered for the ailing Spanish property market, but that is exactly what the patient is going to get. The number of new homes finished in 2008 will beat all previous records, adding to the glut of newly built homes already languishing on the market. “The number of new homes this year will hit an all time high, more than in 2007,” said Jose Luis Malo de Molina, the director general of the Bank of Spain, at a recent conference in Valencia.
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