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Foreign investment in Spanish property increases 32.8 percent
It appears that foreign investment in Spanish property is once again on the rise. This new wave of investment in probably due to the recent reductions that have been seen in the property market since the end of 2010. Investment in property in Spain surged by 32.8% in the first half of 2011 over the same period in 2010, to 2,445 million euros, according to the Bank of Spain.
What Spain can teach us about the UK housing market
There’s one factor more than any other that UK house price bulls use to back up their views. Supply and demand.
There are plenty of variations on the theme. But the general argument goes like this: “We live on a small island, our population is growing, and there just aren’t enough houses to go around.”
And the rebound seen in the market last year simply seems to confirm this view. There aren’t enough houses – so you can’t go wrong with bricks and mortar.
The bulls have got it right in one sense. House prices are indeed all about supply and demand. But it’s supply and demand for credit, not houses.
If you want the proof, just look at Spain…
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Costa del Sol airport development to receive go-ahead
It appears that at the next general meeting of the Alhaurin de la Torre council in September, the councillors are to give the green light to an ambitious project to create an ‘airport city’. The project, over fifteen years, will lead to the creation of a commercial and industrial zone covering 3.8 million square metres in the north-eastern part of the municipality, near the extended Malaga airport.
Spain is Not Close to Bankruptcy: Amalgamation Should Not Mean Contagion
The downgrading of Spain was done for strange reasons. Spain’s has a debt to GDP of 90% (against 144% of for Greece) and a budget deficit of 7% (against Greece’s 14%). More importantly, the spread over German bunds is 250 bps against 700bps. With an AA rating (compared to Greece’s BB), even after the recent downgrading from AAA, Spanish creditworthiness is strong.
Spanish property mortgage relief
Recently the Prime Minister of Spain, José Luis Rodríguez Zapatero, announced that by 2011 mortgage relief for those earning more than 24,000€ will be stopped. After originally reading the article Zapatero and Common sense I have had time to do a bit of research on the topic and Spain does not seem to be alone in this ‘gesture’, with countries like Ireland having implemented similar measures recently.
Prices down 11.5% on the Costas
Properties along Spains Mediterreanan coast (Costa Brava, Costa Dorada, Costa del Azahar, Costa Blanca, Costa Cálida, Costa de Almeria, Costa de Granada, Costa del Sol and Costa de la Luz) are down 11.5% in March 2009 year-on-year. But before anyone complains to me about ‘doom & gloom’, I am actually quite pleased about this information!
Financial services in Spain
In the current economic climate, which has seen a vast changes in interest rates, high unemployment and a very complex Inheritance Tax Law, I have decided to contact a financial services company. Siddals Spain has recently developed financial services specifically tailored to help people save time, money and combat the negative effect of the “credit crisis”.
Spanish property market in 2008
I have just reviewing a range of official statistics (Registro de Propiedades, INE, etc..) have compiled a brief analysis on how the Spanish property market fared in 2008. As can be imagined sales are down (surprised?), but not all appears to be doom and gloom.
Costa del Sol town halls given a key role in fighting crisis
In an interesting more Prime Minister José Luis Rodríguez Zapatero is giving Spain’s town halls are to be given a key role in fighting Spain’s economic crisis.
The real outlook for Spain
I’ve just been reviewing the BBC website and I found a great article. It starts with the statement “The unemployment rate in Spain hit a 12-year high in 2008 of 3 million, figures show, a further sign of the economic slowdown.”
So unemployment figures show that there are the same amount of unemployed now in Spain as there was in 1996. But what does this mean?
Pain in Spain
According to the Central Bank of Spain, the Spanish economy has shrunk by 0.2% in the third quarter compared to the previous 3 months. This is the first such drop in economic output in 15 years when in 1993 the economy shrunk by 0.3% relative to the previous quarter.