MADRID (Thomson Financial) - Spain's Grupo Globalia is in 'advanced talks' to sell affiliate Century 21 to US Cendant Corporation for an undisclosed sum, Expansion reported, citing unnamed sources close to the operation.
The operation could be closed within weeks, the newspaper reported.
Nevertheless, the sources told Expansion that the 'difficult situation in the [real estate] market and Century 21's losses are going to make the selling price not very high.'
Wednesday, November 28, 2007
Wednesday, November 21, 2007
An explosion destroyed a real estate office Thursday in Spain's northwest Galicia
MADRID, Spain (AP) -- An explosion destroyed a real estate office Thursday in Spain's northwest Galicia region but no one was hurt, officials said.
The pre-dawn blast occurred in the town of Cangas. Police said it had been set deliberately but the explosion did not appear to be the work of the Basque separatist group ETA.
The site of the blast is about 100 meters from the town hall in Cangas. It destroyed a real estate office in the ground floor of a building and also caused damage to nearby buildings, the Interior Ministry office in the regional capital A Coruna said.
Bomb disposal experts from the police cordoned off the site as they searched for traces of the explosive.
The pre-dawn blast occurred in the town of Cangas. Police said it had been set deliberately but the explosion did not appear to be the work of the Basque separatist group ETA.
The site of the blast is about 100 meters from the town hall in Cangas. It destroyed a real estate office in the ground floor of a building and also caused damage to nearby buildings, the Interior Ministry office in the regional capital A Coruna said.
Bomb disposal experts from the police cordoned off the site as they searched for traces of the explosive.
Friday, November 16, 2007
Spanish Property Market Stalls as Bubble Bursts
The price of Spanish homes has risen more than 200 percent during the past 10 years, and “[a]t the height of the construction boom in 2005 there were 7,000 estate agents on the Costa Blanca,” according to the Daily Telegraph. Low mortgage rates offset the rising costs of home purchases and now approximately 95 percent of Spanish homeowners have adjustable rate mortgages, according to the Wall Street Journal.
However, the Spanish property bubble has popped. In the second quarter of 2007, the rise of property prices was below the rate of inflation for the first time in 10 years. So far this year, 300 of the Costa Blanca’s real estate offices have closed their doors, according to the Daily Telegraph. Spanish homeowners, unable or unwilling to sell, must watch in horror as interest rates rise beyond their reach.
However, the Spanish property bubble has popped. In the second quarter of 2007, the rise of property prices was below the rate of inflation for the first time in 10 years. So far this year, 300 of the Costa Blanca’s real estate offices have closed their doors, according to the Daily Telegraph. Spanish homeowners, unable or unwilling to sell, must watch in horror as interest rates rise beyond their reach.
Sunday, November 11, 2007
Lopera Ready To Sell Up At Betis
Marca reports that president-turned-owner is already in negotiations to sell his 52% stake in the club, with Luis Castel - a real estate magnate - likely to take over.
De Lopera took the reins at Betis in September 1991 and quickly established himself as a popular figure, largely thanks to the side's rapidly-improved stature at home and abroad.
De Lopera took the reins at Betis in September 1991 and quickly established himself as a popular figure, largely thanks to the side's rapidly-improved stature at home and abroad.
Tuesday, November 6, 2007
Resale property prices continue to fall in Spain
There is more evidence of the slowdown in the Spanish real estate market, with data published this morning showing the price of retail housing has fallen in ten regions of the country for the fourth consecutive month.
The average price for a square metre constructed is now 2,491 €, but compare that to the average of 4.156 € in Madrid and 4.849 € in Barcelona.
The average price for a square metre constructed is now 2,491 €, but compare that to the average of 4.156 € in Madrid and 4.849 € in Barcelona.
Thursday, November 1, 2007
Spain aims to restore overdeveloped coastlines
MADRID, Spain: Spain plans to restore a fifth of its coastline from overdeveloped concrete jungle to a more natural state by enforcing legislation to demolish illegal construction, officials said Monday.
The €5 billion (US$7.2 billion) plan, which would affect about 700 kilometers (435 miles) of coast, was approved by the government in Cabinet last week and is due to be presented to regional authorities Wednesday, an Environment Ministry spokesman said.
The €5 billion (US$7.2 billion) plan, which would affect about 700 kilometers (435 miles) of coast, was approved by the government in Cabinet last week and is due to be presented to regional authorities Wednesday, an Environment Ministry spokesman said.
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