MADRID, July 14 (Reuters) - Shares in Spanish property company Martinsa Fadesa were suspended on Monday after falling 25 percent on fears over its ability to meet debt obligations, which hit shares in one of its creditors.
On Friday, the company said it had not been able to raise a 150 million euro ($235.7 million) loan, one of the conditions of an earlier 4 billion euro refinancing agreement, and asked its 45 banks for the deadline to be extended until Aug. 7.
The stock fell 34 percent on Friday and was suspended on Monday at a historic low of 7.3 euros, valuing the whole company at 680 million euros. Its debts total 5.4 billion euros.
Martinsa Fadesa, one of several Spanish property companies being pummelled by a sharp slowdown in the real estate market, began an extraordinary board meeting at 1430 GMT.
Tuesday, July 15, 2008
Friday, July 11, 2008
Brits Still Want Property In Spain
According to the Spanish property portal Kyero.com there is still demand from people in the UK for properties in Spain, and some are even using the current market condition to their advantage.
Mark Stucklin, of Spanish Property Insight, explained that recent reports about the failure of the investment market in some parts of Spain had put an end to the "speculative herd buying" and instead people who genuinely want to own a home in the country were "doing their research".
Chris Garwood, of Costa Blanca Select, told Spanish Homes Magazine: "In recent months our enquiries have been stronger than we have previously encountered in the last seven years. This is despite the usual negativity emanating from certain sections of the UK media. More young couples are moving here as they no longer wish to bring their children up in the UK."
Mark Stucklin, of Spanish Property Insight, explained that recent reports about the failure of the investment market in some parts of Spain had put an end to the "speculative herd buying" and instead people who genuinely want to own a home in the country were "doing their research".
Chris Garwood, of Costa Blanca Select, told Spanish Homes Magazine: "In recent months our enquiries have been stronger than we have previously encountered in the last seven years. This is despite the usual negativity emanating from certain sections of the UK media. More young couples are moving here as they no longer wish to bring their children up in the UK."
Thursday, July 3, 2008
Eco-Friendly Homes Prove Popular In Spain
The maturing of the Spanish real estate market and movements made away from mass urbanisation and high-rise property development may well be impacting negatively on the rate at which such formerly constructed accommodation is being sold, but in direct parallel it is having a positive effect on the quality of homes being constructed for the lifestyle market.
The Spanish property development frenzy of the last decade that resulted in massive resort-style developments being constructed for those who wanted an accessible holiday apartment in the sun, or an affordable fly-to-let investment purchase, are proving less popular these days as other property markets open up and offer a more affordable choice buyers.
Meanwhile, the evergreen and enduring appeal of Spain as a stunning, tried and tested lifestyle destination for retirees, relocating expatriates and those in search of the good life means there is now an emerging trend in those wanting to buy quality Spanish property.
The Spanish property development frenzy of the last decade that resulted in massive resort-style developments being constructed for those who wanted an accessible holiday apartment in the sun, or an affordable fly-to-let investment purchase, are proving less popular these days as other property markets open up and offer a more affordable choice buyers.
Meanwhile, the evergreen and enduring appeal of Spain as a stunning, tried and tested lifestyle destination for retirees, relocating expatriates and those in search of the good life means there is now an emerging trend in those wanting to buy quality Spanish property.
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