Spanish property has been listed as still being the most popular choice for overseas investment in bricks and mortar by Britons, it has been stated...
Overseas property magazine Buy Association said the credit crunch has not stopped large numbers of UK buyers chasing their dreams of owning a property in the country.
The firm stated that because of recent price falls caused by the end of the boom Spain has "some of the best deals in the international real estate market at the moment".
It gave the example of a property in Estapona on the Costa del Sol, which has a bank valuation of £290,310 but is up for sale at £163,078.
Thursday, October 30, 2008
Sunday, October 19, 2008
Spanish property problems deepen
The collapse in the Spanish property market is expected to leave more than 900,000 new homes unsold this year and Spain's prime minister Jose Luis Rodriguez Zapatero warned this week the nation's banks will not escape unscathed.
While Spain's giant banks Santander and BBVA have managed to ride the current financial storm, the nation's smaller banks and savings and loans institutions cajas are struggling to remain afloat.
Meanwhile, there is a shortage of new UK buyers, as many prospective owners struggle to raise funds with a banking squeeze in UK and Spain and the falling pound raising mortgage and property costs.
While Spain's giant banks Santander and BBVA have managed to ride the current financial storm, the nation's smaller banks and savings and loans institutions cajas are struggling to remain afloat.
Meanwhile, there is a shortage of new UK buyers, as many prospective owners struggle to raise funds with a banking squeeze in UK and Spain and the falling pound raising mortgage and property costs.
Monday, October 13, 2008
Mercers win Best Real Estate Agency Spain
After 25 years at the forefront of the Spanish property market, Mercers see their recent award win at the CNBC-sponsored European Property Awards as not only an endorsement of their business but also as a real pat on the back for a quarter of a century of hard work. And, it would seem that trend-setting rather than trend-following has been the secret to Mercers success and longevity in what is now quite a tricky Spanish property market.
Chris Mercer, Director of the Jerez and Mazarron based property specialists, comments, “We have always looked at our competitors methods and tried to do almost the opposite. Mercers has consistently invested heavily in its aftersales service which is far more important than people realise and from a property point of view I look for new areas rather than following the ‘pack’ to the obvious Costas.”
Chris Mercer, Director of the Jerez and Mazarron based property specialists, comments, “We have always looked at our competitors methods and tried to do almost the opposite. Mercers has consistently invested heavily in its aftersales service which is far more important than people realise and from a property point of view I look for new areas rather than following the ‘pack’ to the obvious Costas.”
Tuesday, October 7, 2008
Spanish defaults up 203 pct, worse to come
Debt defaults rose 203 percent in Spain between July and September and are likely to spike higher as Spanish companies run into liquidity problems during the global credit crunch, a report showed on Friday.
The number of firms that suspended debt payments in the third quarter rose to 676 from 224 a year ago, the Credit and Caution consultancy reported, citing data from Spain's Official State Bulletin.
"Credit and Caution sees an even higher increase in defaults during the fourth quarter owing to liquidity problems amid the credit crisis," the consultancy said in a statement.
The rise in defaults follows an increase in Spanish banks' non-performing loans ratio to 2.14 percent in July from 1.6 percent in June, after Spain's largest real estate firm Martinsa Fadesa filed for administration.
The number of firms that suspended debt payments in the third quarter rose to 676 from 224 a year ago, the Credit and Caution consultancy reported, citing data from Spain's Official State Bulletin.
"Credit and Caution sees an even higher increase in defaults during the fourth quarter owing to liquidity problems amid the credit crisis," the consultancy said in a statement.
The rise in defaults follows an increase in Spanish banks' non-performing loans ratio to 2.14 percent in July from 1.6 percent in June, after Spain's largest real estate firm Martinsa Fadesa filed for administration.
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