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The Cordish Companies, a US real estate developer and entertainment operator, is planning to invest at least €2.2 billion on a Madrid resort. The complex will create more than 56,000 jobs for the regional economy, the company claimed in a presentation. The project includes hotels, restaurants, stores, theaters, cinemas, gaming areas and even a circus.

The company has already presented the project to the regional government, which is controlled by the conservative Popular Party (PP).

Resort by The Cordish Companies in Madrid via El País - US developer planning mega-resort outside Madrid
...continue reading "US developer planning mega-resort outside Madrid"

Eight years after Spain’s property market crashed, house sales continue to increase, with a three-year high registered in June as some 36,856 homes changed hands, up 19.5% from the same homes for sale in Torrevieja Alicante 300x200 - Spain’s housing market continues to show steady signs of recoverymonth in June 2015.

Building on the growth seen in April and May, sales for the first half of 2016 were the best since 2010.

However, growth is largely restricted to five major cities and their surrounding areas: Madrid, Barcelona, Alicante, Malaga and Valencia. Total sales for the first half of the year were 207,593.

Residential construction is partly driven by foreign investment, which is pouring into developments in Madrid and Barcelona; a jump in building permits points to more growth to come. Construction and real estate accounted for more than a third of the nearly €22 billion ($24 billion) of foreign investment in Spain in 2015, Economy Ministry data shows.
...continue reading "Spain’s housing market continues to show steady signs of recovery"

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The United Kingdom's exit from the European Union is a terrible piece of news for the Costa del Sol, where the British are its biggest and most important customers, and also some of the highest spenders. From now on there are just unknowns and a lot of nervousness.

brexit 300x210 - The effect of Brexit on the Costa del SolLast week, the president of the CEA (Andalusian Employers' Association), Javier González de Lara, warned that Britain leaving the European Union would have serious consequences for the Spanish economy, with tourism, although not just tourism, being the main loser.

Since the referendum there's been a 10% fall in the value of the British Pound. This means that Britons' holidays in Spain have become more expensive overnight as, although the Euro has also fallen, it hasn't done so as much as the Pound. This will mean less tourists will visit and less buying power for those that still come. The current average daily spend by the British is 105 euros, higher than the Germans (101 euros) and the French (80 euros).
...continue reading "The effect of Brexit on the Costa del Sol"

The leafy Madrid dormitory town of Pozuelo is Spain’s richest town, while Torrevieja, a run-down resort on the coast of Alicante province, remains the poorest, according to the latest municipal wealth and inequality survey published by the National Statistics Institute (INE).

Torrevieja 300x225 - Torrevieja is been named Spain’s poorest townThe study covers 109 Spanish municipalities throughout Spain, and shows that at €70,298, annual household income in Pozuelo, around 15 kilometers to the northwest of the capital, is five times that of Torrevieja’s €13,977.

Pozuelo is dotted with exclusive gated communities that are home to soccer players and other celebrities. Torrevieja has a significant number of retirees living all year round, many of them from the UK and Germany, and its economy is largely dependent on the summer season.

In general, the north of Madrid is home to the capital’s wealthiest inhabitants: in Majadahonda, ...continue reading "Torrevieja is been named Spain’s poorest town"

Madrid Mayor Manuela Carmena has said that the Chinese-owned Wanda Group still wants to refurbish the capital’s landmark Edificio España building and that it will Edificio España Madrid 300x227 - Wanda Group still wants to refurbish Edificio Españacontinue working with City Hall to come up with a viable solution to doing so without demolishing its protected façade and flanks, as the group had originally wanted.

The announcement, which came following a meeting between the leader of the leftist Ahora Madrid bloc and Wanda’s head in the capital, Michael Qiao, on Tuesday, contradicts recent reports initially published by Cinco Días newspaper saying that Wanda had on Sunday told Carmena that it was pulling out of the project.

The mayor denied that such a weekend meeting had ever taken place.

According to municipal sources, Wanda chiefs have communicated their intention to continue with the project and a “new round of negotiations” has been opened with City Hall technicians to solve the problems.
...continue reading "Wanda Group still wants to refurbish Edificio España"