Swedish property buyers have become the target of a new property sales drive on Spain’s Costa del Sol after a conference headed up by Malaga real estate representatives in Stockholm earlier this month decided they would push to sell 40,000 properties to the Swedish market.
Tourism director Elias Bendodo and tourist board manager Arturo Bernal liaised with Swedish promoters at the Living Costa del Sol conference in Stockholm drawing up a new deal to encourage Swedish, Norwegian, Finnish and Danish property buyers to purchase holiday or second homes on the Costa del Sol.
On the other hand, plans were recently unveiled by health chiefs to turn the Andalucian city of Malaga into a prominent destination for global healthcare by drawing patients to clinics and hospitals where some of the best surgeons reside.
...continue reading "Spain is looking for Norwegians property buyers"
The ‘bad bank’ could help save a large number of companies that suffer from the effects of the stagnation on the real estate market in Spain.
For this reason, nobody in the sector wants to let go of this opportunity and everyone is taking positions to be involved in the new entity in one way or the other. Certainly, the state-backed bank rescue fund, the FROB, does not pay much, but little is better than nothing, given the state of the market.
The last ones to have claimed their participation in the new entity are the developers, which are probably among the most affected by the crisis. Their argument is that they are the ones who really know the market and, for that reason, are the best to evaluate the assets that will be transferred to the bad bank.
“The FROB, or whoever will have the mandate over these assets, must increase the management capacity and for that reason, it must take help from the sector,” said José Manuel Galindo, head of the Association for Developers and Constructors in Spain (APCE).
The real estate assesors also want to participate. The main companies in this sector, such as Tinsa, Sociadad de Tasación and Valmesa, aspire to get hired to assess the assets of the nationalized entities –in principle, only these entities- that will be transferred into the new instrument.
...continue reading "Real Estate sector and the bad bank"
House prices have fallen by 14.4% in the second quarter of 2012 compared to the same period of 2011, according to the House Price Index (HPI) of the National Statistics Institute (INE). This percentage represents the largest decline in this statistic since it was published in 2008.
This reduction in the house prices is almost two points higher than the experience in the first quarter of 2012, when prices fell by 12.6%. Thus, there were already 17 consecutive quarters in which house prices have negative annual rates. Actually, since this 'CPI housing' started in the second quarter of 2008 (-0.3%). Since then, the trend has not been reversed.
The price decline has been general in the country. The largest decreased occurred in Catalonia (16.5%), Madrid (16%), Basque Country (15.6%), La Rioja (15.2%), Balearic Islands and Cantabria (15%), Aragón and Navarra (14.5%).
Below the national average, are the declines in the Canary Islands and Asturias (14.3%), Valencia (14.2%) Castilla y Leon (14%), Andalusia (13.1%), Galicia (12.7 %), Castilla-La Mancha (11.6%), Murcia (11.4%) and Extremadura (7.4%), Ceuta (12.3 %) and Melilla (13.6%).
Federal Housing Finance suits are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank
"The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.
The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.
The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims".