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Tag: real estate

Published on Leave a comment on New Push to Uphold Spanish Banks

According to an article reading in El País, the government may inject public funds into the banking system if this is necessary to save the banking system. 

Euro 300x216 - New Push to Uphold Spanish Banks

The government had guaranteed not to give money to the banking industry which is struggling in the wake of a collapsing ten years of housing boom.

"If it was necessary to reactivate credit, to save the Spanish financial system, I wouldn't rule out injecting public funds, like all European countries have done," Mr. Rajoy said in interview with Onda Cero radio stations.

On the other hand, an official at Spain's finance ministry said measures that are expected to be approved by the cabinet on Friday will include guidelines to remove impaired real-estate assets from banks' balance sheets.

The segregation of toxic assets is seen as key to completing the clean up and calming investors.

The Spanish finance ministry official explained that the government and central bank are studying a specific cleanup plan for Bankia SA and Banco Financiero y de Ahorros SA, which could include a total change of their management. Newspaper El País said Monday the government also plans an injection of state funds via convertible bonds with a rate of about 8 per cent.

Sources: El País, Wall Street Journal. 

Published on Leave a comment on Commercial activity grows in Marbella

Marbella sees an increase in applications for opening licences

marbella - Commercial activity grows in MarbellaAccording to an article published in Sur In English.com, a total of 88 applicantions for opening licences were processed in Marbella between December 2011 and January 2012, 70 per cent were for new premises and the remaninder for businesses which had undergone a change in ownership. This shows that, in spite of the economical crisis, Marbella is still a safe value.

This figure is 50 per cent higher than in the same period of the previous year, the Town Hall’s Commerce department confirmed. “What this reveals is that the small business sector remains active in Marbella. Even though many businesses have been forced to cease trading, almost immediately another one opens up, either in the same premises or somewhere else", says the councillor José Eduardo Díaz.
 

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Published on Leave a comment on Changes in the Spanish property lending market

The Spanish government is trying to put the country mortgage market back on track, and it is forcing takeovers and mergers to accelerate the change.

Banco Sabadell acquired CAM bank for €1 in December 2011 and BBVA acquired Unnim bank for the same price this month, and Catalunya’s CaixaBank has purchased Banca Cívica, becoming the leading financial institution in Spain in terms of assets.

Although Spain did not have official subprime mortgages as the United States, in the late 2000s it did fall into unrealistic mortgages, which consequences nowadays are banks having to repossess a meaningful number of properties, converting them in enormous real estate owners with no buyers.

‘As the property market in Spain boomed, many banks took a naive approach to lending money and they are suffering for it now. Whilst the UK has various checks and balances in place to prevent the recurrence of scandals such as the endowment mortgage mis-selling of the 1980s and 1990s, Spain has yet to get a watertight grip of its financial products although Rajoy is making huge strides,’ explained Marc Elliott, independent mortgage consultant and owner of Fluent Finance Abroad.

Mortgage 300x224 - Changes in the Spanish property lending market

‘Deals such as those seen in the past are either non existent or hard to find but if you have a good income and clean credit history the banks will lend. Certain banks did not fall into the reckless subprime trap and are lending pretty much as they were prior to the credit crunch,’ he pointed out.

‘If you are a first time buyer and you don’t have a large cash deposit then it might be wise to consider a bank property. If you have a sizeable deposit at your fingertips it would probably be better to look at the traditional real estate market as these properties tend to be slightly better value for money,’ said Elliott.

‘At the moment banks are looking to get the best price possible for their properties to try and recoup the original funds that were lent, they do this is by slightly inflating asking prices and offering excellent finance terms such as little or no money down deals,’ he added.

‘Always speak to more than one mortgage consultant to make sure you are satisfied that you are getting the best person to represent your interests. If anyone suggests that obtaining mortgage finance in Spain is easy, they are not being completely truthful,’ said Elliott.

Source: Property Wire

propertywire.com 

Published on Leave a comment on Fantastic Real Estate 3D video

This fantastic video of the 3D rendering was created by Tronic Studio in New York. Its metaphor of the Real Estate bubble together with the air-construction of this magnificent building makes it an appealing target for luxury buyers.

 

[vimeo]http://vimeo.com/5496876[/vimeo]

 

The real estate in question here is the 57-story luxury residence, 56 Leonard, in Tribeca, designed by the Pritzker-prize winning, Beijing Bird Nest-creating Swiss firm of Herzog & de Meuron. Tronic tapped into their architecture background to envision this video where the elements of each floor fall down from the Manhattan sky and land on the custom-designed sculpture by Anish Kapoor. Absolutely brilliant.

Published on Leave a comment on Boosting Spanish Real Estate

Several real estate experts in Spain have made suggestions about how the new government can boost the country's property sector.

taxes - Boosting Spanish Real EstateChanges to taxation is supposed to be the way forward to boost Spanish Property Market.

The previous government cut the value-added tax payable on new-build houses in the nation by 50 per cent in a bid to boost the real estate market.

Buyers can take advantage of the reduction until December 31st 2011, when the tax will revert back to its previous level of eight per cent. The VAT reduction means a saving of up to 8,000 Euros (US$ 11,500) on a 200,000 Euro (US$ 288,420) property.

Published on Leave a comment on Cuba to Allow Buying and Selling of Property

Cuba announces a new property law that allows to buy and sell real estate

On an article published by The New York Times, Victoria Burnett reports from Havana: "Cuba announced a new property law Thursday that promises to allow citizens and permanent residents to buy and sell real estate — the most significant market-oriented change yet approved by the government of Raúl Castro, and one that will probably reshape Cuba’s cities and conceptions of class.

cuba - Cuba to Allow Buying and Selling of Property

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Published on Leave a comment on It Takes People to Build Decent Housing and Successful Communities

With the housing sector in turmoil it is time to reconsider home ownership and new development

Well-thought article written by Wayne Hemingway in The Guardian. One thing is clear after reading him: Real Estate needs re-estructure. Realtors will have to change the way they view the market, thus the way they sell its properties.

It's no business anymore. It's something more social. It's a service.

Wayne Hemingway - It Takes People to Build Decent Housing and Successful Communities

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Published on Leave a comment on Housing Market will Recover in 2012

Is it the time to buy overseas? 

Interesting article examines housing market possible recovery.

Now is the time to buy overseas property. This has been a popular line for the last 2 years, one that was harder than many thought it would be to sell in 2009, but has been getting a lot easier for the last 12-18 months. With many reports of markets bottoming, could 2012 be the first year of the real global property recovery? ...continue reading "Housing Market will Recover in 2012"

Published on Leave a comment on A House in Spain? Do it Safe

Who to go to when planning to buy a house in Spain

The New York Times Real Estate section talks today about a decisive decision: to use or not to use the services of a real estate agent.

"Why should a buyer bother using an agent?", asks the paper, "to protect his or her interests in an expensive, often complex purchase that can become even more ...continue reading "A House in Spain? Do it Safe"

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Published on 1 Comment on Doors Open on the Spanish Property Sales

If ever there was a time to snap up a bargain Spanish property is now

Never before has the chance been so affordable to own your own Spanish property, to live, retire, work or generate revenue by cashing in on the still increasing tourism market.

According to the real estate valuation firm Tasaciones Inmobiliarias (Tinsa), in Andalucia, the average price of housing fell by 6.8 per cent in August over the same month of 2010, which marks an incredible accumulated drop of 23.5 per cent since its peak in late 2007.

...continue reading "Doors Open on the Spanish Property Sales"