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Published on Leave a comment on Two Spanish Buildings Among the RIBA Award Winners

The old bullring of Las Arenas, in Barcelona, and the Bilbao Arena Sports Palace are among the 59 prizewinners of the British architecture awards RIBA, according to the own organization.

The 59 buildings were designed by architects settled in the United Kingdom. The next July 23rd six of these buildings will be selected in order to apply for the prestigious award Stirling 2012 ‘to the major contribution in British architecture’, that will be given in October 13th.

The buildings designers will receive next Thursday a certificate from the Royal Institute of British Architects (RIBA) in recognition of their excellency.

Among the award winners, the RIBA has chosen the Catalonian bullring of Las Arenas, because of its radical transformation, made by Roger Stirk Harbour & Partners. The bullring has been rebuild as a shopping center, but keeping its original facade.

Plaza de Toros de las Arenas Barcelona - Two Spanish Buildings Among the RIBA Award Winners
Las Arenas Bullring (Barcelona)
Palacio de Deportes Bilbao Arena - Two Spanish Buildings Among the RIBA Award Winners
Sports Palace Bilbao Arena

Source: publico.es

Published on Leave a comment on The most expensive mansion in Spain

The most expensive house in Spain is located in Mallorca, and it is waiting for a big bank account to fall for it. Better to write it fully: fifty millions Euros. Or what is the same: more than eight thousand millions of the old pesetas.

840877 56308 10 - The most expensive mansion in Spain

The mansion has 3.500 square meters built, and 15.000 square meters of gardens. There are 8 bedrooms and 13 bathrooms. It also has two swimming pools, one outdoors and one indoors, spa, wine cellar, a cinema room, heliport, and beautiful views of Alcudia and Pollença bays.

840877 56308 4 - The most expensive mansion in Spain

Seeing the ostentatious entrance, with a front door created by the sculptor Isassy and a luxury railing, anyone can tell what comes next is not a common house. Built over imposing marble columns and impeccable style, it keeps waiting for someone to be its lucky owner.

840877 56308 5 - The most expensive mansion in Spain

840877 56308 1 - The most expensive mansion in Spain

840877 56308 3 - The most expensive mansion in Spain

840877 56308 2 - The most expensive mansion in Spain

840877 56308 6 - The most expensive mansion in Spain

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Published on 1 Comment on Eurovegas Rethinks Establishing Casino Complex in Spain

Eurovegas is expected to attract 11 million visitors in 15 years

sheldon adelson mini las legas espana 300x200 - Eurovegas Rethinks Establishing Casino Complex in SpainSheldon Adelson, the man who wants to establish a Eurovegas casino, hotel and leisure park, has now said that there is nothing solid about the project as yet.

Last month he said it was 90% complete and all he had to do was to choose between sites in Madrid and Barcelona, but now it seems he is getting cold feet, linking the project’s viability to the future of the Euro.

The President of the Las Vegas Sands Corporation said, ‘It’s not a Spanish project, it’s a project for all of Europe. If something happens to destabilise the Euro we still have time to take a positive or negative decision’.

If built Eurovegas is expected to attract 11 million visitors in 15 years who will spend some 15.5 billion €, according to the company.

Published on Leave a comment on Spanish Banking System under exam

The Bank of Spain had chosen two consultants so that they value the Spanish banks’ assets.

The purpose of this evaluation is to “increase transparency and definitively dispel doubts about the valuation of bank assets in Spain”, Economy Ministry sources said.

De Guindos 300x198 - Spanish Banking System under examThe independent consultants selected are the German Roland Berger, and Oliver Wyman of the United States. Oliver Wyman has a dark point on his curriculum as he classified Anglo Irish Bank as the best in the world in 2006, just two years before this bank was nationalized.

Economy Minister Luis de Guindos refused on Monday any further serious regression in home loan defaults.

The performing loan ratio for mortgages currently stands at 2.8 percent, compared with 21 percent for credit to the real estate sector. The banking system’s loan portfolio is currently around 1.76 trillion euros, of which 656 billion is in the form of mortgages to individual homeowners and around 310 billion to property developers. In a decree approved earlier this month, the government increased provisions for loans to developers to up 45 percent of the value of the credit.
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Published on Leave a comment on Europe Construction Sector Growing Up

Spain declines construction -1.8 per cent Under Construction by Mickka 300x187 - Europe Construction Sector Growing UpThe eurozone construction sector recorded an increase in activity in March of 12.4 per cent over the previous month, when it had fallen by 10.4 per cent, while year-on-year the decline was 3.8 per cent, according to data published on Monday by the European statistics office, Eurostat. In the whole of the European Union, production in the construction sector soared 11.8 per cent from February, when it had fallen by 5.7 per cent, while year-on-year it had dropped by 3.9 per cent. Cinco Dias reported that among the countries for which data were available, the activity in the construction sector increased in ten of the countries and decreased in four. The largest increases were registered in Germany (+30.7), France (+17.8), United Kingdom (+14.8) and Italy (+9.5), while the most significant declines were recorded in Romania (-8.8), Portugal (-6.8) and Spain (-1.8). Compared to March 2011, the greatest advances year-on-year were recorded in Sweden (+7.9), Germany (+6.3) and Poland (+2.4), while the largest declines were observed in Portugal (-16.4), Slovakia (-11), Spain (-10.9) and Slovenia (-10.7). Specifically, construction activity fell in nine countries and increased in five.

Published on Leave a comment on Closing the Deal in Spain

Closing: How to Make Sure Things Go Smoothly

closing 300x225 - Closing the Deal in SpainWhen you buy a house or an apartment, there are several steps: You decide how much money you can spend; find a property you like; make an offer; negotiate an acceptance; sign a contract; line up your financing, and then close on the property.

So, in some sense closing is what you’re working towards. It’s the point where you sign the papers that make the home legally yours, and it’s usually when you get the keys.

Let’s take a look at key tips when closing:

1. Legal advice: Take care and get legal advice before signing any documents. A lot of property in Spain is sold before building has even started, in which case you will need to get proof of planning permission and plans of the property itself, and often foreign people sign contracts thinking they are expressing a formal interest in building plans whereas in fact they are legally binding themselves to a house sale.

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Published on Leave a comment on Spain Mortgages Biggest Drop Since 2004

Home mortgages fell 47.1 per cent, 22 consecutive months of decline 

Spanish Mortgages 300x199 - Spain Mortgages Biggest Drop Since 2004The number of home mortgages fell 47.1 per cent in February over the same month last year. This is the biggest drop since the statistics published in 2004. With 26,415 credit arrangements, this indicator marks 22 consecutive months of decline year-on-year, according to data released on Tuesday from the National Statistics Institute.

The drop in the number of mortgages granted on residential property was 9.4 per cent compared to January. The average loan amount was 104,868 euros, which is 14.6 per cent less than a year ago and 2.2 per cent less than the previous month. Cancellation of mortgages fell by 16.6 per cent.

The decline in mortgages registered on a property (total loans including rural properties, urban farms and houses) was 42.4 per cent, and the average loan amount came to 112,179, which is 12.5 per cent less than the year before. Changes in mortgage registrations reached 32,588, an increase of 4.8 per cent.

Changes on Interest Rates

24.9 of mortgages changed their interest rates. The percentage of fixed-rate loans fell after the change in conditions (from 9.3 per cent to 4.1 per cent of the total) since most of these loans were referenced to a variable interest rate.

All communities in February showed negative year-on-year variations in the constitution of mortgages, especially La Rioja (-70.8 per cent). Basque Country registered the highest average amount mortgaged, with 169,482 euros, followed by Madrid (153,671 euros). 

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Published on 1 Comment on Buying a House in Spain

Four things you need to consider when buying a property in Spain

house - Buying a House in SpainBuying a house is no easy task, let aside completing the transaction in an unknown country. Here are some tips to help handle the situation correctly:

1. Expenses: You need to take into account unavoidable extra expenses when buying a house in Spain. These include the services of legal advisors, translators, taxes, possible mortgage expenses and, most importantly, the services of a notary. The notario is the person responsible for drawing up the deeds (escritura), the tax due (registro catastral) and the registration of the names of the new owners in the Spanish property register (registro de la propiedad). and tax register (registro catastral); he charges fees to the vendor and purchaser, according to a fee schedule set by the government.

2. Translators: Contact a local translation company and pay for your own translator.

3. Exchange rate: If you want to avoid having to check exchange rates daily, consider paying for the services of a professional exchange company that can get the best deal for you however you want to pay.

4. Legal advice: Take care and get legal advice before signing any documents. In the case the construction of the property has not been started  at the moment you buy it, you will need to get proof of planning permission and plans of the property itself. 

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Published on 1 Comment on Spain Amongst the Most Attractive Places to Buy a Holiday Home

Millionaires choose Spain for holiday homes. Top cities: Mallorca, Marbella, Madrid and Barcelona

Pollenca 300x199 - Spain Amongst the Most Attractive Places to Buy a Holiday HomeThe Wealth Report published by Knight Frank and the City Private Bank highlights Spain as one of the most attractive places, amongst the wealthy, to buy a home in which to spend their holidays.

The study distinguishes between the options for investing in second homes among wealthy Americans, Latin Americans, Europeans (including Russians), Africans, Arabs and Asians.

Among the world’s wealthiest, Spain comes out as the fourth preferred country to buy a holiday home in, after the United States, the UK and France. Among Latin America’s richest, Spain is the second favourite, only behind the United States, and the fourth best destination for European millionaires’ holiday investments, after the UK, France and the United States.

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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

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