Mark Stucklin
Polaris World dodges bankruptcy
Spanish holiday-home promoter Polaris World has narrowly avoided bankruptcy proceedings after reaching an agreement with banks at the eleventh hour. Read more
Real estate asking prices down 0.9pc in first 3 months
Real estate asking prices for homes already lived in fell just 0.9% over 3 months to the end of March, according to data collected by Spanis property portal Idealista.com. Read more
Cajas and the Spanish real estate market
There was an interesting piece yesterday in the FT about the liquidity problems facing Spain’s regional savings banks, or cajas. The article didn’t go into it, but this has big implications for the Spanish real estate market. Read more
Marbella real estate market back from the dead
Marbella’s real estate market has been in a funk for years, starting long before the real estate crash, thanks to the greed and corruption of local politicians and some developers. But finally, some light at the end of the tunnel, argues Ángeles Muñoz, Marbella’s lady Mayor, with figures in hand to show the best real estate sales figures in 4 years. Read more
Spanish property glut breaks down into 3 categories
With a glut of 1 million homes, Spanish house prices might have more room to fall, and that price adjustments could take another “two or three years to play out,” reports the FT. No news there, but it was interesting to read how Spain’s real estate glut can be divided into 3 categories with very different sales prospects. Read more
Young adults shut out of housing market in Spain
Young adults in Spain need to earn 2,485 Euros a month (30,000 Euros per year) if they are to buy a home without resorting to excessive borrowing, says the latest bulletin from the Spanish Youth Council (El Consejo de la Juventud). The problem is that most young Spanish adults earns just half that, so the choice they face is excessive borrowing or living at home with their parents. Read more
Housing starts in Spain down 80pc since start of crisis
The number of new homes built each year in Spain has fallen by almost 80% since the economic crisis began in 2007, show new statistics from the Ministry of Housing. Read more
Real Estate in Ibiza – The Buying Opportunity of a Decade
Ibiza Old Town and Port
I’ve been bearish about the Spanish real estate market since 2004, and was expecting things to go pear-shaped 2 years before the boom started to show the first signs of exhaustion. Being a Cassandra for so long I started to think I was the only mug who didn’t understand the market, whilst everyone else got on with making money from it. But I was always going to be right in the end, if only because real estate markets are cyclical, and always have been. Read more
The fibs that property vendors tell, in Spain at least
Vendors always went to highlight benefits whilst reducing perceived costs, but telling porky pies is another matter. In a country like Spain, where the information you get from estate agents is patchy at best, buyers often find that the property or plot size ain’t half as big as advertised. Here is a list of some other common fibs told by vendors.
- There is no damp or infestations
- The electrical installations are in perfect condition
- This place never gets flooded
- Taxes and maintenance costs are low
- It’s a quiet area
- They are going to build a golf course here
- Your sea view is safe
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A sign of the times – a mortgage that costs nothing
A Spanish savings bank offers to lend money for free, at least for 3 years. A mortgage with no interest or capital repayments at all for the first 3 years, and no capital or interest roll up for later years. A loan with no admin fee (apart from notary costs, I guess) and a LTV of up to 90%. What is going on? Read more