Archive for the ‘Spain Residential Investment News’ Category

Investor interest returning to Spain – CBRE

Thursday, November 3rd, 2011

Investors are optimistic of a recovery in Spain’s real estate sector but are avoiding residential, according to a study by realtor CBRE released during the Barcelona Meeting Point expo.

“European investors are showing an absolute lack of appetite for the Spanish residential market, CBRE’s research director Patricio Palomar said. According to the firm’s Barometer of Investment in Spain, only 7% of investors will opt for the residential and hotel sectors, with 50% seeking office and 40% prime shopping centres.

The report, based on a survey of 600 local and international investors, reveals that 73% believe the Spanish real estate sector will recover in the next 18 months and almost 57% plan to invest in Spain over the next six months.

The majority of investment in Spain comes from foreign investors. “Opportunist funds are showing a great deal of interest in Spain,” Palomar said, adding that a lack of deals is due to prices not matching investors’ expectations of reductions, and a lack of financing, the main obstacle to transactions according to 80% of the investors consulted.

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300 evictions per day in Spain for mortgage payment default

Monday, September 19th, 2011

“The great Spanish mortgage dream has turned into a nightmare”

Manuel Pardos, Chairman of the Association for Users of Banks, Savings Banks and Insurance Companies (ADICAE), has raised the alarm on the number of evictions in Spain for mortgage default which has reached the rate of 300 per day.

In a press conference in Alicante, Pardos released this statistic in order to support his organisations proposal for the approval of a Decree Law which would impose a three year moratorium on mortgage payments. He said this would benefit “more than a million families” in the whole country.

Pardos stated that on 25th August his association had submitted the proposed text to the Economic Office of the president of the Government and other ministers and parliamentary groups.

The objective of the decree would be to halt the current high rate of mortgage foreclosures and repossessions. “The great Spanish mortgage dream has turned into a nightmare”, complained Pardos who also referred to a collective demand presented by his association to more than 100 banking and financial entities for clauses relating to mortgaged land.

The initiative has been accepted by the commercial tribunal (number 11) in Madrid and 15,000 effected people have lent their names to it.

i-comparables.com

“Economic instability results in the continued decline of house prices in August”

Wednesday, September 14th, 2011

According to Tinsa, the General IMIE index fell again in August to 1748 points, a year-on-year decline of 6.8%, continuing the trend of the last three months. The cumulative decline from the top of the market in December 2007 is now 23.5%.

This situation was also reflected in the market’s various segments, although “Capital and Major Cities” recorded a sharper year-on-year decline of 7.8%, followed by the “Mediterranean Coast” with 7.1%.

In the remaining areas, the decline in house prices was below the national average. In the “Metropolitan Areas” the year-on-year decline was 5.8%; in the “Balearic and Canary Islands” it was 4.9%; while the “Rest of Municipalities” it was 6.4%.

The cumulative declines to August from the top of the market, by area, were: “Mediterranean Coast” 29.2%, “Capital and Major Cities” 25.6%, “Metropolitan Areas” 23.4%, “Balearic and Canary Islands” 21.1%, and the “Rest of Municipalities” 20.4%.

Source: Tinsa