New brand created by tourist board to encourage Brits to buy a home

November 29, 2011 – 9:13 am

Costa del Sol brand designed to encourage Brits to buy homes.

The Tourist Board of the Costa del Sol has created the new brand ‘Living Costa del Sol’ with the aim of encouraging the British to buy a home and reside in the region for at least six months of the year, an initiative which is directed at clearing some of the surplus of about 30,000 homes.

The President of the organisation, Elias Bendodo, presented the brand at the World Travel Market tourism fair being held in London this week. He also told reporters that it is their intention that this initiative will also be used in promotional activities to be carried out in Germany, France and the Nordic countries.

According to Bendodo, ‘Living Costa del Sol’ was developed in collaboration with developers, insurance companies and financial institutions, and aims to attract new British residents, reduce the amount of unsold finished homes, located primarily in the west of the Spanish mainland, and boost Spain’s economic recovery.

The President of the Malaga organisation also assured that the developers are “fascinated with the idea”, and stressed the importance of having legal guarantees, for working with insurance companies in the countries to which the brand is focused, reported El Mundo.

Source: Kyero.com

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Weather | Tagged , , , , , , , , , , , , , | Comments (0)

Iberia create low cost carrier

October 14, 2011 – 1:58 pm

Iberia low cost carrier to fly to Tenerife?

Iberia have finally approved the creation of their own low cost carrier, called ‘Iberia Express’, which had previously been registered as a new subsidiary to operate “on short and medium haul routes”. The board president of the airline, Antonio Vázquez, approved the move last Thursday. The new company, which will begin operations in summer 2012, will initially have four A320 aircraft, reaching 13 by late next year, which will all come from the airline’s current fleet, reported El Mundo. Iberia said the new subsidiary was created with the aim of “competing effectively” in the domestic market in Spain “as well as in Europe” and that it would not affect their partnership agreements with Vueling and Air Nostrum. “The creation of Iberia Express will not affect the terms and conditions of employment of current employees of Iberia, and will not change the ongoing collaboration with Vueling and Air Nostrum,” Vázquez said in a statement. Source: Kyero.com

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Weather | Tagged , , , , , , , | Comments (0)

Banks keeping property prices high in Spain

August 10, 2010 – 2:05 pm

banks keeping property prices high in Tenerife,the Canary Isles and SpainWhy have property prices fallen less in Spain than other countries that had property bubbles like the US and the UK?

One reason is because the official housing price data in Spain is flawed, but  it doesn’t explain why asking prices haven’t come down by more. A recent article in the Spanish daily El Mundo gave another reason why prices haven’t corrected as much as one would have expected: price manipulation by the  banks.

“With the majority of the big developers drowning in debt, the banks are now the ones who determine the rhythm of prices,” explains the article.

How are banks keeping price high? Firstly, by improving financing terms rather than reducing prices. “The main answer is that the banks are selling their own stock by improving their financing terms rather than dropping prices, “explains the economist José Luis Campos Echevarría. “This strategy will cost them in the medium term, but it lets them solve the big problem they have in the short term, which is to off-load properties without prices falling too much.”

And secondly, by drip-feeding their stock, rather than flooding the market. Spain may have a monumental housing glut, but banks are keeping a big chunk of it off the market. Banks are also back to the bad old practise of offering 100% financing to buyers of their stock, allowing them to attract people without any capital. “They are making the same mistakes as they did in the boom,” one expert told El Mundo.

What the article doesn’t ask is how long can this go on? As I see it, as long as the European Central Bank (ECB) continues to supply them with unlimited funds, (and the Bank of Spain stays lenient with rules on provisions). Were the ECB to turn off the money tap, banks would be forced to get money from other sources, like dumping their property portfolios at any price.

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized | Tagged , , , , , , , | Comments (0)

Zorro fans soon to be guests in Spain?

November 29, 2009 – 1:04 pm

 

Zorro fans soon to visit Spain?

Zorro fans soon to visit Spain?

Zorro fans could soon become guests of Antonio Banderas, spending the night at his Spanish vineyard in a new hotel – the Hollywood heartthrob is looking into opening a small hotel to encourage wine tourism to the area and help increase production.

The actor, who has starred in Hollywood hits such as The Mask of Zorro, Shrek and Philadelphia, bought a 50 per cent share in the vineyard in the famous Ribera del Duero wine area of northern Spain earlier this year. The vineyard was subsequently renamed Anta Banderas and the Spanish national clearly has big ideas to develop the business.

Speaking to the Spanish newspaper El Mundo Banderos said: ‘I have plans to revitalise this project with conferences, for example, on wine and literature, and I want to promote wine tourism. ‘In fact, we are studying the possibility of building a small hotel to welcome wine enthusiasts because it is a marvelous place.’

Visitors to the vineyard could soon spend their days touring the vines to learn more about the red and rose wines made from Cabernet Sauvignon, Merlot and local grape Tempranillo, before bedding down for the night à la Antonio.

If they’re lucky, they may even coincide with a visit from the 49-year-old star himself. The voice of Puss In Boots in the hit film Shrek already does his bit for promoting tourism to certain parts of Spain.

Every Easter he returns to his home city of Malaga to take part part in the traditional religious marches through the streets, attracting scores of adoring fans. His wife Melanie Griffith is even well-known enough referred to by Spaniards simply as ‘La Melanie’.

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized | Tagged , , , , , | Comments (0)

Bank repossessions in Spain and Tenerife

August 22, 2009 – 9:39 pm
Bank repossessions provide great bargains for those with cash in Tenerife

Bank repossessions provide great bargains for those with cash in Tenerife

There was an interesting  article this week in the Spanish daily ‘El Mundo’ about bank repossessions in Spain, and what the 10 biggest lenders are offering investors. It  pointed that Spain’s banks and savings banks – known as cajas – are now the country’s biggest real estate companies. “Nobody knows how many properties they own, not even the banks themselves,” one expert told El Mundo. Their stock of repossessions is growing fast, and is expected to keep on doing so. All thanks to foolish lending in the past.

Banks aren’t, or shouldn’t be, in the property business, so this is a big headache for them. To liquidate their growing stock of property banks start by classifying property as ‘A’ or ‘B’.

‘A’ is new build from developers who can’t repay their loans, good quality, in good condition, and easier to selld, in theory at least. This is reported to make up 70% of the stock the banks now hold. Banks are using their own property divisions – recently set up in most cases – and branch networks to sell this ‘A’ property, offering discounts and preferential financing terms.

‘B’ is made up of repossessions from home owners who can’t pay the mortgage. There are forecast to be 74,000 foreclosures this year, and banks already have 9 billion Euros of bad debts from private owners on books.

Once again if you have cash available then you can bag  great property bargains  in Spain and Tenerife.

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By Angela | Posted in Economy, General, Inspirational, Miscellaneous Articles, Property, Tenerife, Uncategorized | Tagged , , , , , , , , , , , , , , , , , | Comments (0)