September 19, 2010 – 1:34 pm
Average Spanish property prices fell 4.6% over 12 months to the end of August, according to Tinsa, one of Spain’s leading property appraisal companies. After 9 months of trending towards smaller price declines, this is the second consecutive month in which the index shows price falls accelerating from -4pc in June to -4.6pc in August.
The reason that a price decline appears to be growing might have something to do with the increase in sales taxes at the start of July. With taxes taking a larger chunk, vendors might be having to accept lower offers. After the latest decline, property prices on the coast of mainland Spain are now down 22pc since August 2007.
By Angela
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Posted in Economy, General, Holiday, Inspirational, Property, Tenerife, Things to Do, Weather
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Tagged coast, mainland, prices, Property, sales, Spain, Spanish, taxes, Tenerife, TINSA|
September 21, 2009 – 9:12 pm
Problems for Spanish developer
The Spanish property developer Nozar has sought court protection from its creditors after it failed to reach a deal with its banks over restructuring €700m (£630m) in debt, according to Spanish Property Insight.Nozar’s move comes following four months of failed to negotiations with bank creditors. Bankruptcy or liquidation now looks likely for the Spanish property company.
Nozar is the latest Spain property developer to fall victim to a lethal combination of excessive debt and a collapse in Spanish property sales, following in the footsteps of Llanera, Martinsa Fadesa, Habitat, Tremón, Aifos, Constructora Pedralbes, Edisan, Obrum, DHO and Begar, amongst others.
Nozar’s financial difficulties illustrates that the Spanish mainland property market is still facing difficulties whilst neighbouring Tenerife and the islands seems to be over the worst.
By Angela
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Posted in Economy, General, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized
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Tagged debt, developer, mainland, Property, sales, Spain, Tenerife|
