banks credit crunch economy employment media money property retail sales spanish 
We are all obsessed about the economy. Not a day goes by without discussing the credit crunch, employment prospects, banks in crisis…and now, even the price of a loaf of bread.
We are all going to starve…penniless and redundant!
I spend a lot of my time on the internet. Most of my work dictates that I am connected to the worldwide web practically all day, and so in between all the important things that I (pretend to!) do, I like to take a look at news sites to keep abreast of Spanish property news and global developments in general.
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banks bargains discounted finance interest rate mortgage properties spanish property valuation With plenty of great offers and discounted properties on offer in the Spanish property market, buyers may need to be quick to snap up the very best deals. One of the best ways to be prepared and beat your competitors to the best Spanish bargains is to get yourself assessed and qualified for a Spanish mortgage before you begin your search and your negotiations.
There are some good, reputable Spanish mortgage brokers out there, and once they have been supplied with details of your income, expenditure and liabilities, they will be able to give you an idea of the level of funding that you are likely to receive, together with details of the mortgage products that may be available to you.
100% banks development discounted finance mortgage off-plan price properties property spain spanish valuation Anybody who has recently tried to obtain a mortgage, either a mortgage in Spain, or a mortgage in their home country, will tell you that it´s not the easiest of processes anymore.
During the peak of the Spanish property market, lenders were falling over themselves with offers of easy and cheap credit to overseas buyers. The banks were so hungry for business in a rising property market, that they were prepared to base their levels of lending on the property valuation, rather than the property price. Any market is based on greed and fear, and if we are now in the midst of fearful economic times, then it´s certainly true that at the market´s peak, greed was the overriding factor. Continue reading »
bankrupt banks construction credit crunch economy spain spanish tax unemployment A few days ago the Financial Times published an in-depth report on the economic situation in Spain. I was so impressed by the article that I have written a brief synopsis of the most important points, as I think it made very interesting and surprising reading.
The downturn in the Construction industry has doubtlessly raised unemployment and caused building firms to go bankrupt, however the situation is not entirely gloomy. Mr Casanueva, who heads JP Morgan Chase in Spain and Portugal is reported as saying, “there’s no reason for a rebound. So the probable scenario is a stable, low-growth situation for several years.”
In light of the recent and ongoing worldwide banking crisis, there is huge concern for many of us but the good news is that Spain is a much safer bet than many other European countries.
Today Zapatero met with the directors of the biggest Spanish banks and it was decided that the Spanish government would immediately increase the level of insurance for bank deposits covered under the Deposit Guarantee Fund.
At the moment, the government guarantees up to 20,000 euros per account but plans on increasing this (though so far no announcement has been made on how much by).
agents banks investment lawyer mortgage property repossessions spain Many of our clients have been asking us about the availability of properties that have been repossessed by the banks in Spain.
Apparently, there have been lots of ´lists´ of repossessions doing the rounds of estate agents, particularly in the Costa del Sol, with details of seemingly incredible deals, such as villas valued at 2 million euros, now available for 500,000 euros.
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