Home Mail

Latest News

Corruption scandals, illegal building, demolition threats, land grabs...

The Spanish property market has had its fair share of headlines recently...

Opening Military Routes to boost market

The Spanish government is considering allowing commercial airlines to use military routes...

Rising prices in Jerez

While many areas of Spain are currently experiencing a major slowdown...

You are here: News

Spanish news, aggregated from the best available sources in English.

Daily news from Spain

Kyero Live
last updated: Feb 04 2012 2:19 PM
  • Non-hotel overnight stays increased by 5% in 2011
    Overnight stays in non-hotel tourist accommodation (apartments, campsites and rural tourism) exceeded 102.8 million in 2011, representing an increase of 5.2% over 2010, according to figures released by the National Statistics Institute. The rise experienced in overnight stays in non-hotel accommodation last year was as a result of a 7.5% increase in stays made by [...]
  • Cold Snap Heading for Malaga
    Europe is freezing, with the wave of cold weather hitting several countries, mainly in the East, leaving many dead, according to recent reports. Temperatures plummeted to -33ºC in the Ukraine, -31ºC in eastern Bosnia and to similar figures in Poland, Romania and Bulgaria, and this drop in temperature is likely to be felt in Malaga [...]
  • Demise of Spanair Good News, Says Ryanair
    The Chairman of Ryanair, Michael O’Leary, believes that the bankruptcy of Spanair is “good news for tourism and employment in Spain”, because, in his view, “it will allow the arrival of new airlines to take its place and, at the same time, increase traffic by offering lower rates and a more efficient service”. In a [...]
  • Moody’s Believe New Spanish Bank Mergers Will Affect Their Credit
    The rating agency Moody’s anticipates a significant deterioration of credit due to the second wave of mergers in the Spanish financial system, a process that “will not be financed with public funds,” although the Bank Restructuring Fund (FROB) remains in force. “The Government has clearly expressed its intention to limit public support to banks,” warned [...]
  • 2011 Closed with Highest Unemployed Rate Since 1994
    The number of unemployed in Spain has surpassed the 5 million mark for the first time, ending 2011 with 5,273,600 unemployed, according to the Labour Force Survey (EPA), released on Friday by the National Statistics Institute. The unemployment rate increased by 1.33 points to 22.85%, which is the highest it has been since the first [...]
  • Facebook Generates Jobs in Spain
    The world’s largest social network is more than entertainment for its users. According to a report by Deloitte, Facebook generates 232,000 jobs in the European Union. The same study, which measures the employment and economic impact of Mark Zuckerberg’s company, said that this accounts for 15,300 million euros of the EU’s GDP and 1,400 million [...]
  • IMF Calls for Increased Funding
    The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, has called to “increase” but not “double” the European bailout fund, so that countries like Spain and Italy are not drawn into a liquidity crisis. At a conference in Berlin before the German Society for Foreign Policy, Lagarde said that “stronger firewalls” are essential [...]
  • Electricity Bills to go back to Bi-monthly
    The invoicing for electricity is to go back to being bi-monthly. This was proposed by the Ministry of Industry, Energy and Tourism as a draft royal decree establishing that the billing of domestic electricity consumers should be based on actual meter readings, taken every two months. With this new law, El Mundo reported that the [...]
  • Iberia Flight Strikes Called Off
    The main trade unions of the 16,000 Iberia ground staff, the CCOO and UGT, along with the TCP, the union of the 4,000 cabin crew, on Friday reached an agreement with the heads of Iberia to extend the guarantees of employment for both groups until 2014, with automatic extension until 2015. This agreement has resulted [...]
  • Japan Calls for “Greater Efforts” from Europe
    Before attending the G20 meeting to be held in Mexico over the weekend, Japan reiterated the need for Europe to make its “best efforts” to resolve the debt crisis in the eurozone. “As we have said many times, Japan is prepared to support European efforts to stabilise the financial markets, including the loans from the [...]

spain +costa - Google News

last updated: Feb 04 2012 8:33 AM

Brits To Take Action Against Spanish Developers

 All News
Posted by Administrator (admin) on Aug 11 2008
News >> All News

A growing number of British buyers who have invested in homes in Spain are planning to take legal action against property developers who have gone out of business.

According to reports on Telegraph.co.uk, lawyers specialising in property are noticing a surge in the number of British buyers contacting them for advice.

Some have paid as much as 50-60 per cent of the price of homes that will never be finished, while others have already taken possession of properties on half-built developments that won't be completed.

Although many may eventually get their money back it is a long process and courts in Spain are slow.

Just last week Homes Worldwide reported that one of Spain's largest property developers Martina-Fadesa, filed for insolvency, joining 60 other firms which have gone bankrupt since the start of the year when the bubble finally burst on Spain's decade-long construction boom.

Although around 1,000 people have already taken possession of their properties at Martina-Fadesa's latest resort, Costa Esuri in Ayamonte, 700 of which are British, it is full of unfinished properties, a half-built hotel and a golf course which is nothing more than bare earth.

According to the Telegraph, many of those properties that have been finished are not connected to water or electricity, and a centre containing shops and restaurants has also been left unbuilt.

It is a far cry from the dream resort investors believed they were buying into, and those who bought to homes to rent out to holidaymakers will now see them stand empty as there is little rental potential on a half-built resort.

More and more Brits are now consulting lawyers to see what action they can take as their dreams of owning a home in Spain have gone badly wrong.

Full story from www.homesworldwide.co.uk

Last changed: Aug 12 2008 at 2:32 PM

Back