More Doom and Gloom for Spain

Damian George · #1 12-05-2008, 02:32 PM

Keep an eye on Spain. Over 40,000 estate agents have already shut their
doors, according to the realtors federation. There are 600,000 unsold homes
on the market. Unemployment is rising at a rate of 90,000 a month
(seasonally adjusted). UBS says country has built up cross-border
liabilities of $362bn, much of it owed to German and French banks, and is
facing a foreign "funding freeze".

Abolex · #2 12-05-2008, 09:53 PM

unfortunately you are right.
Spain is starting a property crisis which will not only affect the developers but also builders, subcontractors, employees and, of course, buyers that will never have their finished house.
Our firm is currently involved in several bankruptcies of different developers (Amuerga - Grupo Jale, San Jose, etc) and we are helping many clients to get through this difficult situation. You hear horror stories and just put full steam to move things forward. Sometimes we will achieve a lot, and some others it will not be possible.
Good luck to everyone and please, put yourselves in good hands.
Cheers

Damian George · #3 12-05-2008, 10:05 PM

maybe if they knocked down a few properties that will help!

the property market here and abroad is in for a tough couple of months

Abolex · #4 13-05-2008, 08:43 AM

I think you are being too optimistic.
Few months? Spain is not having any sales at all. Developers have thousands of houses and they can't sell them. The market has abruptly stopped, but the construction has been going on for a while, as it is not that easy to stop construction. Just imagine a development with 100 homes of which 10 are sold and a completion date is in the contract. Developer continues building but no more sales and no more finance. It has to stop then. 10 clients with no home, builder unpaid, employees unpaid, etc.
I would say it will take a good 2 or 3 years to calm down. But this will mean a lot of people will be affected.
Good luck to all.

Damian George · #5 13-05-2008, 09:39 AM

Trichet overnight on Italian television said that he was worried about the Euro strength. Added concerned about sudden moves in exchange rates.

Damian George · #6 14-05-2008, 10:41 AM

Eurogroup Juncker welcomed the recent dollar rally against the euro. "We are
sticking to the recent statement of the G7. We have the impression that the
developments we are observing in the last days are pointing in a better
direction than those we have observed before."

Buddyfox · #7 24-05-2008, 12:55 PM

I am looking for developers that are in trouble as I have investors.

If anybody knows of any could you reply please

roxanne · #8 31-05-2008, 04:47 PM

Hi My name is Roxanne,
I work as an intermediary with the Spanish banks,we have numerous developments that we have to move constantly because developers are defaulting on the mortgage payments.
One example is a development of 35 townhouses that we can release for 59% of current value.
If anybody has an outlet we could work well together.

Damian George · #9 31-05-2008, 06:16 PM

Hi Roxanne,

please send me details as i am working on something that may be of interest

damian

Buddyfox · #10 01-06-2008, 12:34 PM

Please send details to steve.spain@hotmail.com