Malaga city court has received double the amount of claims over the mortgage ‘floor clause’ than expected. There is just one court in Malaga that has been assigned to deal with the number of claims, which has now reached 2000 since June, twice the number originally expected. Last December, the European Court of Justice ruled that people who believed they were sold a ‘floor clause’ in their mortgage could claim money back; floor clauses were fixed interest rates hidden by banks in the small print of mortgage contracts, which many home owners unknowingly agreed to just by signing.
Socimi Testa Residencial and Acciona’s property rental business have merged to form a new property ‘giant’ in a deal worth an estimate €341 million. Acciona will merge its portfolio of 1,058 rented homes in Testa in exchange for shares in the company; an equivalent to 21% of its capital. The group will become the third biggest shareholder in the new socimi, after Santander (38.8%) and BBVA (26.9%); property development company Merlin will see its stake diluted to 12.7%.
The number of high income earners in Spain, whose assets exceed €30 million, has grown by 23.9% in the last five years, according to 2015 figures released this week by the Spanish tax agency. Spain started to recover from the economic crash five years ago and has made steady progress over the past year with the country recovering at a rate much faster than many of its EU counterparts. However on a more personal level, financial situations have improved faster for those in high-income brackets than those who are not.
Unemployment levels in Spain rise slightly in August, after holiday season draws to a close. During the month of August, the number of people registered as unemployed in Spain stood at 3,382,324, a rise of 1.4% (or 46,400 people), according to latest government figures.
The Spanish property market recovery is being driven by a growing jobs market and favourable economic conditions; however Brexit negotiations could halt property purchases made by British buyers. Spanish property sales have been rising at double digit rates, with a majority of purchases occurring on the Mediterranean coast and in the Canary and Balearic Islands. In fact, over 30% more property sales occurred in these areas than in other part of the country, says a report by CaixaBank Research.
New €5 billion investment highway plan revealed by Spanish Prime Minister Mariano Rajoy. The slump in high speed train construction work and the lack of highway improvement projects has led to the volume of infrastructure investment in Spain fall below 2% of GDP, according to analysts at Bankinter.
Blackstone Group L.P, a private equity and asset management firm based in the U.S, will acquire a 51% stake in Spanish bank, Banco Popular, making it the largest investors in Spanish real estate, reports the Financial Times. Banco Popular was saddle by €37 billion in toxic assets, following the economic crisis which struck nearly ten years ago now. In June, the European authorities declared the bank was ‘failing or likely to fail’ and put the lender in resolution.
Further upward revisions have been made to Spain’s economic growth forecast for 2017, says BBVA. BBVA, Spain’s second largest bank, presented its economic report, showing economic growth of 3.3% this year, a revision of +0.3% on the previously predicted 3.0% growth.
Far more Brits are choosing Spain over other EU countries as their holiday destination this year, reveal figures from Gfk Leisure Travel Monitor for the UK. Spain has always been a top choice destination for holidaymakers, especially for the Brits, but this summer the country is gearing up to welcome 270,000 more British travellers than it did last year.
In the second quarter of the year (Q2) Spanish GDP rose by 0.9%, announced the Bank of Spain last week. The Spanish economy is maintaining a steady growth pattern following a 0.8% rise recorded in Q1.