The selected properties are mainly located in provincial capitals, commuter towns and small villages.
Haya Real Estate has put more than 550 commercial premises and plots of land up for sale through its ‘Plan Locales Sur’, aimed at investors. The selected buildings are mainly located in provincial capitals, commuter towns and small villages.
The deadline for interested parties to submit their tenders to the notary is 22 October. The portfolio includes commercial premises from €15,000 and plots of land from €41,100, according to the firm.
The Community of Madrid’s Institute of Legal and Forensic Medicine (IML) will carry out its activities from a rented building in San Blas (Madrid), despite owning the only property in the Ciudad de la Justicia area of the city, which was constructed 14 years ago.
The institute’s headquarters was going to be one of the stellar buildings in the Ciudad de la Justicia in the neighbourhood of Valdebebas (Madrid). Popularly known as the ‘Donut’, the property now languishes, 14 years after its construction.
The implementation of the IML was agreed upon a year ago, in February 2019, by the then Minister of Justice, Yolanda Ibarrola, and the STAJ, CSIF and UGT trade unions. The institute, which operates independently of the system for the administration of Justice, gathers together workers from various psycho-social teams to carry out reports and forensic assessments when judges and prosecutors so request.
This decrease, due primarily to the 8.7% fall in Germany, represents the largest decline since January 2013.
The construction sector in the Eurozone suffered a decrease of 3.1% in December compared to the previous month, its largest fall since January 2013. The 8.7% reduction in Germany was one of the main reasons for the decrease.
The figure recorded in Germany, Europe’s largest economy, is the largest decline registered in the country since February 2012, according to Europa Press.
The European Central Bank has got the whip out again to intensify the sale of doubtful loans, whilst the economic conditions allow it. Banks will have to make an additional effort to increase their provision cushions ahead of new tougher rules on doubtful debt; Caixabank, Bankia and Sabadell are going to be most affected.
When the ECB’s Banking Supervisory Body was created in November 2014, the volume of doubtful loans held by the major credit institutions amounted to around €1 billion. That figure had been reduced to almost half by the end of March 2019, to reach €587 million (the ratio of doubtful loans stood at 3.7%). Despite the recent progress, the ECB still attributes the utmost importance to continuing to reduce the level of doubtful loans, “resolving them as quickly as possible whilst the economic conditions remain favourable”, as the body pointed out recently.
Sales or provisions
Based on this premise, the new doubtful loan rules force entities to assume a greater impact on their bank accounts to minimise the risk of delinquent debt, which will stimulate the sale of these types of mortgage portfolios. “That or they will have to prepare themselves for larger provision cushions”, say financial sources. Sabadell acknowledged the impact of these measures on some of Spain’s banks at the most recent presentation of its results. The bank reported a range of between 5 and 10 basis points on the cost of risk and up to 20 basis points on the CET1 capital ratio.
The CNMC’s disciplinary proceedings against 7 real estate brokerage companies is particularly relevant for both the institutional use of the data provided by the web portal under investigation, Idealista, regarding residential sales and rental prices, as well as for the algorithms.
The data relating to residential sale and rental prices from the portal being investigated by the Competition Authorities together with another six companies, Idealista, has been used in sectorial studies by official bodies including the Ministry of Development and the Bank of Spain.
Moreover, Idealista forms part of preciosvivienda.es, a portal that brings together the main reports and statistics about house prices in Spain for consultation, and which holds an annual meeting to address the forecasts for the residential market. Other partner bodies include the General Council of Notaries, the Registrars of Spain, the Spanish Association of Value Analysis (AEV), the Spanish Mortgage Association, the Ministry of Finance, the National Institute of Statistics and the Ministry for Transport, Mobility and the Urban Agenda.
The CNMC has commenced disciplinary proceedings against seven companies for possible practices to restrict competition in the market for real estate brokerage. The companies that may have been involved in price-fixing and other practices, through the use of software and IT platforms, include Look&Find, the web portal Idealista, ReMax and MLS.
This decision has been taken following inspections carried out in November 2019. Such practices consist of “the coordination of prices and other commercial conditions by real estate intermediaries. The coordination would have been instrumented through the use of software and IT platforms, amongst other means, and would have been facilitated by companies specialising in IT solutions through the design of real estate management software programs and algorithms”, said the National Markets and Competition Commission (‘Comisión Nacional de los Mercados y la Competencia’ or CNMC).
Specifically, the action is being taken against CDC Franquiciadora Inmobiliaria SA (whose franchises are known by the commercial name ReMax); Look & Find primera red inmobiliaria SA; Aplicaciones Inmovilla SL; Idealista SA; Witei Solutions SL; Anaconda Services and Real Estate Technologies SL; and Servicio Multiple de Exclusivas Inmobiliarias SL (MLS). The reason is the occurrence of possible practices to restrict competition, which are prohibited by Article 1 of Law 15/2007 of the Defence of Competition Act (LDC), as well as by Article 101 of the Treaty on the Functioning of the European Union (TFUE).
Both the companies and the supervisor have a maximum period of 18 months to investigate the case before it is resolved by the CNMC “without the opening of this file prejudicing the final outcome of the investigation”, says the body.
The Town Hall of Barcelona has approved a four-month suspension of construction licences in the 22@ district whilst it updates its route map for the area.
The Town Hall of Barcelona, led by Ada Colau, has suspended the granting of construction licences in the 22@ technological district for a combined investment of more than €4 billion. It is difficult for investors to calculate the exact amount of the damage caused by this measure, but it will be significant and long-lasting, according to Idealista/news.
On 18 February, the Town Hall of Barcelona’s Urban Planning Committee approved the suspension of proposals and licences in the 22@ district for four months to allow it time to update the route map.
Second-hand house prices fell by 2.1% in the second half of 2019 with respect to the same period in 2018, taking the price per square meter to €2,297. The largest decreases were seen in Madrid and Barcelona, according to Tecnocasa.
After five years of increases, the price of second-hand homes in the Spanish market fell by 2.1% in the second half of 2019 with respect to the same period in 2018, taking the price per square meter to €2,297. The largest decreases were seen in the major cities of Madrid and Barcelona, according to the Tecnocasa’s latest report on the housing market.
In Madrid, where the largest decrease was seen, the price per square metre amounted to €2,594 euros during the last 6 months of 2019, down by 3.85% compared to a year earlier. Meanwhile, in Barcelona, which retains its position as Spain’s most expensive city for housing, prices fell by 3.26% to €3,143/square metre.
In December, 53,947 homes were sold, which represented a YoY decrease of 1.2%, according to the Notaries’ Centre for Statistical Information
House sales amounted to 53,947 in December, which represented a YoY decrease of 1.2%. The average price of the homes sold was €1,469 per square metre, which represented an increase of 0.8%, according to data from the Notaries’ Centre for Statistical Information.
Meanwhile, mortgages granted to acquire a home increased by 11.2% YoY in December, to reach 26,953 new loans in total. However, the average mortgage amount experienced a 3.3% drop in YoY terms to €139,921.
The manager Quadreal is planning to invest €250 million in new rental housing in Madrid and Barcelona during 2020.
The Canadian manager Quadreal Property is finalising its entry into the Spanish market. The company has reached an agreement with the US fund Hines to invest in the residential rental business in Europe, according to Expansión.
Quadreal plans to invest €1.25 billion in Europe, of which €250 million will be
allocated to Spain’s two largest cities, Madrid and