Spain’s monumental glut of new homes is still massive

Post reply   Start new thread
:: New - Old :: Old - New

Pages: 1 | 2 | 3 | 4 | Next |

Forum home :: Latest threads :: Search forums
The Comments
16 Jun 2019 09:32 by johnzx Star rating in Spain. 5105 posts Send private message


_______________________
TO AVOID THE POSSIBILITY OF ARGUMENTS IN THREADS, WHICH MAY CONFUSE THOSE WHO NEED ADVICE, IF YOU THINK I CAN HELP PM ME



Like 0      
16 Jun 2019 10:39 by baz1946 Star rating. 2100 posts Send private message

Don’t need a newspaper article to tell anyone this, ** EDITED - inciting**you can see this.

 


This message was last edited by eos_moderators on 16/06/2019 12:35:00.



Like 0      
16 Jun 2019 16:37 by baz1946 Star rating. 2100 posts Send private message

How on earth can the words “ Any one with eyes can see this” be classed as inciting considering if you do have eyes anyone can see the over building going on.





Like 2      
16 Jun 2019 21:45 by windtalker Star rating. 1577 posts Send private message

The massive amount of properties up for sale especially on the Costa's...is not down to no-one wanting to buy property in Spain...it is down to greedy untrustworthy builder's and greedy Mayor's ...that are allowing the unwanted over building to go on the new build properties that are up for sale are not cheap ...less than 50 MTRS from my Villa...we have 170 key ready 2/3 bed Villas all  empty as they are just to expensive ... the price starts for a 2 bed extremely small so called terrace Villa is €179,00 on my small (65 properties urb) the  villas are 2/3 bed  quad's ..at this  moment have.  2 fully modernized 2 bed quad's up for sale at €95,00 our community is gated with a community pool and is extremely well kept .





Like 0      
17 Jun 2019 08:32 by Mickyfinn Star rating in Spain and FRance. 1799 posts Send private message

The fixed overheads that come with property ownership in Spain are a massive obstacle to sales growth. Add the exorbitant fees agents charge for doing little but show someone around, government taxes, severe renting restrictions and then high running costs you need to be slightly unhinged or very rich.

People have simply wised up to the fact that they can expect no capital growth for decades and huge fixed costs from an investment that provides little return except an annual holiday in the same place and a headache. 



_______________________
Time is the fire in which we burn. Delmore Schwartz.



Like 2      
18 Jun 2019 13:11 by mariadecastro Star rating in Algeciras (Cadiz). 9194 posts Send private message

Legal Questions? Speak to Maria Direct

Most of those properties ( if not all) are owned by Banks/funds now. Problem is that the value that they have in their balances--- due to crazy valuations of the past--- does not allow them to offer them at market prices. 

Problems is with banks and funds

M



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 3      
19 Jun 2019 23:27 by hugh_man Star rating in Kent/Roda . 1557 posts Send private message

hugh_man´s avatar

I totally agree, banks should comply with financial regulations and write down all assets to achievable valuations.

Many properties can’t be sold as it would create losses in their balance sheets and lead to another financial crisis.





Like 0      
20 Jun 2019 02:40 by Roberto Star rating in Torremolinos. 4437 posts Send private message

Roberto´s avatar

Many of these properties can't be sold as they were built in places nobody wants to buy. They should be bulldozed, and trees planted.



_______________________

 

"First get your facts; then you can distort them at your leisure"

Mark Twain

 

 

 




Like 1      
20 Jun 2019 08:32 by mariadecastro Star rating in Algeciras (Cadiz). 9194 posts Send private message

Legal Questions? Speak to Maria Direct

Yes, Roberto: that is another problem: houses built, with banks finances in rural zones. 

For those who own an illegal property which now cannot sell, mortgage....there is an action which makes banks liable of not just money paid before completion but after completion too if the buyer subrogated developer´s mortgage

Yes, effects of the crazy property and financial boom are still there

In my opinion, it is  mostly funds who should be forced to place properties at good prices as they hold  most of the abusive mortgages  that these properties have on them and acquired those credits at ridiculous low prices. That is the core, I think. Funds have been a solution for bank´s balances but not for property market or economy.

What do you think?

M



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 1      
24 Jun 2019 18:08 by angeleyes1 Star rating in Camposol & Bradford. 333 posts Send private message

angeleyes1´s avatar

If Spain continues to build legal and illegal properties that no one wants or has money to buy, I do not see how the glut will ever end.



_______________________
When you have to shoot, shoot, don't talk.



Like 0      
24 Jun 2019 20:07 by hugh_man Star rating in Kent/Roda . 1557 posts Send private message

hugh_man´s avatar

Maria

If you are correct the Funds will have paid rock bottom prices for these properties and will be happy sitting on them and drip feed into any rising prices.

Either the banks have sold these assets at below the mortgages held on them OR they are still holding onto many but falsely reporting in their balance sheets.





Like 1      
25 Jun 2019 16:12 by mariadecastro Star rating in Algeciras (Cadiz). 9194 posts Send private message

Legal Questions? Speak to Maria Direct

Hugh_Man:

Funds do not hold property sownership titles in many cases but just mortgage debt titles attached to those properties. As you said, the urgency for them to obtain value out of what they bought is not big as their acquisition price was very low and also it involves an interestingly long procedure ( fill with many obstacles due to recent rulings of the European Court) on Spanish mortgages. Property Registrars are also reluctant, in some cases, to register their rights at the Land registry 

Such an interesting scenario for a doctoral thesis

M



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 0      
27 Jun 2019 21:09 by hugh_man Star rating in Kent/Roda . 1557 posts Send private message

hugh_man´s avatar

Definitely an intriguing scenario and still one where the Community suffers IF any of these empty properties are part of a Community as banks or whoever continue to prolong the re registration process delaying payment of un paid fees.

Our Community has recently seen the Sareb repossessing a number of properties previously owned by the developer, in your experience is this State owned Entity any more responsible or respectful than Commercial banks?





Like 0      
27 Jun 2019 22:27 by ads Star rating. 3850 posts Send private message

Maria,

Can a Bank with major unpaid debts of this nature that compromise community of owners have embargoes placed against them so that monies can be taken from them instead of having to wait years until they register the property or resell the property?

Is it correct to say that an embargo happens when a debt remains unpaid, which means that money can be taken directly out of an account without their direct permission? If so could this form of enforcement apply directly to a Bank?





Like 0      
28 Jun 2019 00:16 by hugh_man Star rating in Kent/Roda . 1557 posts Send private message

hugh_man´s avatar

Ads, interested to hear what Maria says but I suspect you could but most Communities are generally pleased when they know a Bank has repossessed as it ensures payment of current year plus previous 3 years, eventually, when the bank gets around to it.

To be frank, attempting to get an embargo will take as long as waiting for them to pay.





Like 0      
28 Jun 2019 01:09 by ads Star rating. 3850 posts Send private message

I wonder if there are any realistic alternative options as it seems so unfair that Banks are compromising innocent owners in this way? Especially if those debts are large and remain unpaid for a considerable time.

Are there no banking regulatory structures in place to protect given this scenario? 

Sad that communities have to be happy to accept a second rate solution where Banks are not made accountable for their debts in any timely manner.....and who picks up the cost in the interim?...the innocent scapegoated owner.

How can that possibly be considered acceptable?

P.s. I’ve often wondered why registering rights in the land registry is not compulsory?


This message was last edited by ads on 28/06/2019.



Like 0      
28 Jun 2019 19:08 by mariadecastro Star rating in Algeciras (Cadiz). 9194 posts Send private message

Legal Questions? Speak to Maria Direct

Hugh-Man: Sareb owned properties are initially easily sold to individual buyers than Bank ones.

Ads: Embargos cannot be placed if properties are not registered to Bank´s names at Land Registry. Any proof of ownership by Bank can, nevertheless, suffice for a judge to force the bank to pay by Court decission.

 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 1      
28 Jun 2019 19:29 by ads Star rating. 3850 posts Send private message

Thanks Maria.

Non registering of rights in the land registry has led to all manner of problems, so what is the reasoning behind not making this compulsory?





Like 0      
28 Jun 2019 19:59 by mariadecastro Star rating in Algeciras (Cadiz). 9194 posts Send private message

Legal Questions? Speak to Maria Direct

I think there is really no reason for not making it compulsory but the nature of the institution which is a provider or public guarantee to ownership rights holder. You risk if you do not register it.The main function of a property registry is to provide reliable information and legal safety to citizens; they can rely on what is recorded there at the time of contracting on ownership or any other real estate rights: full and legal ownership, encumbrances, loans, charges, easements, habitation rights, ownership limitations, prohibitions for transference, judicial actions on the property, embargos...

I guess a government aware of the damage involved with lack of registration of ownership by Banks and Funds can pass a decree to make it compulsory and have judges/notaries starting the application process. In some cases, as said, when mortgage credits have been sod to third parties ( funds) registration of mortgaged properties ater being repossessed are having some difficulties at the Land Registry

 


This message was last edited by mariadecastro on 28/06/2019.

_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 1      
28 Jun 2019 20:35 by ads Star rating. 3850 posts Send private message

Maria

Where you observe 

“ In some cases, as said, when mortgage credits have been sold to third parties ( funds) registration of mortgaged properties after being repossessed are having some difficulties at the Land Registry“

What sort of difficulties are they having Maria?





Like 0      

Pages: 1 | 2 | 3 | 4 | Next |

Post reply    Start new thread


Previous Threads

No escritura for EMASA - 21 posts
NEW SPANISH MORTGAGE LAW - 13 posts
Case won by Costs Luz Lawyers - 0 posts
airbnb in Majorca - 0 posts
Costaluz lawyers - 0 posts
Full list of cases won by Costaluz-DeCastro in 2019 - 0 posts
Two Recently Won Cases against banks at the Supreme Court by CostaLuz Lawyers and DeCastro teams - 10 posts
Executors/Probate - 6 posts
Somewhere not too hot! - 5 posts
VPN - 10 posts
Can they really do this? - 4 posts
good service in Barcelona! - 0 posts
Gardenwaste - 2 posts
First Time Purchase in Spain - 28 posts
Help with Adsense, Please - 1 posts
Yogurts with Live Cultures - 3 posts
Problems with Bankia in 2019 - 12 posts
TV reception Sucina, Murcia - 5 posts
Parking fees Costa del Sol hospital - 0 posts
Sky Remote Control - 8 posts
Who should be next UK PM? - 372 posts
How much notice does a landlord need to give - 13 posts
Costaluz won cases in 2019 - 2 posts
OAPs dependants allowance - 7 posts
how things have changed over the years.. - 1 posts

Number of posts in this thread: 76

DISCLAIMER:  All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants or agents.


1 | 2 | 3 | 4 |
Our Weekly Email Digest
Name:  
Email:
   


This site uses cookies. By continuing to browse you are agreeing to our use of cookies. More information here. x