Banks and home buyers seem to be more confident

Spanish banks regain confidence in real estate loans.

One of the various encouraging aspects of the latest figures published by Spain's notaries for November, in which further indications are shown that the country’s property market is at last achieving stability and even limited growth, is the increase in the extent to which residential property purchases are being financed by mortgage loans.

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Spain: Residential construction is picking up and selling fast in prime areas of Madrid and Barcelona. Prices started to rise slightly in those prime areas too

On a busy street in the heart of Madrid, Juan Jose Perucho shows where he is going to raise one of the tallest residential blocks seen in the capital, on a piece of land equal to five-times the size of a football pitch area which he bought from Madrid’s subway in November.

‘We have sold-out the developement faster than ever’, said the chief executive of real estate firm Ibosa referring to a 25-storey tower with a swimming pool and hanging gardens. ‘I have never seen anything like that during my 24 years in the business’.

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Spain: Madrid leading the game in property transactions

Spanish property market goes out of the woods and it is proven by statistics. According to the first half of the year data published by the Ministry of Public Works, unsubsidized housing market set in motion €22.25 billion, by 31% more than during the same period of time in 2013 (€16.97 billion).

The rise is welcomed after three consecutive years of decrease.

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Italy’s steps to transform its real estate investment trust industry mirror changes made by Spain that helped attract foreign investors including Bill Gross and George Soros. 

The Italian changes include lifting the maximum stake a single investor can hold in a REIT, known as a SIIQ in Italy, to 60 percent from 51 percent, according to a decree published in the state bulletin on Sept. 12. It also reduces the amount of recurring rental income the company must distribute to investors to 70 percent from 85 percent.

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Spanish Home Prices Rise 0.8% on Annual Basis

Spanish home prices rose in the second quarter for the first time since 2008, adding to signs that the property market is stabilizing more than six years after triggering the worst recession in the country’s democratic history. 

Prices rose 0.8 percent from a year earlier, the first annual gain since the first quarter of 2008, according to data compiled by the National Statistics Institute. Values climbed 1.7 percent from the previous quarter, the Madrid-based Statistics Institute said.

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Goldman New Madrid Landlord as Investors Return to Spain

Marcelino Calvo Sanchez and his wife, Maria Luisa, had never heard of Goldman Sachs Group Inc. until last year, when the global investment bank bought the four-building housing estate where they live in Vallecas, on the southern outskirts of Madrid. Marcelino, a 71-year-old retired truck driver, isn’t impressed by his new landlord. 

Goldman Sachs picked up the 289-unit complex in August 2013 as part of its purchase of 3,000 low-income apartments from the regional government of Madrid for 201 million euros ($269 million). With the sale, some subsidies for tenants disappeared, and, according to Sanchez, a small problem with squatters has become a larger one.

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