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The recent ruling by the Spanish Supreme Court has created a new opportunity for the legal payday loans in california profession and an array of no-win no fee deals.
Perhaps the only fly in the ointment regarding this ruling is that claims must be fought individually and can only be brought before the courts once. So quite literally the case must be watertight before taking a claim further. As we touched on above, while this near 50 year law should already have been offering a degree of protection to property investors many will be thankful of the Supreme Court ruling. Successful claims could take up to 10 months to finalise unless the banks appeal which could drag this timeline to around 18 months. It is ironic that it has taken a recent Spanish Supreme Court ruling to effectively rubberstamp a law which has been in place for nearly 50 years. Confidence in any real estate market is vital going forward and this ruling should give a greater degree of certainty to investors, which is vital especially in the current economic climate. On that basis, should we not be expecting the banking community to appeal the recent Supreme Court ruling?
Even though the performance of individual property prices in various areas of Spain is mixed it does seem as though the more prominent cities and coastal areas are set for a significant recovery in 2015. There are a number of factors to take into consideration when looking at the Spanish property market some which are directly associated and others indirectly. In order to fully appreciate this you need to take a look at the wider picture and the fact that the Spanish property market has been in freefall for some time. Shunned by overseas investors and with domestic investors struggling to make ends meet it was the more prominent coastal areas and major cities which guaranteed instant payday loans direct lenders no credit check personal loan approval took the worst hits. However, it is perhaps the number of transactions which is more important at this stage of the recovery.
This caused the double whammy of investors running for the hills and long-term property developments coming onto the market.
It is common knowledge that inventory in the new build sector of the Spanish real estate market has been way too high for many years but overseas investors have for some time picked up the slack. By reducing growth in the number of properties for sale across Spain this has focused the minds of investors and increased demand. The Spanish mortgage rate is one of the lowest in the world which led to an impressive 29. The Spanish government has also assisted the real estate sector with various provisions for expat investment which have in many cases helped to support the price of property.
One potential issue on the horizon, and out of the control of the Spanish authorities, surrounds Greece. There is turmoil within Greece with the general public turning against the European Union and the Euro amid suggestions that the country could eventually exit the EU and the Euro.
This would potentially prompt yet more concern about the long-term stability of the Euro and with the UK government also questioning the right to free movement and immigration regulations there could be problems ahead. Santander Spain has acquired the assets of Banco interest free loan Popular Espanol SA in a move which was prompted by regulatory issues and a run on the banks deposits. The enormous real estate book which Santander has taken on includes an array of different types of property and different types of property loans.
Popular was in dire straits and there was potential for contagion to spread right across the Spanish financial sector. It will be interesting to see how successful Santander and its future partner are with regards to asset disposals as there are some high targets to hit. This is the highest figure recorded since 2011 and while such a jump may be difficult to achieve in the second three months of 2017, we are unlikely to see any short to medium term fallback.
It is also worth noting that Spanish house prices are set to increase by 2. While Spanish banks and other financial institutions are still holding distressed stock acquired during the debilitating worldwide economic downturn, interest is growing.
Over the last couple of years we have seen some large bulk distressed asset sales with many investors waiting for the balance to pass through the market. However, it is worth noting that the Spanish economy is growing, unemployment is coming down and with house prices more buoyant and companies such as Santander able to mop-up troubled operations, there is no doubt that things are looking up. The one euro acquisition of Popular by Santander was effectively a deal brokered by the European regulators amid concerns of contagion spreading through the financial markets. It will be interesting to see who finally partners with Santander and how successful the long-term strategy of asset disposals and reduced loan exposure will be. On a positive note, going forward there is growing evidence to suggest that house prices are now in an upward trend and a reduction in distressed stock on the books cell phones for bad credit of banks and other financial institutions can only help. While not all observers of the Spanish property market are filled with confidence for the latter part of 2016 and early 2017, there are at least some reasons to be optimistic.
The experts at BBVA Bank are the latest join the more positive bandwagon with an array of observations about the Spanish property market and the Spanish economy.
So, while the European Union is still experiencing difficult economic conditions why should we be more positive about Spain in the short term? The most recent employment indicators are suggesting that the Spanish economy is starting to show signs of life after a very difficult period. It is no secret that unemployment in new payday lenders Spain has been relatively reputable online payday loans high for some time with the younger generation taking the brunt of the downturn. This obviously has an impact upon funds available to acquire property and hence a knock-on effect on property prices. There are also signs that relatively low mortgage interest rates are starting to attract potential property investors looking to take advantage of relatively low property prices. All in all, it will take some time to recover to anywhere near previous levels but activity in the Spanish property market does appear to be at least turning upwards in the short term. There has been an oversupply issue in the Spanish property market for years now. Many prominent Spanish construction companies overextend themselves on far too optimistic forecasts for the future and ultimately paid the price. This led to a glut of supply in the domestic interest free loan property market although thankfully there are signs that this overhang of properties is now being eroded. The fact that demand for land for future property developments has also increased over the last few months is another positive sign.
The aftermath of the 2008 worldwide recession also saw many Spanish banks left with unwanted properties after many of their customers defaulted on mortgage obligations. We have seen a number of relatively high value and high profile deals with investors acquiring some of these unwanted properties and more will follow in the short to medium term. This will help replenish the balance sheets of leading Spanish banks which will ultimately allow them to give their customers greater service and increase the flow of funds available.
The analysts at BBVA Bank have also been quick to point out that the forecast recovery in Spanish interest free loan property prices will not be unilateral across the country. There could potentially be some significant price movement differences from region to region therefore investors looking at Spanish property will need to be selective and do their research.
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Even though, in the eyes of many, the future of the European Union is in doubt after the UK electorate decided to leave, there could still be some relatively attractive bargains emerging in the short to medium term. In reality the European Union is almost certain to survive although the manner in which it operates and the future structure could see some significant changes. The Spanish housing market has been under pressure for some time now amid concerns that Spanish banks were struggling to sell on properties they inherited when their customers defaulted. The situation seemed to change towards the end of 2016 and there is more good news with confirmation that 2017 has started in a similar fashion. So, will the Spanish housing market recovery continue? One issue which has been discussed over the last few months is the threat of Brexit not only to the UK but to Europe as well. It is obvious from overall Spanish property housing market data that many British expats are holding back on their span investments due to Brexit and the effective devaluation of the pound. Investment from Middle Eastern, American and Scandinavian investors has increased on 2015 figures but as well as the UK there been falls in French investment. It will interest free loan be interesting to see how 2017 pans out especially when the UK government triggers Article 50 and the long drawn out divorce from the European Union can begin.
On the whole, it would seem that demand for Spanish property is starting to pick up and foreign investors are returning. This is an area of the market which fell dramatically in light of the 2008 worldwide economic downturn with many developers struggling to survive let alone complete developments and move towards new ones. Thankfully, demand for new homes has increased and this should at some point inject a little more confidence into the housing development sector. The Spanish economy continues to improve, political instability is not a major issue at the moment and thankfully foreign investors are now looking at the Spanish housing market again. There are some obvious hurdles for the interest free loan European market in light of Brexit and economic challenges but there is light at the end of the tunnel.
We can only hope that the rest of 2017 continues along the same vein as the last few months although the loss of some UK investors due to Brexit and currency issues is a blow.
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