JULY 2009
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www.opp.org.uk International Property Reporter
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Stephen Harris & 0044 (0)208 439 9572 8
stephen.h@opp.org.uk
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7
SPAIN
NEWS IN BRIEF
End in sight for Spanish demolition saga
INDUSTR
Further falls expected in CEE
The withdrawal of foreign investors
from Bulgaria and Romania will cause
Holiday homes on the Costa del Sol are
the countries’ house prices to decline
expected to avoid demolition when the steeply this year, according to research
Y
Andalusian government releases details
from Jones Lang LaSalle. A report by the
of its new PGOU urban plan. Although
global real estate consultancy showed
that prices in Sofia could fall by 12%
no official announcement has been
in 2009, while Bucharest could see a
made, property professionals in the
greater drop of 20% and at a faster rate.
region anticipate approval later this
The downward trend is likely to continue
month to legitimise most of the 18,000 throughout the year with recovery no
homes built without proper building
earlier than 2010. The report suggests
PEOPLE
licences.
that some entrepreneurs will pull out of
developments or wait for market growth
“Although we’re still awaiting the
to return before continuing with their
judgement, no one thinks demolition
projects.
will happen,” said Ben Marson (pictured),
operations director of accreditation firm 1m homes still unsold in Spain
Safe Buying Experience. “Unofficially it’s
Over 1m new homes are on the market
been said there will be no large scale Demolition ‘unlikely’
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The new PGOU plan will consider Spain’s international image
in Spain, according to research from a
Spanish business school specialising in
action. With everything going on in the
property. The report from the Instituto
economy, the last thing the government their properties would be demolished dwellings that are occupied or were
de Práctica Empresarial (IPE) shows that
DESTINA
wants to do is scare people.” following a corruption scandal in 2006 purchased in good faith.”
almost 40% of the 1,050,000 unsold
involving the sale of illegal building Comments from the Marbella city homes are located in Andalucia and the
Developers ‘may pay fines’ licences through Marbella city council. council appear to back up these claims,
Valencian Community – two areas that
The government could still look to The PGOU is expected to incorporate with a council spokesman recently
saw high demand from foreign buyers
TION
before the downturn. Around 155,000
punish developers who obtained most of these buildings into the new quoted in The Times in the UK as saying:
of the unsold new properties are in the
licenses by illegal means, however. “The framework for development, though “What does not make any sense is that
Valencian Region compared to just 8,000
current worst case is that there could some will likely remain illegal. those who bought the properties in
in the inland region of Extremadura. The
be fines against some developers and Mark Lawson of project management good faith and were not advised by report said: “If the market does not come
owners,” said Marson. firm MDCI, said: “The deal on the table the authorities of the illegality of their
to life, and the housing stock keeps
Many foreign homeowners feared is that there will be no demolitions of properties should pay compensation.”
growing, by 2012 it will exceed 1.2 mil-
lion empty and unsold units.”
BUSINESS
China home sales still growing
PANAMA
China’s property investment market will
see rapid growth for the rest of the year
New president
according to real estate services com-
pany Colliers International. Residential
‘good for property
sales rose in the first quarter of this year
following a major price correction in
industry’
the second half of 2008, said the firm’s
quarterly Asia-Pacific Real Estate Invest-
ment Bulletin. The report attributed the
Members of Panama’s property
rise to new policies from central and
community have welcomed the election
local government that have attempted
DE
to stabilise the country’s real-estate mar-
of the country’s new president, Ricardo VEL
ket. These include a relaxation of rules
Martinelli, because of his business
governing foreign investment and an
OPER
background. Martinelli is the owner of
attempt to boost housing consumption
one of Panama’s biggest supermarket by existing owners and foreigners.
chains and also has business interests
in agriculture, banking and media. A
Spain’s Plan E pays off for
construction sector
political conservative, he will take office Expansion plans
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Martinelli will oversee the $5.25bn expansion of the Panama Canal
The Spanish government’s Plan E to
on 1 July after winning over 60% of the
stimulate the economy has had a posi-
votes in the country’s election. having a new President from the Martinelli will oversee the $5.25bn
tive impact on its construction sector,
entrepreneur sector. We feel that the expansion of the Panama Canal initiated with output rising by 3.2% in April
M
Good for business real estate industry will find a favourable by his predecessor and was previously
compared to March. As a result, it has
ARKE
“The election of incoming President investment environment.” minister of canal affairs. He will also
also seen a rise in related employment.
Martinelli will be good for Panama’s Kimberly DeLape, CEO of developer continue free-trade negotiations
This is the second biggest month-on-
month rise of any European country
TING
property industry and for business Island Living Resorts, said: “As a with the US, which he has called a
bar the Czech Republic, according to
in general,” said Osvaldo Marchena, successful, self-made businessman, he’ll priority, although he has so far avoided
new figures from Eurostat, and it even
president of the Panamanian Realtors be pragmatic and fiscally responsible. addressing the labour and banking out-performed France (-6.8%), and the
and Developers Association (ACOBIR). He understands that it’s essential to secrecy issues that have caused the talks
UK (-8.4%). Year-on-year output is down
“In a globalised world, Panama is bring in foreign investment.” to stall.
5.8% compared to April last year.
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