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Spain Business Brief - Friday April 18 2008
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By h.b. - Apr 18, 2008 - 12:57 PM
House prices fall in Spain, in real terms, for the first time in ten years.
The price of housing in Spain, in real terms, has fallen for the first time in ten years. The fall is now official with data released this morning by the Ministry for Housing. The new numbers show that on average house prices rose in Spain in 2007 by 4%, and that number is half a point lower than the current inflation rate in the country of 4.5% which is at a 13 year high.
Madrid is revealed to be the area where prices have increased the least.
The news comes with the arrival of the new Minister for Housing, Beatriz Corredor. The INE National Statistics Institute says that house sales reduced in number last year by 36% for resale housing and by 15% for new properties. The one difference is in the price for sale of protected housing which rose by 7.8% over the past 12 months.
The previous time that house prices fell in Spain in real terms was in the 90’s when the loss of value lasted for some seven years.
Silvia Iranzo, who is currently a head of the risks division of the Bank of Spain, has been named as the new Secretary of State for Trade, replacing Pedro Mejía. She has no political profile but is considered to be an expert in financial crises, and will handle Spain’s affairs on the international stage in the current complicated climate.
The Aisa company has been reported to have paid its 1.3 million € debt to the Asefa company. The payment was due as insurance, because of the delays seen in the completion of property.
Bankinter has announced profits of 13.5% down in the first quarter of the year compared to last at 73.65 million €.
The bank has also said that the bad debt level has increased over the year from 0.29% to 0.49%.
The Prisa media group, owners of Digital Plus and El País, have announced a 4% growth in profit for the first quarter of the year compared to last, coming in at 25.18 million. El País saw its circulation increase by 6.5% over the time, and Digital Plus performed well increasing subscriber numbers to 2,080,000.
And finally,
The price of diesel in Spain has reached another record high, above the price of petrol. Latest prices put diesel at 1,14.98 € and of 95 octane petrol at 1,13.06, according to the EU Petrol Bulletin. Filling a 55 litre tank of diesel now costs 62 €, nearly 11 more than a year ago. Despite the increases petrol and diesel prices are lower in Spain than in the rest of the European Union.
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Spain Business Brief - Friday April 18 2008
larger | smaller
By h.b. - Apr 18, 2008 - 12:57 PM
Archive Photo EFE
The price of housing in Spain, in real terms, has fallen for the first time in ten years. The fall is now official with data released this morning by the Ministry for Housing. The new numbers show that on average house prices rose in Spain in 2007 by 4%, and that number is half a point lower than the current inflation rate in the country of 4.5% which is at a 13 year high.
Madrid is revealed to be the area where prices have increased the least.
The news comes with the arrival of the new Minister for Housing, Beatriz Corredor. The INE National Statistics Institute says that house sales reduced in number last year by 36% for resale housing and by 15% for new properties. The one difference is in the price for sale of protected housing which rose by 7.8% over the past 12 months.
The previous time that house prices fell in Spain in real terms was in the 90’s when the loss of value lasted for some seven years.
Silvia Iranzo, who is currently a head of the risks division of the Bank of Spain, has been named as the new Secretary of State for Trade, replacing Pedro Mejía. She has no political profile but is considered to be an expert in financial crises, and will handle Spain’s affairs on the international stage in the current complicated climate.
The Aisa company has been reported to have paid its 1.3 million € debt to the Asefa company. The payment was due as insurance, because of the delays seen in the completion of property.
Bankinter has announced profits of 13.5% down in the first quarter of the year compared to last at 73.65 million €.
The bank has also said that the bad debt level has increased over the year from 0.29% to 0.49%.
The Prisa media group, owners of Digital Plus and El País, have announced a 4% growth in profit for the first quarter of the year compared to last, coming in at 25.18 million. El País saw its circulation increase by 6.5% over the time, and Digital Plus performed well increasing subscriber numbers to 2,080,000.
And finally,
The price of diesel in Spain has reached another record high, above the price of petrol. Latest prices put diesel at 1,14.98 € and of 95 octane petrol at 1,13.06, according to the EU Petrol Bulletin. Filling a 55 litre tank of diesel now costs 62 €, nearly 11 more than a year ago. Despite the increases petrol and diesel prices are lower in Spain than in the rest of the European Union.
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