The services sector recorded a fall in its turnover in March of 5.3% over the same month of 2011, which marks seven months of declines year-on-year, according to provisional data published on Wednesday by the National Statistics Institute. The annual decline in March has increased compared to that recorded in February, when the turnover of [...]

The Spanish Economy Minister, Luis de Guindos, said on Tuesday that he has asked the European Central Bank (ECB) to assist in the independent audit of the Spanish banks’ balance sheets and is committed to speeding ahead with the work, as the Eurogroup has called for, in order to have the results within two months. [...]

The average price of home rentals in Spain grew by 0.7% during April, compared to same month of 2011, according to latest figures released on Friday by the National Statistics Institute. The increase in rental prices stands 1.4 points below the overall CPI, which reached 2.1% in April. However, rental prices did not record any [...]

The eurozone countries want independent experts to value the toxic real estate assets that Spanish banks have on their balance sheets in order to increase transparency. The Eurogroup also expects the Government to demand entities to make “a very substantial increase in their provisions” in order to meet potential losses and complete the reform of [...]

Each day, we record the popularity of every Spanish property advertised on Kyero. We measure how fresh and complete the advert is, and how visitors interact with it. This week, thousands of new properties were advertised on Kyero.com. Here’s this week’s top Spanish properties – as voted by you. Properties priced under €250,000 €64,000 Sant [...]

Spanish Prime Minister, Mariano Rajoy, said this week that the measures taken by the Government “on Friday and previously” to complete the consolidation of the Spanish banking sector, would solve a “good part” of the economic problems facing Spain. “These are important and far-reaching decisions. These are difficult and hard times, but we must have [...]

The Research Department of the BBVA (BBVA Research) has downgraded its unemployment forecast for Spain, and now expects the rate to reach 24.6% this year and climb to 24.8% in 2013, according to the latest update of its magazine ‘Situación España’. These forecasts are worse than those raised previously (24.4% and 24.6%) and which the [...]

Foreigners invested 4,748 million euros in real estate in Spain in 2011, which is up 27% from the previous year and represents the largest expenditure made by this group since 2008, while Spanish investment abroad fell 23.4%. According to the Bank of Spain, foreign investment in Spanish property, which has increased for the second consecutive [...]

TINSA has a new Spanish house price report available today. The accompanying press release summarises their findings: The IMIE General index declined by 12.5% in April, pushing the index down to 1603 points. The cumulative decline in house prices from the peak of the market in December 2007 rose to 29.8%. In terms of the [...]

The Council of Ministers approved, for submission to the European Union and to the European Commission, the National Programme of Reforms for Spain 2012 and the Stability Programme for Spain 2012-2015. The Vice-President of the Government, Soraya Sáenz de Santamaría, underlined that the Stability Programme “maps out the path to definitively establish budgetary stability along [...]

According to the consumer confidence index, 2.8% of those surveyed by the Centre for Sociological Research (CIS) intends to buy a house in 2013. Consumer confidence plummeted 13.4 points in April over the previous month, one of the worst data of the whole series, which began in 2004. In terms of housing prices, 43.2% of [...]

According to the Tourist Expenditure Survey (EGATUR) drafted by the Institute for Tourism Studies of the Ministry of Industry, Energy and Tourism, inbound tourists to Spain spent a total of 9.01 billion euros in the first quarter of 2012, which is an increase of 7.4% over the same period last year. Average daily spending in [...]

The rating agency, Standard & Poor’s, has lowered the credit ratings of 11 Spanish banks a week after cutting Spain’s ‘rating’ by two notches. The agency has been monitoring the ratings of 16 Spanish banks in total, the analysis of which will be completed by the end of May. For now, the lowering of notes [...]

German Chancellor Angela Merkel announced at the weekend, the drafting of a “growth agenda” for the European Union, which should be ready for the Summit of the EU Heads of State and Government in June. In remarks published on Saturday in the newspaper Leipziger Volkszeitung, Merkel cited the “strengthening of the capabilities of the European [...]