We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Castle Asia | CASA | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 101.25 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 101.25 | 101.25 |
| Top Posts |
|---|
Posted at 06/4/2012 09:59 by miata Disappointing Spanish bond auctions this week meant the yield on Spanish 10-year bonds rose to 5.8pc.Ballooning public debts and tragic levels of unemployment (23.6% of the workforce, 4.75m people) mean the possibility of a default is growing. This was underlined yesterday by an auction of short and medium term debt, where the country only just managed to meet its 2.5bn minimum target. Mariano Rajoy, the new Spanish Prime Minister described his nation's plight as one of "extreme difficulty". Investors appear to be taking him at his word. |
Posted at 14/11/2011 18:39 by miata Those who own property in the eurozone should review their options.Property prices have dropped by 24pc in Spain, 10pc in Greece and 5pc in Italy since markets peaked in 2007. But British investors may not lose out, thanks to the pound weakening against the euro. According to HiFX, the currency broker, when compared to 2007, UK investors with Spanish homes are at break-even point at present, while those in Greece are sitting on an average 14pc gain and those in Italy have a 19pc gain. The question now is do they bank any gains, or at least get out without a loss? If the crisis escalates to the point that countries are forced to exit the euro, this could cause a major devaluation, which could seriously affect those who own property in these regions. |
Posted at 30/4/2011 11:37 by miata Spain's unemployment rate jumped in the first quarter of this year to 21.3 per cent, a eurozone record and the country's highest level since 1997, with more than 4.9 million people now out of work.Joblessness during the January-March period jumped one percentage point from 20.3 per cent at the end of 2010, and adds pressure on Spain as it tries to recover from nearly two years of recession and convince investors it can handle its heavy debt load. |
Posted at 26/4/2011 20:40 by maxk 90-100% mortgages attract Nu mugs to a sinking market....all bank approved, cos the banks are holding the paper, try it on a re-sale.By Sarah Kendell | April 26, 2011 8:19 PM GMT A steady supply of cut-priced homes in high-yielding tourist areas has sparked British buyers' interest in purchasing a Spanish property once more, says international property portal Rightmove Overseas. According to the UK-based website's latest traffic figures, the number of users enquiring on homes in Spain has risen for the second month in a row. Spanish property enquiries increased 1.2% between February and March, with the region of Valencia proving a particular success with a whopping 166% rise. "Buyers looking for reduced price properties in traditional lifestyle and holiday hotspots have been notable during March", said Rightmove's head of overseas sales, Shameem Golamy. The 90-100% finance offered by leading developers in a bid to entice skittish buyers back to the market is presenting an unmissable opportunity for many, and with the spring holiday season now in full swing, buy to let investors are realising just how lucrative their investment could be. Properties situated within golf resorts are also proving a particular drawcard amongst the renewed surge of buyer interest, says locally based agent Taylor Wimpey de Espana. The firm has seen a 121% increase in enquiries for its range of new-build golfing properties in popular holiday destinations such as Mallorca, 57% of which were Brits. "Without doubt in a holiday home destination such as Spain, properties on golf resorts offer more for the buyer", said sales director Ignacio Osle. "You tend to find a greater range and quality of facilities such as the club house, restaurants, shops and leisure amenities, and of course the golf courses themselves." |
Posted at 20/1/2011 18:58 by miata Spain is preparing to issue 3 billion ($4 billion) in debt in coming days, the people familiar with the matter said. Government officials are putting plans in place to eventually raise as much as 30 billion, according to these people, though some say the final tally will be less.The hope is that a series of capital injections will quell investor jitters about the savings banks, known as cajas (literally, "boxes"), which have been a thorn in Spain's side as it seeks to convince investors that the country's finances are stable. |
Posted at 16/12/2010 10:44 by miata Chancellor Angela Merkel pledged that no euro member would be "left on their own", but dug in her heels against the creation of eurobonds and demands to boost the EU's 440bn (£372bn) bail-out fund. "We must not make the mistake of thinking that collectivising risk is the answer," she told a stormy session of the Bundestag.The defiant stand came as Moody's issued a downgrade warning on Spain owing to "high refinancing needs in 2011" and the risk of further bank bail-outs. It said central and regional governments must finance 200bn next year. Spanish lenders have to roll over a further 90bn. "These needs are now rendered more challenging by the fragile confidence of international capital markets. Foreign investors have typically funded around 5pc of Spain's funding requirements. They may be less willing to do so in the immediate future given recent speculation about the treatment of bondholders should Spain be pushed to seek support from the EU/IMF," it said. Moody's said Spain may need to inject 80bn of fresh capital into the banks under a "stressed scenario". The agency said Madrid seems unable to control the debts of regional juntas. There appear to be "no policy initiatives" to discipline health and education spending. Merrill Lynch said in its global outlook that Spain's public debt is "under control" but bank woes could yet entangle the state, forcing Madrid to seek a rescue. The Spanish government on Thursday sold 2.4 billion euros worth of bonds. 1.782 billion euros of 10-year bonds, with the marginal yield jumping to 5.485% from 4.632% in a previous sale of the same issue on Nov. 18. 618 million euros worth of 15-year bonds, with the yield rising to 5.986% versus a previous 4.552% at an Oct. 21 sale. Bond traders say the country may have trouble raising funds until it becomes clear whether the European Central Bank will buy Spanish debt. |
Posted at 13/3/2009 03:15 by topbidd Investors in Spanish property are set to gain after a court ruling declared that it is illegal for foreign owners of homes to be charged higher rates of capital gains tax than nationals.Until now, the law in Spain has decreed that property owners from abroad have had to pay the tax at 35 per cent, compared with 15 per cent for Spaniards. However, the court declared that this was discriminatory under European Union law. Many Britons and other overseas investors will be entitled to compensation from the Spanish government, while those investing now will be able to do so knowing that will have less to pay if and when they do sell on their asset. Those investing in Spain may find it cheaper to do so with a euro mortgage after last week's cut to the main euro interest rate from two per cent to 1.5 per cent. |
Posted at 12/5/2008 08:05 by maxk From The Sunday TimesMay 11, 2008 Spanish property: why it's crunch time on the Costa del Sol Falling prices, rising mortgage costs, lower rental yields is it time to say hasta la vista to the holiday home in Spain? Mark Stucklin Has your dream of a holiday home in Spain turned into a nightmare? For many Britons who borrowed heavily during the years of cheap credit to buy on the costas or beyond, the answer, unfortunately, is "yes". Those persuaded to finance their purchase with a Spanish mortgage are being hit by a triple whammy: rising euro-mortgage interest rates, a surging euro that makes their monthly repayments even higher in pounds, and falling house prices that threaten to push them into negative equity. Furthermore, even when they succeed in letting their properties, the rental yields often bear little resemblance to the exaggerated claims made by estate agents when they bought. And that is not to mention the thousands of people who own homes that, it has transpired, were built without proper planning permission and could now be demolished following a clampdown by the authorities. Related Links Costa del Sol property sales drop, but top of the market is strong Patrick Cassidy, 58, and his wife, Joy, 61, are among those ruing the day they bought in Spain. In spring 2006, at the peak of the market, they paid 375,000 (then worth £262,000) for two flats near La Manga, on the Murcian coast in the southeast of the country, with a deposit of just £6,000 and a 125% mortgage. Things rapidly began to go wrong. "At first, our mortgage payments were about 740 [£510] a month for each apartment, but that went up to 940 [£660] a month in late 2007, when the interest-only period expired and interest rates went up," says Cassidy, a taxi driver. "We had one tenant for seven months, but his rent didn't even cover the mortgage. Now, with the exchange rate going bad, the apartments are costing us about £2,000 a month. We are taking a pasting and we can't afford it." Several months - and several thousand pounds - in arrears on his payments, Cassidy has handed back the keys to the bank. Because of what appear to have been irregularities in the way he was sold the mortgage, the matter will probably end there. Other British investors caught in negative equity may not find it quite so easy to walk away from their debts - which have been exacerbated by the pound's 15% slide from just over 1.50 early last year to the current 1.27. "Under EU regulations, Spanish lenders can pursue outstanding mortgage-related debts against assets in the UK," says Susana de las Cuevas, a dual-qualified Spanish and British solicitor with Irwin Mitchell in London. "Ignorance is no defence, so you can't argue you didn't know you would be liable in the UK." So, what do you do if you find you can't keep up with your payments? The important thing is to act sooner rather than later. "Don't ignore the problem, and talk to your lender as soon as you can, preferably before missing a payment," de las Cuevas advises. "You may be able to negotiate a solution - and, even if you can't, burying your head in the sand will only make it worse." Going into denial and hoping your debts won't catch up with you back home is a big mistake: it drags out the process, which drives up the final cost to you. "All missed payments are added to the debt, as are any legal fees the bank incurs, and you start paying a higher penalty interest rate, so your debt escalates the longer it takes," says Lee Lyons, who runs The Spanish Mortgage Company, a home-loan broker. Fortunately, the last thing mortgage lenders want to do is repossess your property, especially if they have to pursue you in Britain, so your negotiating power with the bank may be stronger than you think. "They are likely to give you every chance to negotiate better conditions - perhaps a longer term or an interest-only period," Lyons says. "If you can get your payments down to a manageable level, and make a bigger effort to get some rental income, it may give you breathing room to survive until the market picks up." For many overextended Britons, however, better mortgage terms might not help much. In this case, damage limitation is required, and a quick sale at a loss is likely to be the least bad solution. Dropping your price might mean having to pay more to clear your mortgage debt, but in the long run it could work out cheaper than repossession. If all else fails, your mortgage lender will repossess the property and sell it at public auction, which could take up to two years. If the proceeds from the sale are not enough to pay off your mortgage, along with the penalty interest and all other expenses incurred, then the bank will have to decide whether to pursue you in Britain. If your outstanding debt is small - a few thousand pounds, say - then they may decide that it isn't worth it, as debt collection is not cheap. If your debt is sizeable, however, don't be surprised if you hear from the bank's UK-based lawyers. What if you are in the happy position of being a buyer in this market? Can you take advantage of rising foreclosures on holiday homes in Spain to snap up a bargain at auction? Probably not, is the honest answer. Really great opportunities still get snaffled up by insiders long before auction, and those that do make it through may be earmarked by the "auction mafia" - who are people you don't want to cross. If you bid against the wrong person in a public auction in Spain, there is no telling what might happen to your property. Your best bet is to let bank managers and estate agents in the area know that you are a solvent buyer in a position to move quickly. That way, you might find a distressed vendor who is prepared to take a big hit for a quick sale to avoid the costs of repossession. One final word of warning: anyone struggling to pay their Spanish mortgage should be wary of refinancing solutions that sound too good to be true. In times like these, scams that prey on desperation abound. They nearly always leave you worse off than you would have been dealing with your original lender. |
Posted at 06/4/2008 13:55 by maxk Spanish Property Auction Flop Brings Down Gavel on Housing Boom By Ariadna Carbonell and Ben Sills April 4 (Bloomberg) -- Thanks to Spain's slumping property market, house buyers are as popular as movie stars -- and they can cause even more excitement. Reporters outnumbered bidders as lot No. 1 hit the slate in Europe's first ``Dutch auction'' for real estate last weekend in Madrid. Of 216 lots, 194 were withdrawn when they weren't purchased at the reserve price. One man, investor Manuel Sainz, bought almost half of everything sold. |
Posted at 30/4/2007 14:24 by waldron From The Sunday TimesApril 29, 2007Avoid the pain in SpainMerryn on Money IN January, Dresdner Kleinwort, the investment bank, published a report called Spain: when will it end? Last week they may have got their answer. On Tuesday Spain's leading stock-market index, the Ibex 35, was down 3.5% at one point, and ended the day 2.7% lower as investors panicked about the state of the property market and the real-estate sector plunged. The five biggest property stocks ended the day down 20% or more. My guess is that, given how horrible the fundamentals of the Spanish property market are, they'll end the year down rather more. The problem is twofold: afford-ability and supply. Having risen 270% in the past 10 years, houses in Spain are expensive on any measure. Average prices are about the same as in Britain despite the fact that average wages are lower. Even if they weren't, one would still expect values to fall. Most markets move in cycles. As prices rise, more units of any given product be it houses or hairbrushes are produced until suddenly there is oversupply and prices start to fall. This is exactly what has happened in the Spanish housing market. Ten years ago there was a supply shortage, and thanks to low interest rates, easy access to loans and high levels of immigration demand was picking up fast. The result was rising prices and for some huge profits. Today things are different. Not only are interest rates no longer so low they have risen seven times in the past two years but there is no shortage of supply. Far from it. The past decade has seen an extraordinary building binge with new developments sprouting up round the major cities and up and down the coast. About 800,000 houses were built in Spain last year, five times as many as in Britain. Permission has been granted for another 800,000 this year. Prices are already falling in many of the areas where foreigners most like to buy. The Costa del Sol is probably the dodgiest place to be at the moment. Developers are offering huge discounts to get new-build properties away and most forecasts have prices falling by at least another 10% or so this year. I'd say that is optimistic given supply is not only high but getting higher and the stalwarts of the Spanish coastal market, the British, are fast abandoning what they see as an expensive and corrupt market. They are making their way farther afield to eastern Europe and Latin America. Two years ago it took three months to sell the average home in Spain. Today it takes twice that. None of this is to suggest that homeowners in Spain should automatically panic. If you like your holiday home and want to keep it, its market value shouldn't really matter because it is a question of utility not money. If you bought ten or even five years ago you are sitting on a huge capital gain so can easily afford to take a bit of a hit on your property's peak valuation if you want to sell. The only people who really need to worry are those who have bought as an investment in the past couple of years and those thinking about buying now. The latter might want to think about renting a villa over the summer instead. However, look beyond the residential property and there is another group who really should consider panicking: Spain's stock-market investors. Clearly the construction sector is in trouble. It is heavily indebted and the assets supporting that debt look set to lose value fast. The banking sector also faces difficulties; it has lent heavily to the sub-prime sector in the retail market and to construction firms and developers. Spanish personal debt has risen by 250% in the past decade and, as interest rates rise, it is inevitable that defaults will too. More than 90% of Spain's mortgages are on variable rates. Even outside these two obvious sectors there is reason to worry. In the corporate sector as a whole borrowing is growing at a record rate an annualised 30% and debt now stands at 100% of GDP, the highest level in the EU, according to Dresdner Kleinwort. In Britain, by comparison, it is more like 85%. The upshot is that Spain's economic growth, which on the face of it is pretty healthy, is dependent almost entirely on the rising debt levels of the corporate and household sectors. That's not good when interest rates are rising and asset prices falling. Profit margins are already beginning to contract. Worse from the point of view of investors, Spanish shares aren't cheap. Several analysts suggest they need to fall 20% just to get back to any kind of "fair value". Several days before Spain's troubles hit the headlines I hada conversation with Simon Pick-ard, manager of the Argos Greater Europe fund. We discussed all these things. "The writing has been on the wall for a long time," he said, "you'd need your head examined to put any money in the Spanish market at the moment." That's just as true this week as it was last week. The Ibex is still up 7% this year so it has plenty of room to fall. Merryn Somerset Webb is a former stockbroker and now editor of Money Week. Her views are personal and investors should always seek professional advice. |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
