May 17th, 2012
The Russian Mafia may have bribed Casares former mayor Juan Sanchez to organized crime could be laundering money. Casares is a town and municipality in the province of Malaga few mil from the coast at Estepona with 5.200 inhabitants.
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It was just after eight o’clock on Monday morning 2012-05-13 that the Guardia Civil, Policia Nacional and anti-corruption prosecutor jointly made the crackdown on the town hall in Casares and Casares former mayor Juan Sanchez (IU) a house.
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The raid is called “Operación Majestic” after residential area 500 meters from the beach where black money suspected to have been washed white through the real estate industry. There are links to the famous Russian mafia.
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Five people were arrested on Monday. In addition to the Casares former mayor Juan Sanchez was also arrested his wife plus one Estepona lawyer and a 77-year-old woman from Ukraine.
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On Tuesday 2012-05-14, was the detention held. Juan Sanchez was sent to prison Alhaurin de la Torre at 13.00 while his wife was released.
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Juan Sanchez is in the current situation local councilor with responsibility for housing issues within the department “Vivienda y Relaciones Institucionales de Casares.” A total of 165 bank accounts in 19 banks have been blocked. 236 buildings and 19 vehicles have been seized.
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The investigation has been ongoing since 2010 and there are links to organized crime. One of those mentioned in the report is Ricardo Fanchini which is currently in prison in the U.S. for drug trafficking and money laundering in the U.S. and Europe.
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Ricardo Fanchini previously sponsored Formula 1 has been engaged in smuggling of vodka and luxury cars that were stolen in Germany. His companion on the Spanish Costa del Sol was Robert Gaspar that had connections to the now-arrested ex-mayor.
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In the late 90′s, Robert Gaspar involved in an investigation into the assassination of the Russian multi-millionaire Roman Frumnson who was found dead in his villa in Marbella, both were partners in a business in Puerto Banus.
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Tags: Casares mayor Juan Sanchez, Costa del Sol, Fuengirola, laundering money casares, luxury, Marbella, Marbella apartments, Marbella mayor Angeles Munoz, Marbella Townhouses, Marbella villas, Operacion Majestic Casares, operacion Majestic russian mafia, Property marbella, Ricardo Fanchini caseres town, russian mafia laundring money, Spain, villas
Posted in Costa del Sol, Finance and economy, Finance market, Marbella, Marbella Townhouses, Marbella apartments, Marbella luxury villas, Marbella property, Marbella villas, Property marbella, Spain economy and news, World economy | No Comments »
May 16th, 2012
Two independent international auditors shall review the scope and value of the Spanish banks’ property depots.
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The Government confirms that they obey the EU’s demands for an independent review of the banking sector’s real assets. Spain’s Finance Minister Luis de Guindos said that the audit will be performed by two separate and independent auditors. What they get is at first to be confirmed, but they Guindos certifies that it will be internationally recognized auditors.
More stringent financing requirements for the Spanish banks
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Government introduces new decontamination requirements for the Spanish banking sector, which is forced up another 30 billion Euros in equity.
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Crisis in the Spanish bank Bankia have revealed the banks’ precarious situation, because of the large property depots that are heavily overstated. Ministers adopted May 11 2012 with urgent action new decontamination requirements for banks, only a few months after the last banking reform.
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Spanish State will, where it is necessary to lend banks money from the state help fund FROB, but against ten per cent interest over five years. The banks that do not meet their payment commitments will interveners.
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The Spanish banks have less than a month to report to Spain the central bank how they plan to meet the new funding requirements. Of the 30 billion Euros that must be pushed to the Bankia the bank with the largest single financing requirement, with 4.5 billion Euros.
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Bankinter are the Spanish bank that requires a minimum of additional funding, 186 million Euros due to its limited share of investments in real estate.
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The three largest banks in Spain, Santander, BBVA and CaixaBank believed to meet the requirements without the need for state assistance. The government hopes that the banks now finally decide to lower the prices of their properties and drop them on the market, to attract capital.
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Tags: apartments, Bank Bankia, Cabopino, Costa del Sol, international independent review spanish banks, Malaga, Marbella, Marbella apartments, Marbella Townhouses, Marbella villas, Property marbella, Spain, Spain fainance minister Luis de Guindos, spanish, spanish banks property depots, spanish government overtake bank Bankia
Posted in Costa del Sol, Finance and economy, Finance market, Marbella, Marbella Townhouses, Marbella apartments, Marbella luxury villas, Marbella property, Marbella villas, Property marbella, Spain economy and news, World economy | 1 Comment »
May 15th, 2012
A painting by Picasso is worth much money. But it is not worth a cent more than the maximum one is willing to pay for the painting. It is a market principle that no one questions, so it’s quite strange that the Spanish banks insist on over-estimate their building depots.
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The air has gone out of the Spanish financial bubble, but all the air has not leaked out. The largest bubble is in the Spanish property sector and banks, which sits on a large part of the overvalued properties and plots, and they are trying to stop the hissing with all types of artificial patches. Spain’s government has therefore developed a new, larger needle and hope that the final bursting of the bubble.
A property that nobody wants is worthless. A property which no one wants to buy is arguably overvalued. Spain has the outstandingly highest average age in the EU, when young people develop independent living (30 years), so it’s clearly a demand for housing. The price is too high and only when banks become realistic, the property market back on its feet seriously.
When the Spanish banks are lowering their prices forced the rest of the property sector to follow suit and then sales will take off again. Sure, it will mean that both banks and private owner’s makes stinging losses, but it still can not sting as much as sitting on something whose value is fictitious.
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It remains to be seen whether the Spanish government’s latest clean-up requirements for the Spanish banks is the definitive starting point, but the initiative in the right direction. By forcing banks to have greater capital depots forced them to sell their properties at lower prices, perhaps even to predatory pricing.
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Only when we truly accept the Spanish property bubble’s existence, we can puncture it and restart at the level that we should never have floated up from.
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Tags: Costa del Sol, Elviria, Marbella apartments, Marbella Townhouses, Marbella villas, property, Property marbella, Spain, spanish, spanish banks overvalued properties, Spanish banks properties problem, Spanish property market
Posted in Costa del Sol, Finance and economy, Finance market, Marbella, Marbella Townhouses, Marbella apartments, Marbella luxury villas, Marbella property, Marbella villas, Property marbella, Spain economy and news, World economy | 2 Comments »
May 14th, 2012
Spains most copy pirate symbol is the famous Osborne bull. For the past ten years has about half a million items with the symbol with a total value of between four and five million Euros have been confiscated. Bodega Osborne has published statistics on the occasion of the copyright date.
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Pirated Copies of the Osborne bull have been numerous, both in Spain and abroad. For the past ten years has 4.000 notifications have been made, police seized 600 and 300 lawsuits have been held.
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According to Osborne, the piracy copies have fallen dramatically in recent years, largely due to particularly high coverage.
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Asparagus season underway in the province of Malaga
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The start of the asparagus season in the province of Malaga has just passed and there is no reason to worry that the crop will suffer from drought.
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Just in the Antequera expect asparagus farms that are members of the organization Horticultores El Torcal to harvest 700 tons of asparagus, which would be a record. In 2011 harvested 400 tons asparagus and three years ago only 100 tons.
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Low night temperatures have still done it in the autumn has started a bit later than usual. It lasts about 70 days, during which time it will be possible to buy fresh asparagus and local markets and supermarkets.
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There are also exported to other European countries where the Spanish asparagus has tough competition from inexpensive asparagus from such Morocco and China.
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Tags: Costa del Sol, Marbella, Marbella apartments, Marbella mayor Angeles Munoz, Marbella Townhouses, Marbella villas, Osborne bull spanish symbol, Property marbella, Spain, spanish, Spanish Osborne bull
Posted in Costa del Sol, Finance and economy, Immobilien Marbella, Marbella, Marbella Townhouses, Marbella apartments, Marbella luxury villas, Marbella property, Marbella tourism and tourists, Marbella villas, Property marbella, Spain economy and news | 4 Comments »
May 13th, 2012
The Spanish government takes over control of Bankia, on the advice of the new Board of the Bank Bankia.
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Less than one day after the government denied an intervention in Bankia confirmed May 9 takeover. It happened on the advice of the new Board of Bankia and it is the fourth bank that forced the state to intervene, since 2009. The former is Caja Castilla La Mancha, Cajasur and CAM.
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Specifically, the state takes over the branch BFA, which sits on the majority of real estate assets. The Finance Minister Luis de Guindos says that the state aid to Bankia will be reducing potential, but the sum is still on between seven and ten billion.
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Spanish media reveals that the board that led Bankia recent years and who are responsible for the bank’s precarious financial situation for the most part consisted of political appointees with no financial expertise.
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Spanish Central Bank Help sticks in the Spanish people eyes
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It is not easy to get acquainted with all the economic tours in Spain, but some of the figures is galling even at the most ignorant. The news that the Spanish bank Bankia needs an aid package of up to ten billion has been brought hot reactions. The reason is that the figure is identical to the government set out to save on the budget on health care and education system.
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Spanish Government emphasizes that the expected aid to Bankia, one of Spain’s four largest banks, will be in the form of loans. It still is not criticism of those who do not understand why the banks always grant new aid packages, while families and small business owners must manage as best they can.
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It does not help that whoever takes over as chairman of Bankia, Jose Ignacio Goirigoizarri, as recently as two years ago left the bank BBVA with a parachute of almost 60 million Euros.
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Spanish banks have billions in risky assets.
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The Spanish banking sector holds a total of 85 billions Euros in seized or unsold properties and land plots, whose real value is highly uncertain.
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A report from the Bank of Spain estimates that the Spanish banks’ bad assets to total 180 billions Euros. More than half of which credits are not guaranteed. These and the many buildings, most of which are overvalued, constitute the greatest threat to banks’ stability.
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It is, in turn, the biggest question mark when it speculated about whether Spain will need a support package from the EU.
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Bankia is the bank with the largest own share of impaired assets of 31.8 billions Euros. This is what prompted the government’s intervention a week than the Spanish bank Bankia.
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Tags: Bank Bankia, Cabopino, Costa del Sol, Malaga, Marbella, Marbella apartments, Marbella Townhouses, Marbella villas, Property marbella, Spain, spanish, Spanish Government
Posted in Costa del Sol, Finance and economy, Finance market, Marbella, Marbella Townhouses, Marbella apartments, Marbella luxury villas, Marbella property, Marbella villas, Property marbella, Spain economy and news, World economy | 5 Comments »
May 12th, 2012
The crisis-hit Spain may thank the German and Scandinavian tourists who choose the country where they are holidaying. During the first quarter of 2012, revenues increased by 7.4 percent to over 9 billion Euros.
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According to statistics from Egatur as Spanish media publish is the Germans that in monetary terms leading tourist league. Germans accounted for 1.5 billion Euros, followed by Britain’s 1.45 billion Euros.
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The largest increase of visitors comes from the Nordic countries for up ten percent over the same period of 2011 to 1.25 billion Euros.
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Popular for rent in is Marbella and Nerja
Marbella and Nerjaare the favorite places among foreign tourists who choose to rent a home during a holiday stay in Spain, the figures from TripAdvisor. According to the ranking Barcelona, Madrid, Marbella and Nerja and Playa de las Americas (Tenerife) is the most popular sites.
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Other sites that come top of the list is Playa Blanca (Lanzarote), Valencia, San Sebastián (Donosti) and Puerto del Carmen (Lanzarote).
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Andalusia and the Canary Islands are the most popular regions for overall performance for the tourists to come to, but in the top is Marbella and Nerja.
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Posted in Costa del Sol, Marbella, Marbella Townhouses, Marbella apartments, Marbella luxury villas, Marbella property, Marbella tourism and tourists, Marbella villas, Property marbella, Spain economy and news | 6 Comments »
May 11th, 2012
The Supreme Court has confirmed Malaga provincial court decision in one of the cases against the former mayor of Marbella, Julian Munoz, which said that he must pay back over 1.8 million Euros to the municipality.
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He Julian Munoz, should have usurped money by issuing false invoices were submitted by a law office that belonged to the former Chairman of the football club Sevilla, José María del Nido. Both Muñoz and share Nido has also been sentenced to 7 years in prison in the case known as the Minutes, which the municipality of Marbella between 1999 and 2003 paid some 6.7 million Euros Nido. In this case must reimburse Muñoz 3.05 million Euros, while part Nido has to pay 2.7 million Euros.
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Julián Muñoz has just been in the dock in a third case, namely the associated Malaya corruption scandal in Marbella. Here he is with the main accused, former chief administrative officer with responsibility for urban planning, Juan Antonio Roca, and 94 other charges of bribery, embezzlement, abuse of power, etc. in Marbella.
Julián Muñoz denied having received money from Juan Antonio Roca that has previously stated that the initials JM in his secret accounts do not account for Julián Muñoz. He may face up to 10 years in prison in this case.
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Tags: Costa del Sol, Elviria, Football team Sevilla president Jose Maria del Nido, Marbella, Marbella apartments, Marbella Malaya Juan Antonio Roca, Marbella mayor Angeles Munoz, Marbella Townhouses, Marbella villas, previous Marbella mayor Julian Munoz, Property marbella, Spain, spanish
Posted in Costa del Sol, Finance and economy, Finance market, Marbella, Marbella Townhouses, Marbella apartments, Marbella luxury villas, Marbella property, Property marbella, Spain economy and news | 7 Comments »
May 9th, 2012
Ticket prices on Spanish commuter rail lines, Cercanias, are expected to rise by 10.9 percent. In the province of Malaga is it two commuter rail lines, Malaga – Fuengirola and Malaga – Alora. There are lines in main used by commuting workers and students but also by many visitors and tourists.
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A ticket with the train Cercanías between Fuengirola / Los Boliches to Malaga central station Maria Zambrano costs currently 2.95 Euros. The train is used more and more by tourists coming to Malaga International Airport instead of the expensive taxis.
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Marbella‘s business requires commuter rail
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New demands and wishes to the Spanish government from the tourism association Centro de Iniciativas Turísticas de Marbella (CIT Marbella) with 470 member companies require that commuter rail line Malaga-Fuengirola must be expanded to Marbella which has 150.000 inhabitants.
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Tourism can no longer only by connect with the road there must be other options. An efficient rail network that links Marbella to Malaga’s main train station and the airport must be a priority.
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“Marbella is the locomotive of tourism on the Costa del Sol can not only be connected through a single national road where the speed is also limited to 80 km,” said the association in a joint statement.
Mijas City Council want to restore the speed of the coastal road A7
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Mijas municipality mayor Ángel Nozal has written a letter to the Spanish Development Minister Ana Pastor, where the mayor in front of his desire that the speed limit on the coastal road A7 increased 80-100 kilometers per hour.
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It was in July last year as Development Ministry has decided to speed limits on the coastal road between Mijas and Estepona would be 80 instead of the 100 kilometers per hour. According Mijas City Council, it was the former Spanish government of José Luis Rodríguez Zapatero, who pushed through the decision, but to converse with the municipalities concerned. The decision came as a surprise to many.
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The speed limit along the old highway “National 340″ has caused many complaints from residents, tourists, taxis and those who regularly drive on the coastal road.
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The speed limit must be in place for safety reasons because of its proximity to residential areas and the many junctions that exist along the A7.
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Tags: CIT Marbella, commuter rail lines Malaga - Fuengirola, Costa del Sol, Elviria, espania, luxury, Malaga, Malaga central station Maria Zambrano, Marbella apartments, Marbella mayor Angeles Munoz, Marbella Townhouses, Marbella villas, Mijas municiality Major Angel Nozal, Property marbella, Spain, spanish, Spanish commuter rail lines Cercanias
Posted in Costa del Sol, Marbella, Marbella Townhouses, Marbella apartments, Marbella luxury villas, Marbella property, Marbella tourism and tourists, Marbella villas, Property marbella, Spain economy and news | 8 Comments »
May 8th, 2012
Now, the evidence suggests that the Spanish property market has begun. Foreigners invested 4.748 billion Euros in property in Spain last year 2011. There was an increase of 27 percent over the previous year and it is the largest increase since 2008. However, the Spaniards fell investment in Spanish real estate by 23.4 percent in 2011.
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It is the Spanish news agency EFE who downloaded the data from the Spanish central bank Banco de España. For three years, had not the foreign property investment in Spain passed the 4000-million-euro mark. Last year pushed sales through the roof of the Spanish National Bank.
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In fact, last year’s investment in Spain was higher than in 2006 when foreigners invested 4.716 billion Euros in Spanish property.
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The Spanish real estate sector is trying through various events to attract foreign buyers to Spain. According to Jose Manuel Galindo, president of the Asociación de Promotores Constructores de España (APCE), there are about 250.000 tourist apartments for sale in Spain.
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Tags: bungalow, Cabopino, Costa del Sol, Elviria, Jose Manuel Galindo Asociacion de promotores constructores de espana APCE, Marbella, Marbella apartments, Marbella Townhouses, Marbella villas, property increase spain, Property marbella, spanish, Spanish property market
Posted in Costa del Sol, Finance and economy, Finance market, Marbella, Marbella Townhouses, Marbella apartments, Marbella luxury villas, Marbella property, Marbella tourism and tourists, Marbella villas, Property marbella, Spain economy and news | 10 Comments »
May 6th, 2012
Torremolinos municipality owes the neighboring municipality of Malaga 16 million Euros, which now Malaga mayor of the provincial capital, Francisco de la Torre wants.
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Both municipalities are controlled by the Partido Popular and the debt comes from when Torremolinos separated from Malaga municipality and became a separate municipality 1988. Four years later presented the Malaga municipality a debt on a total of ten million Euros was required Torremolinos. Malaga regarding among other things, cleaning after separation.
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Torremolinos Municipality Mayor Pedro Fernández Montes refused to admit the guilt of the debts, but Malaga Municipality won in the court. The Interest on debt amounts is in the current situation to six million.
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The mayor of Malaga, Francisco de la Torre appreciates the good neighborly relations with Torremolinos Municipality, but says it is the municipality of the obligation to demand that the debt of 16 million Euros be paid. Malaga Mayor De la Torre understands that there are difficult times and offer Torremolinos Municipality a repayment plan.
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Tags: Costa del Sol, Malaga debt torremolinos 16 million euros, Malaga Mayor Franciso de la Torre, Malaga Municipality, Marbella, Marbella apartments, Marbella mayor Angeles Munoz, Marbella Townhouses, Penthouses, Property marbella, spanish, torremolinos, Torremolinos mayor Pedro Fernandez Montes
Posted in Costa del Sol, Marbella, Marbella Townhouses, Marbella apartments, Marbella luxury villas, Marbella property, Marbella villas, Property marbella, Spain economy and news | 11 Comments »
