The Spanish Government freezes Gaddafi’s development project in Benahavis

Gaddafi’s assets were frozen earlier this week by most of the European countries. Spain did this two days ago. We can find within Gaddafi’s assets a real estate development in Costa del Sol. Gaddafi was building a large property there.

The Libyan Foreign Bank, Forebank, has owned since 1995  7,000 hectares of land stretching between the towns of Júzcar, Pujerra and Benahavis. 500 ha of this area is outside Benahavis. The bank wanted to build here a golf course and 1 200 homes,according to their legal representatives in Spain, as well as tourist buildings and public facilities.

The record is held by the Ministry of Public Works and Housing since last Dec. 17  to determine if the project is of a touristic  interest. It will remain on the table after the Government’s announcement that it would block financial and real estate assets in the country.

The legal team which represents the bank’s interests in Spain has stated that Forebank is a public institution and not a private entity owned by the Libyan ruler, a claim to which was sustained by the mayor of Benahavis, who said he had no evidence that the property belongs to Gaddafi family.

Details n the development project were given by the mayor of Benahavis. He indicated that it dates from 1993 and that in that year, the Libyan bank had 480 hectares classified as developable land, with the possibility of building 1,900 homes, a golf course and a hotel, but never developed the land. He said that in 1997 the Land Act forced to review the general plans of all municipalities.

source: realestatepress.es

Antarctica real estate?

I love real estate portals! Along with all the useful information or all the listings available, sometimes you find funny stuff.

Like this:

Too bad that once you click that link you find out that there are no listings available in Antarctica. Too bad, I wish there were some, ’cause some developments down there would be interesting 🙂

Would you buy real estate in Antarctica 🙂

Invest abroad!

Interested in investing in Spain? Land developments are favorable now. Kinos Group handles some interesting plots of land, which are ideal for investments in Costa del Sol. Click here for more information.

House prices should drop more, according to Blanco

José Blanco, the Ministry of Development, who recently incorporated the Department of Housing under his supervision, has stated that the housing prices needs to drop more. His statements are in contradiction to what the PM said in the US last month. According to Zapatero, house prices have reached bottom in Spain and, in some regions, they have begun to increase.

Blanco stated in an interview that the price of housing should experience an even greater adjustment after three years of crisis  to ensure that they follow the evolution Spanish salaries. His opinion somewhat matches the experts’ opinion who think that prices need to drop more in order for the stock of houses is absorbed.

House sales will increase these months because the government is eliminating the tax deduction for people with an annual income under 24 100 Euros.

Dubai real estate prices crash

Rents for residences in the famous Burj Khalifa tower are not immune from Dubai’s real estate crash. They have dropped and about 825 of the tower’s 900 ultra-luxury apartments remain unoccupied. This is less than a year from its grand inauguration. Rents for two-bedroom residences are expected to get $4,310, down from $7,183.

And if the famous tower is suffering, just think about other not so famous real estate projects, developments and apartments throughout the emirate.

Overall in the emirate, property prices have dropped an average of 50%. Some half-built projects, located away from the main highway that runs through the city, may never be completed because their values have dropped too much, analysts say.

But it’s the units that will be completed that are looming as a problem. The Dubai economy must still digest a flood of housing units coming on line or soon to be opened, which will further dampen prices. Through September, 27,000 residential units have been put on the market, and another 9,000 are expected to be completed by the end of the year, according to real estate firm Jones Lang LaSalle.

The Dubai Real Estate Regulatory Agency, worried about the crash, has announced the cancellation of several real estate projects.

Find more details here.