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.



March 4, 2011 at 3:51 pm 1 comment

Real estate news batch

Some interesting stories in the real estate world:

  • Spain freezes Qaddafi assets. Link

Sixty-eight-year-old Qadhafi, who has been in power in Libya since 1969, mainly owns assets in real estate in Spain. Qadhafi reportedly had plans to build nearly 2,000 homes, and develop a golf course on a 7,065-hectare property on the Costa del Sol in Andalucia, a haven for tourists and the mega-rich, which is owned by Libya’s central bank.

  • Santander, Bancaja, Cajasur and Catalunya Caixa attent SIMA exhibit with discounts for their stock of houses.  Link
  • Recovery of the European residential market, according to RICS. [Spanish] Link
  • Real estate investments are preferred by Spanish families [Spanish] Link

March 3, 2011 at 9:49 am Leave a comment

Real estate companies doubled their value at the stock market

Increases between 0,4% and 3% were registered at the main stock markets around the world. This increase is more spectacular if we take in consideration the fact that the Middle East tensions have slowed down the increase from the beginning of the year.stock market ibex

The Spanish index, Ibex has had a slow month with a 0,4% advance. But the good news is that the real estate companies have registered a 28% increase in the market. 10 Spanish companies registered increases of more than 25% and 4 of them were real estate companies: Quabit, Urbas, Realia and Colonial. Even so, experts said that the market has to be cautious with these increased because a great partof these increases were due to speculative money.

The markets deduces that the recapitalization of the financial institutions will facilitate the refinancing of real estate companies’ debt. These measures will advertise real estate companies in the stock market and this will help restore the image of Spanish cajas, which are their main investors.

In general, real estate values represent a tiny trading volume every day and also have little free float (percentage of free-listed capital on the market), causing high volatility in their prices.  The investors don’t really trust them, except Realia, Which emerged from losses in 2010 with a profit of 1.1 million and is preferred for its lower exposure to the residential sector.




March 2, 2011 at 12:26 pm Leave a comment

Turkish Airlines adds new flights to Malaga Airport

Some tourism information for you today 🙂
As of April, Turkish Airlines will add new flights from Malaga to Vietnam. These flights will be added to the weekly flights that are already available from Barcelona and Madrid. All of them will have stopovers in Istanbul. Moreover, Turkish Airlines will also add flights from Valencia to the same destination.
Turkish Airlines is trying to consolidate its presence in  South East Asia;  they have previously inaugurated flights to Dhaka, Beijing, Shanghai and Hong Kong. According to the airline, these destinations are not only tourist destinations, but also important business hubs. New destinations will also include Manila, the capital of the Phillipines.
The flights will be operated with a bunch of new planes, Airbus A330, A340 or Boeing 777.
Turkish Airlines is part of Star Alliance and has a fleet of 153 planes, which fly to 171 destinations worldwide

March 1, 2011 at 8:02 pm Leave a comment

Report says that sustainable buildings are better for investors

Fact: owners of Sustainable Building can profitablymanage their real estate, even in times of financial constraints. Fact: the owners are better positioned in the market than investors in non-sustainable buildings. Fact: sustainability and green energy is the future in real estate and in everything. These facts are issued in a report published by RICS

and are better positioned for the future than those other owners,whose buildings are not sustainable, according to the latest report published by RICS, the Royal Institution of Chartered Surveyors.

sustainable building

The study revealed that sustainable buildings did better during recession times (2008 and 2009) than other similar, but non-sustainable buildings. These results are based on the American real estate market and used data from the Energy Star Program and illustrates that the rental income and occupation rates of these buildings were high between 2007-2009.

While the report’s conclusions are based on U.S. data, the results are also important worldwide because they provide tangible evidence that scores of green buildings in 2009 had higher rental income than those of non-sustainable office buildings, but otherwise identical in quality and location.

Investments in sustainable business practices and technologies are not only beneficial to humans and the environment, but also for creating long term value and competitiveness.


February 28, 2011 at 12:44 pm Leave a comment

Quicky real estate news


real estate Spain

After laughing at the picture above, let’s find out the most important news in real estate:

  • Cajas hold almost 100 billion Euros in “problematic” real estate assets. Link
  • Property in Spain will continue to be popular among Brits. Link
  • A harsh analysis of the Spanish housing market:

“Millions of Spaniards are trapped in debt, stuck with overpriced homes that are keeping household spending low, unemployment high and international investors nervous.” Link

  • Spain has approved a plan to shore up the ailing savings banks. Link


February 25, 2011 at 4:53 pm Leave a comment

Real estate news

  • Unfriend your real estate clients on Facebook. Check out some of the problems you might have if you post and ad on your profile page. Link
  • The difference between men and women in real estate. According to a survey done in America, decisions to buy homes are mutual, but women are three times more likely to buy faster than men. Link
  • Spanish real estate: The mortgage credit dropped 2%. Link (article in Spanish)
  • Dubai real estate: The most popular real estate development in Dubai. Link
  • 3000 new work places created in Málaga thanks to public work: the Las Pedrizas motorway, the AVE lines to Granada and Sevilla. Link

February 21, 2011 at 3:34 pm Leave a comment

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