As many as 44 new commercial centres have been created and another eight have been enlarged in the course of 2003
OCDE warns of the risk of "brutal" drop in house prices.
The Organización para la Cooperación y el Desarrollo Económico warns of a possible short term "brutal" drop in property prices in Spain after a period of growth due to the strong demand in the building industry. The economy vice-president, Pedro Solbes, doubts the accuracy of this prediction although he does admit that a rise in the interest rate would slow down the sale of properties. OCDE foresees an economic growth rate of just only 2.9% in 2004, which is less than 10% than the official forecast and recommends a cut in rates in the Euro Zone in order to encourage the demand as a countermeasure against the toughening monetary policies of the U.S.
Office rents in Madrid are down 4%
The terrorist attack of 11th March has completely demolished any hope of recovery in the office letting market in Madrid, which had been suffering for over two years. According to CB Richard Ellis, prices fell by another 4% in the first quarter of the year. The current maximum rent is between 21 and 25 Euros per square metre per month, which is 11.8% less than a year ago.
Euribor 2.163% increase in April. Its first increase since 2003.
According to provisional information to be confirmed by the Bank of Spain, Euribor, the main reference indicator for mortgage lending, reversed its downwards trend over the last four months and climbed to 2.163%, the first increase since November 2003.
Property Promoters wish to improve their image and Introduce a "Seal of Approval".
A group of Property Promoters introduce an ethics seal in order to improve their own image and fight against fraud.
The president of the Asociación de Promotores Inmobiliarios in Madrid (Asprima), Rafael Santamaría, presented a new "compraventa" contract format, carrying the "Ethics Logo" which purchasers can ask promoters to use as a guarantee of conformity with property transfer legislation.