Undeclared employment and the under-the-table economy in Spain represent 18.6% of the GDP

Undeclared employment and the under-the-table economy in Spain represent 18.6% of the GDP, which makes up more than 1.9 billion euros, according to a report on job flexibility in 2014 completed by Randstad, a job placement agency. The study, presented today, indicates that more than 1.8 billion unemployed people from countries in the OECD have some type of undeclared work, that is, 60% of the t

2015 will still bring market adjustments as access to housing will still be limited

The professor of Economics at the Bangor Business School (United Kingdom), Santiago Carbó, estimates that in spite of the adjustment in housing prices, there are still several years to go to reduce the supply and achieve the balance, according to the newspaper El Mundo. He considers that there are two different markets, one of the Madrid Valencia and Barcelona city property where it is difficu

2014 could be the first year of economic recovery in Spain

The recuperation of the Spanish housing market will be very tied to the progress of the Spanish economy in upcoming years. The most recent facts from UN (United Nations) predict growth of the economy in 2014 but in 2013 it will continue dropping. The Spanish economy will acquire 1.4% in 2013 and it will grow 0.8% in 2014, according to the report “Situation and Prospects of the World Economic

The Doors of the Spanish Banks Crisis

  by Richard Bayston     In the days before the announcement of the bailout of Bankia at taxpayer expense, Spain was looking anxiously through three open doors that in any case will no safe the property market.   Behind one of them was the spectre so feared by her politicians: the outright failure of Bankia. Had this happened, it would certainly have both deepened the cr

Bankia Crashes, Spanish Taxpayer Picks Up the Wreckage

  by Richard Bayston     Bankia’s declaration of bankruptcy at the end of May can now be seen as the final step of the slide of the Spanish banking system into complete dependence on the State… and the State asking for funds to the EU.   Just like RBS in Britain, and just like the events of 2010 in Ireland, the State has stepped in to support the collapsing financial

Spain: unemployment reach its peak…deeper crisis and cuts

  Today 1st of May, this article is not about property. It is about unemployment and some examples of how the crisis in Spain and euro cuts salaries and jobs.     The situation in Spain continues its fall from bad to worse.  The Government cuts are meeting with financial burdens, the rise of taxes and the daily drama that the Spanish "middle class" (it is disappearing) are livi

Could the financial reform accelerate the prices decline?

  The Spanish real estate market might face an imminent change in the price of its real estate holdings, due to the reform of the financial system being prepared by the Government. Luis de Guindos, the Economy Minister, had a clear message early this week: “Banks have one year to stop speculating and set their real estate stock to a realistic market price”.     Spanish prop

Spanish Economy 2012: Consequences For Real Estate

   The Spanish economy in 2012 is not likely to improve according to the latest forecast of the Bank of Spain. The official 2012 forecast by Banco de España (Bank of Spain) predicts that the Spanish economy will shrink by 1.5% during the year and the unemployment rate will increase to 23.4%. Furthermore, the International Monetary Fund predicts that Spain will still be in recession for