One of Spain`s largest construction companies has filed for protection from creditors.

The real estate builder states it cannot secure new financing whilst struggling to with debts of 5 Billion Euro`s.

Martinsa-Fadesa is one of Spain`s largest construction companies with nearly 11 Billion in assets.It is now one of the first victims of a crisis in the once booming real estate sector.

The company announced on Monday it was filing for protection with the Spanish Stock market regulators.

A recent survey in the Costa Del Sol has revealed that only 25% of rental properties for the holiday season have been rented, many agencies have no booking for the July months.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/15/ccspain115.xml&CMP=ILC-mostviewedbox

More good news then.

http://www.eitb24.com/new/en/B24_105315/Business/OIL-CRISIS-Spanish-airline-Spanair-to-lay-off-1100-workers/

http://www.surinenglish.com/20080716/news/costasol-malaga/martinsa-fadesa-leaves-behind-200807161030.html

The fall of Fadesa will effect people on there recently finished development in Calahonda near Mijas, which were just about to hand over the keys to the 20% of people who had purchased in the 84 apt build at a cost from 214,000.00-491,000.00 euros each.

Today Martin Fadesa has announced it will complete and hand over the keys to the 12,578 properties that owners have paid for, which are valued to around 2 billion in Euro`s.

The company has annouced its stoppin proposed develpment in Morrocco.

A contact number for info has been given as 900 380 900 for anybody effected.

i know off two construction companies that have stop all there building and let go there workers here in Elche , one off this companyes have two block built and have just boarded up the buildings and will come back in a year are 2 and finish its works then , it payying them not to do any more works
jurdy

Ryanair have also announced it reducing 14% of its flights over the winter period, blaming the rise in taxes at airports and rising fuel costs.

I was reading a prediction a few weeks ago that at least 5 of the worlds budget airlines could fold in the next 6 months.

That will then have a knock on effect withing the destination places, i no many small airports started expansion planes and refurbs based on the increase in traffic.

I`m wondering if this will effect the expansion plans at Malaga, the building of the extra terminals and infustructor is now in full swing.They were hoping to bring in an extra 5 Million passengers per year, which will have seen a rise from 6.6 million people in 1996 to 20 million in 2010, some believe that by the time the expansion have been completed in 2015 they`ll be handling 25 million people and the airport will require expanding further.

I hope it`ll never happen, there`s barely enough room for everyone now, some how these figures seem a little over extended, I wouldn`t be surprised if the financing is based soley on these figures.

25 million coming into Malaga, my god that`ll kill the place.

Unless they find a fuel solution i fear these plans will come crashing down around there corrupt little brains.

you chat about ryanair as there only airline in the world , spanish airlines are in big sh1te aswell
Spanair has decided that only Madrid and Barcelona will be future bases for its flights. As the airline outlines planned cutbacks as part of a viability plan in these days of high oil prices, it has become clear that the other bases of Spanair at Palma, M?laga, Tenerife, Bilbao and Las Palmas de Gran Canaria, will all lose that category. It means a centralisation of pilots, cabin staff and mechanics in the company.

Staff cuts of 1,100, some 29% of the workforce were announced earlier this week. The airline is also going to leave nine of its planes on the ground during September and October.

AirEuropa to to make cut but wont know untill next week about what actions there taken to save costed at the Airline
iberia what happen ...... ?

ryan air cutting all it flight back not just in spain but all over

jurdyr - 18 July 2008 10:15 PM

you chat about ryanair as there only airline in the world , spanish airlines are in big sh1te aswell

My second post, second link is the story to Spanair`s decline.

AirEuropa to to make cut but wont know untill next week about what actions there taken to save costed at the Airline
iberia what happen ...... ?

Its not the airlines that should be worried, its the service and rental sectors in Spain that will loose big time.That will have a knock on effect to all those Brits who bought holiday homes and finance the mortgages from tourist rentals.

And if they cannot afford the mortgage without renting for a the rest of the year forget selling up as the market is dead.

The airlines are struggling not only because the fuel, but also the passenger numbers.Most could afford to run services half empty, they`d make up on cargo and low fuel/airport cost`s.

Now there`s too many flights, too few passengers, cargo is being shipped by cheaper means and airport taxes have increased.

time like this the airport sould be doing deal with airlines , less flight in and out spanish airports will end up in less people coming and spending momey , it now when spain sould be spending more to get more to com here

like the Gran Canaria , likes off maspalomas and Playa del Ingles could do with a face lift paths buildings are looking old and 60/70s , holet need to be updated , from rooms to pool areas

i could go on but i wont not just GC

Its kinda a weird situation.

I have some friends who are in the service industry and are noticing a slow down, the SUR newspaper stated that job losses in the service industry and the biggest of all sectors, yet this week the SUR are stating the tourist are coming increasing in number than last year.

There quoting the Economic Analyst of Andalucia figure that tourism in Malaga has increased 3.1% in June.The industry apparently is riding the downturn well so far, although July,August are unknown.

July and August are the months many overseas tourist visit Spain, the June figures may well just have increased due to Spaniards not leaving Spain for holidays.

This comes a week after the SUR reported holiday rentals only at 25%, which is the lowest on record.

With Andalucian`s reputation for mistruths, lies and corruption, i`d be surprised if this 3.1% increase was factual.