“MONEY is pouring in from everywhere,” said Emilio Botín, chairman of Santander, Spain’s largest bank, late in 2013. Others in southern Europe might say the same as they stumble over representatives of foreign-investment firms legging it round office blocks and down-at-heel plants looking for the deal of the century. More..
Spain has turned the corner. The recovery started in the second half of 2013 and gained strength in the first quarter of this year, with the economy growing at the fastest pace since 2008. Led by robust exports and a sharp improvement in financial market conditions, confidence has recovered and is feeding into rising private consumption and business investment. Critically, labor market trends are improving. We expect the recovery to continue over the medium term. More..
Hello Blog readers!
Apologies for the lack of new content over the last few (errr….. many) months. This has not been due to laziness on my part, but due to a large increase in sales that has resulted in your truly being unable to dedicate the time needed to posting new content on our Costa del Sol property blog. More..
The Spanish Government plans to hike the cost of generating electricity at home using renewable sources like solar power, in a move that will penalise many who live off the grid in rural Spain, like the famous author Chris Stewart.
As has been reported on a range of property news sites, Spain recently approved Royal Decree 235/2013. From the 1st of June if you intend to rent or sell your property you will require an energy rating certificate.
According to the legislation the energy rating certification will need to be present on all advertisements, offers and promotions relating to the sale or rental of any property.
Royal Decree (in Spanish)
An information exchange agreement has been singed by the finance ministers of Spain, France, Germany, UK and Italy in the latest effort to crack down on tax evasion. More..
In a little over a week’s time anyone who lives in Spain for more than 183 days per tax year – and is, therefore, almost always categorised as being a ‘tax resident of Spain’ – and who has overseas assets worth more than 50,000 euros in any single asset class, should have declared them to the Spanish tax authorities. More..
If you have a bank account, property, shares or bonds abroad worth more than 50,000 euros for each category of asset, then you have only about a week left to declare these assets to the taxman. Failure to do so on time could mean facing a hefty fine. More..
The Andalusian government on Tuesday approved a decree under which in the most extreme cases the homes of the most needy families subject to eviction proceedings initiated by banks will be embargoed by the region for a maximum of three years.
The Andalusian commissioner responsible for public works and housing, Elena Cortés, said the government also plans to impose fines of up to 9,000 euros on banks and real estate companies that leave empty homes that are fit to live in. More..
The Popular Party (PP) government is planning to open a little loophole in Spain’s strict coastline protection laws. A planned amendment to the 1988 Coast Law reduces — in practice — the protected shoreline area from the current 100 meters to just 20 meters.
But homes that are now located within this 80-meter strip will be subject to very strict controls if property owners want to make structural changes, assuming they get the approval from and comply with the rules of their municipal governments. More..
The European Court of Justice on Thursday ruled that Spain’s mortgage law is incompatible with a European directive on abusive practices in consumer contracts, opening the door to more legal protection for households facing eviction from their family home.
Carlton Group Inc.’s clients have earmarked 7.5 billion euros ($10 billion) to buy real estate in Spain and Portugal over the next 12 to 18 months as risks diminish and prices adjust to what buyers expect to pay.
“A combination of reforms in Spain, stabilization of sovereign debt yields and reduction of risk perception for Europe as a whole has made investment in Iberia far more attractive,” Javier Beltran, head of Spain and Portugal for the U.S.-based real estate investment bank, said in an interview. More..