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Spanish banks and a code of practice
By Royal Decree the Spanish Government has implemented a voluntary ‘Code of Practice’ for banks to help solve the problems created by evictions. It will create a series of mechanisms to be applied by all banks (who have signed up) to prevent low income families losing their homes by restructuring their debt, maybe reduce it or even hand over the Spanish property in lieu of payment.
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Spanish property prices 2011
According to the latest statistics supplied by the INE (Spain National Statistics Institute) Spanish house prices fell 11.2 percent in 2011 with new build suffering an 8.5 percent fall and resale’s a 13.7 percent fall.
Property tax increases in Andalucia
With the ongoing financial crisis still affecting the Spanish economy, several autonomous communities are trying to combat the lack of funds by raising several taxes. It appears that Andalusian community has raised several taxes including those on property purchases.
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Costa del Sol new build stock halved in 2011
Developers in Malaga province (home to the Costa del Sol) sold 10,000 new homes in the course of 2011, almost half the stock of 25,000 new homes on the market at the start of the year, according to the Association of Builders and Developers of Malaga (ACP). More..
Property tax set to increase in many Costa del Sol municipalities
The measures recently approved by the new Spanish government, lead my Mariano Rajoy, will have an affect this year on more than a million homes and business premises throughout the province of Malaga. Or approximately 80% of the total. More..
What the new government should do for the Costa del Sol
The below article was written prior to the elections last Sunday, but is still of interest as it looks at many of the urban projects that are still pending and will be beneficial to the Costa del Sol property.
Costa del Sol property decreases
House price statistics released by the government last week revealed that the average price of property in Spain is now down to 2005 levels. Their figures are based on price per square meter, which currently stands at approximately 1,700 euros.
Property in Fuengirola
We at Arriba Estate have just created a new website, Fuengirola Real Estate, a site dedicated solely to Fuengirola property. Over the last few years buyers of Costa del Sol property have become more aware of the different areas along the Costa del Sol and the pros & cons of buying in each area.
Our property in Fuengirola site will only advertise properties that we feel offer value for money and are what many buyers are currently looking for.
Alternatively our Costa del Sol real estate site offers a large selection of properties throughout the Costa del Sol
Regards
Andrew Bellés
Foreign investment in Spanish property increases 32.8 percent
It appears that foreign investment in Spanish property is once again on the rise. This new wave of investment in probably due to the recent reductions that have been seen in the property market since the end of 2010. Investment in property in Spain surged by 32.8% in the first half of 2011 over the same period in 2010, to 2,445 million euros, according to the Bank of Spain.
British lenders financing purchases in Spain
In a recent article in thisismoney.co.uk it has been reported that British lenders are allowing property owners to re-mortgage their UK properties to fund property purchases abroad. To date this has been common amongst Scandinavia clients, but it is a positive sign to see British lenders doing the same. But the article is also a bit of a PR piece, I have tried to only include the salient points below. For the full article you can find a link at the bottom.
The future of illegal properties is still uncertain
As I have previously written, the Junta de Andalucía has been working on a decree which would enable many of the current illegal properties in Andalucía to finally be legalised.
The decree on the illegal properties was meant to have been ready within six months of its announcement back in March but is still not ready and the provincial delegate for Public Works and Housing has stated that will not be ready until November, more than likely December.
Costa del Sol property valuation – August
Please find below the latest figures supplied by Tasamadrid, a Spanish appraisal company. As always please remember these are general values given to different areas and can only be used as a general guide to the postcode area where you intend to buy.
Golf tourism brings much needed revenue to the Costa del Sol
Tourists who visit Malaga province mainly to play golf spend €103 per day on average, a Junta de Andalucia study shows.
Since 2005, the golfing sector has seen visitor numbers increasing by more than three per cent each year, and in 2010 alone, 427,000 golfers spend €687m in Andalucia.