Carlton to invest billions in Spanish property

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..

Brussels gives go ahead to Spanish banks restructuring

The European Commission has approved the Spanish government’s plans to restructure four troubled banks.

Bankia, Banco de Valencia, NCG and Catalunya Banc were nationalised after experiencing heavy losses on loans to homebuyers and property developers. More..

Spanish real estate attracting foreign investment

Spain plans to offer residency permits to foreigners who buy properties priced at more than 160,000 euros as part of its efforts to revive the real estate market and rid itself of hundreds of thousands of unsold properties. More..

Spanish banks suspend evictions

The Association of Spanish Banks (AEB) has this week issued a temporary freeze on all evictions of “vulnerable homeowners,” following protests after a woman killed herself on Friday moments before she was going to be evicted. It was the second suicide of a struggling mortgage holder in the last three weeks. More..

3 million properties to have rateable values increased

The increase in VAT and the expected increase in electricity bill will not be the only charges they will face some homes in the coming months. As stated in the draft State Budget presented by the government this weekend, the Ministry of Finance plans to review the assessed value of nearly three million homes in 2013, which in many cases will imply an additional tax burden to many families. Notifications of the Ministry are used by municipalities to prepare the local taxes. More..

Spanish government confirms there could be up to 900,000 unsold new properties

The official estimate of the stock of unsold new properties in Spain stands at 680,000 units. However, the Ministry of Public Works stated in the presentation on Infrastructure, Transportation and Housing plan for 2012-2024, that its calculations do not include the self-promotion of housing (Co-operatives for example). If included, unsold new housing could be around 900,000 units. More..

Investors Return to Spain as Surplus Reaches Record

Spain posted its second current account surplus in the euro’s history and foreign investors increased their holdings for the first time this year, helping Prime Minister Mariano Rajoy’s campaign to resist a bailout. More..

Aifos proposes paying buyers back in 10 years’ time

The Aifos real estate group has outstanding debts of 500 million euros in amounts owed to 5,000 creditors, of which approximately 1,000 are property buyers whose homes never materialised. Now a deal has been proposed that would allow them to recover at least part of their investment. More..

Junta de Andalucia agrees to study SOHA’s proposals for illegal homes

At the meeting the association put forward the situation of its members, who built properties with a licence from the local town hall and always respected the plans handed in to the local authority. More..

Foreigners buying more in Spain

During the second quarter of 2012 the foreign market accounted for 9502 Spanish property purchases, which represents a 12 percent increase compared to the same period in 2011, and is the highest figure in the last 4 years when it stood at 11,130 property purchases.

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Tenants who are late in paying the rent can be evicted in 10 days

Tenants in Spain who are late in paying the rent can be evicted within ten days if they are not able to present valid arguments before a judge, according to “Anteproyecto de Ley de Medidas para la Flexibilización y Fomento del Mercado de Alquiler”, roughly translated as “Draft Law on Measures for Promoting and Flexibility of the rental market”, which are to be adopted by the Spanish Government. More..

Prices down 30 percent since 2007

According to TINSA, house prices in Spain fell by 11.2% in July year on year.

Thus accumulate prices are down 31% from the peaks in December 2007.

Balearic and Canary Islands were the regions where the largest decreases were found in the seventh month of the year, recorded annual declines of 14%, TINSA said in its report.

They were followed by capitals and major cities that adjusted their value by 11.8% in July from the same month in 2011, and repeated the metropolitan areas with falls of 11.6%. In all three areas the cut was higher than the market average.
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IVA on new homes rising from 4pc to 10pc next year

The Government has confirmed that IVA (value added tax) on new homes will go up from 4 percent to 10 percent at the start of next year. More..

Warnings to property landlords

Homeowners who rent their Spanish properties to holidaymakers are facing potentially large fines unless they adhere to Spanish rental laws, warns the British Embassy in Madrid.

This warning comes as the Embassy says it has been informed of a number of cases where property owners have received fines of up to 30,000 euros after being caught renting accommodation without the appropriate permits. More..

Spain to keep property tax incentives

The Minister of Development, Ana Pastor, asserted today that the Government has no intention of removing tax incentives for homeownership. “They are in effect because this government wanted it” and we do not see us change our minds, she added.

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