PP government paves way for Coast Law amnesty on Spanish shorelines

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..

European Court rules Spanish mortgage law is abusive

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.

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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..

Easier residency for foreigners buying property

With the over supply of properties throughout Spain, and general doldrums of the EU wide economy, Spain is looking at further ways to help increase real estate transactions. As I am sure many people who will read this article are aware, for months now there have been a range of articles, talking about Russians/Chinese/etc… buying up properties in locations throughout Spain. 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..

New home buyers nervous over looming tax increase

Thousands of property buyers are becoming anxiously nervous as the end of the year approaches. The reason is simple. If you are buying a new property, if you go to completion before the 31st of December you will only be paying 4% IVA (VAT) on the purchase, but if the purchase takes place in 2013 then the IVA rises to 10%. The difference of 1 day could lead to a 6% increase in the cost of purchase. More..

2 months of spanish property market expansion

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Will Spain’s bad bank work?

As I mentioned not too long ago in article, the Spanish Government would be setting up a ‘bad bank’ with the aim of buying up ‘toxic’ properties and land assets in the country in an attempt to clean up Spanish banks finances. 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..

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..

Foreign investment in Spanish property on the increase

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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..