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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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..
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..
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.
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.
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
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.
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.
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.
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.
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.
In what we are seeing as quite a positive move, the Spanish government has recently passed a law to help stimulate the property rental market by making the eviction process much easier and simpler for landlords. Until now, the rental market for Spanish property has always been quite anaemic due to the lack of protection afforded to landlords, with one of the main issues being the length and difficulty of removing non-paying tenants. But it appears this is to change.
Last Friday the Spanish government announced a temporary reductions in the value added tax (IVA), lowering it from eight percent to four percent for any purchase of a new property. The government’s aim is to rekindle Spanish property sales and help reduce Spain’s stock of unsold new homes, which amount to approximately 687.000 properties in Spain, and just over 20.000 in the province of Malaga.
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Tempted by the offer of a salary for life and an inheritance tax reduction for his two daughters, Euan Armstrong, 73, signed up to an equity release plan in 2004 with Denmark’s biggest bank using his €2 million home in Spain as collateral.
Six years on, Mr Armstrong is forced to live with one of his daughters as he prepares to take on the bank that promised so much yet threatens to leave him penniless.
