Political battle lines are being drawn in Mijas over the 700 properties in the Calahonda Royale development. Home owners in the urbanisation, which is located near the Mijas Costa/Marbella border, just north of the N340, have been waiting for over a decade to be granted the first occupancy licence, ‘licencia de primera ocupacíon.’
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The summer months are traditionally a quiet time in the Real Estates business on the Costa del Sol as many of the people who visit the area are primarily in holiday mode. Beach, sangria and nightlife are the main concerns with little thought given over to property purchases.
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As many of you undoubtedly know, there are a few illegally built properties in Spain. If any of you saw that show recently “Spain, Paradise lost” you will know that some owners face demolition orders and are hoping and/or fighting that there property will be safe.
Well in a positive sign of future development projects the Junta the Andalucia has approached the European Investment Bank (EIB) to seek funding for the Costa del Sol train network that will connect Fuengirola to Estepona.
According to Tinsa’s property price index on the Mediterranean coast fell by 14,3% in 2008 with a lower drop in the towns and cities at 10,2%. For you information Tinsa is one of Spain’s leading appraisal companies.
It also appears that this fall applies to both newly built and resale properties.
According to experts at the Spanish tax ministry (Gestha) around 36.800 properties are being rented in the province of Malaga, and are not declaring it to the taxman!!! According to these same experts this amounts to an income of 65.3 million euros a year. Still further around 73.6% of all rentals in the region of Andalucía or around 184.000 properties escape the taxman.
First and foremost, before I go any further I just want to wish all my readers a Felices Fiestas! Hope you have had a very merry Christmas and here’s to a great new years.
Ok now for the boring stuff. Below I’m going to review how the property market has been and what we can expect from 2009.
