Foreign investments acquire 100 million euro portfolio from Spanish bad bank

H.I.G. Capital Announces the Acquisition of the First Property Portfolio Sale by Sareb
• The transaction values the portfolio at €100m.
• The portfolio comprises close to one thousand homes, primarily located in the community of Valencia, Andalusia, Murcia, the Canary Islands and Madrid.
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The Energy Performance Certificates explained

As has been reported on a range of property news sites, Spain recently approved Royal Decree 235/2013. From the 1st of June if you intend to rent or sell your property you will require an energy rating certificate.

According to the legislation the energy rating certification will need to be present on all advertisements, offers and promotions relating to the sale or rental of any property.
Royal Decree (in Spanish)
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Spain, UK, France, Germany and Italy sign tax deal

An information exchange agreement has been singed by the finance ministers of Spain, France, Germany, UK and Italy in the latest effort to crack down on tax evasion. More..

Informing the taxman about assets held abroad

If you have a bank account, property, shares or bonds abroad worth more than 50,000 euros for each category of asset, then you have only about a week left to declare these assets to the taxman. Failure to do so on time could mean facing a hefty fine. More..

Andalusia may embargo some family homes subject to eviction orders

The Andalusian government on Tuesday approved a decree under which in the most extreme cases the homes of the most needy families subject to eviction proceedings initiated by banks will be embargoed by the region for a maximum of three years.

The Andalusian commissioner responsible for public works and housing, Elena Cortés, said the government also plans to impose fines of up to 9,000 euros on banks and real estate companies that leave empty homes that are fit to live in. 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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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..

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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