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..

Will Spain copy Ireland?

The Irish ‘bad bank’ has chosen to demolish the ghost towns that were created during Irelands property bubble, at least that is how is has been reported in eleconomista.es. The question for me, is will we see the same happening in Spain? More..

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..

Spanish property market still contracting


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The danger of generalised property article

After posting the article on S&P and their property forecast I had someone contacting me panicking that these articles would be detrimental to Costa del Sol real estate. Although I can see why a negative article, would be viewed… well negatively, there are also reasons why it should be written about.
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S&P says average Spanish property prices to drop further

Prices of Spanish properties could decrease a further 25 percent over the next 4 years according to Standard & Poor.
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Banks under pressure to finish building Costa del Sol properties

The governments most recent financial reform is forcing banks to dig themselves out of a hole that they helped to make in the first place.

Mortgage default and repossessions mean that now financial institutions are the owners of around half of the 6,792 unsold new properties on the Costa del Sol (according to a recent repost by Aguirre Newman). Now following Spain’s most recent financial sector reform this stock of real estate assets and loans granted to developers are costing the banks more and more in the form of provisions. As a result they are doubling their efforts to sell, which in many cases implies first finishing off the construction work where indebted developers left off.
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Andalusian property sales decrease 9.31 percent in first quarter of 2012

The sale of Andalusian properties fell by 9.31 percent in the first quarter of 2012 compared to the previous quarter, reaching a total of 17,240 property transactions in the first three months of the year
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Spanish property sale increase 21.9 percent

The number of property sales reached 92,211 in the first quarter of 2012, representing a 21.9% increase over the previous quarter, according College of Property Registrars.

These data shows a “relative recovery” from the previous falls. However, the property registrars have warned that these results should be viewed with “caution” because they are influenced by the particularly strong decrease property prices over recent quarters of banks real estate assets, as well as measures such as the halving of IVA (VAT) that needs to be paid on the purchase on new properties.
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CAPITAL GAINS REDUCTION IF YOU BUY NOW

In order to encourage real estate property investments, the Spanish Government recently approved a Royal Decree on 11/05/12

The main measure is a reduction of 50% in the Capital Gains Tax on sale proceeds for Spanish properties bought between 12th May and 31st December 2012. Regardless of when you sell the property!
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Spanish property prices by annual salary

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Spanish banks and a code of practice

By Royal Decree the Spanish Government has implemented a voluntary ‘Code of Practice’ for banks to help solve the problems created by evictions. It will create a series of mechanisms to be applied by all banks (who have signed up) to prevent low income families losing their homes by restructuring their debt, maybe reduce it or even hand over the Spanish property in lieu of payment.
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Spanish property prices 2011

According to the latest statistics supplied by the INE (Spain National Statistics Institute) Spanish house prices fell 11.2 percent in 2011 with new build suffering an 8.5 percent fall and resale’s a 13.7 percent fall.

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