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..

Costa del Sol new build stock halved in 2011

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..

Nearly 400 Britons lost millions on Spanish property deal

Investors bought off-the-plan apartments in a proposed development called Estepona Beach and Country Club, 30km west of Marbella.

In some cases, the prospective owners – many of whom were from Northern Ireland – put down an £85,000 deposit for their Spanish properties.

However, the land still belonged to its original owner and the complex was never built.

An investigation is now ongoing into Ocean View Properties, based in Birmingham, which was the British representative for Sun Golf Desarrollos Immobiliarios SL in Spain.
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Development chaos on the Costa Del Sol

THE issue of illegally built homes is one that affects many thousands of expatriates living in Spain, and in particular areas like the Costa del Sol and Almeria.

The General Plan for Urban Development (PGOU) for Marbella, in Malaga Province, was recently approved and its aims are to restore judicial safety to the town, as well as attempting to solve problems from the past relating to the more than 16,500 illegally built homes.

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Costa del Sol airport development to receive go-ahead

It appears that at the next general meeting of the Alhaurin de la Torre council in September, the councillors are to give the green light to an ambitious project to create an ‘airport city’. The project, over fifteen years, will lead to the creation of a commercial and industrial zone covering 3.8 million square metres in the north-eastern part of the municipality, near the extended Malaga airport.

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SPANISH BANK GUARANTEE PETITION

Dear fellow petitioners,
You may remember that 17 months ago I submitted a petition to the Governor of the Bank of Spain with regard to the non-compliance of the various Spanish banks who were not honouring the guarantees given by them to protect deposits paid by purchasers of off-plan properties. You very kindly supported this petition and were signatories to it. The petition was briefly brushed aside by the Bank of Spain’s legal representative who in so many words suggested we deal with the matter through the courts. This in spite of the public pronouncements made by the Governor himself when explaining his powers to deal with recalcitrant banks.
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Unsold new builds increase by 8.9% in 2009

The surplus supply of newly built properties on the market waiting for a buyer rose by 8.9% to 114,147 by the end of in 2009 in Andalucía, according to the Ministry of Housing. On a national level, the supply of newly built properties on the market stands at 688,044 properties, an overall increase of 12%.

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Andalucia to subsidise home buyers to tune of 1 billion Euros

The government of Andalucia, or Junta, announced yesterday a subsidy of 1 billion Euros to help liquidate the region’s property glut estimated at around 70,000 newly-built homes.
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SPANISH PROPERTY SCANDAL PETITION

This month, a petition will be delivered to Number 10, requesting that Gordon Brown plays his part in helping solve some of the issues involving Spanish real estate and the UK investor.
The document asks that he lodge’s a complaint on behalf of British citizens who have become victims of Spanish property scandals and abuses. It also asks that Britain involve the EU.

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Aifos blog

Just over a month ago I wrote an article about the infamous Spanish developer Aifos and how 2 suppliers that were owed large sums of money had asked the courts in Malaga to put the company into administration.

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Buyers cannot be forced to complete!

After a recent comment on my article regarding Aifos bankruptcy I thought I would look into forced completions on developments. I’m sure several of the people who will read this will know what I am talking about has several developers in the past have threatened buyers with legal action or the loss of invested monies should they not complete on the required dates.

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