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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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..

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..

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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Foreign investment in Spanish property increases 32.8 percent

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.

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Malaga sees sales decrease in 35 percent in the second quarter of 2011

The number of homes sold in Malaga in the second quarter of 2011 reached a total of 3,464 transactions, representing a fall of 35% compared to the second quarter of 2010 according to data published by the Ministry of Public Works. The fourth largest fall by province in Andalusia

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Spanish property tax cut for new builds

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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Property sales, Spain down 18.3%, Malaga up 7.8%

The sale of Costa del Sol properties saw an increase of 7.8% in May compared to the same month last year according to Spain’s Institute of National Statistics (INE), with monthly sales standing at 1,931 sales (including VPOs).

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Costa del Sol property decrease 5.4% in 2010!

After the recent article on the decrease of new properties on the market in 2010, I thought it would be worthwhile to review the statistics for the province of Malaga and the Costa del Sol.

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Spain needs 5 years to sell all new builds on market

By the end of 2010, there were 687,523 new properties looking for buyers on the market, only a slight decrease on a year earlier. Based on current trends, fewer new properties coming on the property market combined with healthier sales last year, it is estimated that it could take between 3 and 5 years to absorb this accumulated stock.

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Stock of new properties decreases in 2010

By the end of 2010 the stock of new housing stood at 687,523 properties, a drop of only 0.08% compared to the surplus of 2009, according to the according the the Spanish government . This is the first drop in the level of new build on the market since 2005.

ACCUMULATION OF UNSOLD NEW PROPERTIES

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How the subprime mortgage found a home in the Spanish property market

To the rest of the world it became known as the subprime mortgage, but in Spain it is remembered as the “welcome mortgage.” It was specially designed for immigrants in 2005, at the height of the property boom, by Spanish mortgage brokers such as CreditServices. With nothing more than a three-month work record in Spain, these companies offered new arrivals to Spain mortgage loans that covered 120 percent of the value of a property. All the costs, fees and commissions would be covered by the loan, and the buyer would become a Spanish homeowner without having put down so much as a cent. The loans were organized through US companies, none of which had any physical presence in Spain, preferring to use fronts such as CreditServices instead.
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British government intervenes to help expats caught in Spanish property scams

The situation is so severe that the government recently appointed a special overseas property advisor to help deal with it and to better understand the problems of those involved.

As a result, contentious issues such as illegal properties which do not have correct permits, cases where off-plan developments have not been built as specified and the length of time and cost involved in resolving property disputes were recently raised by the British ambassador to Spain with the Andalucian regional government and the Minister for Public Works and Housing.
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