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..

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 transparency

I have just found an interesting news blurb by Mark Stucklin on a study by Jones Lang Lasalle. Based on this study it appears that the Spanish property market is more transparent that quite a few of its fellow European countries including: Belgium, Norway Italy, Portugal and Italy are all less transparent that Spain.
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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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Spanish property prices by annual salary

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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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Golf tourism brings much needed revenue to the Costa del Sol

Tourists who visit Malaga province mainly to play golf spend €103 per day on average, a Junta de Andalucia study shows.

Since 2005, the golfing sector has seen visitor numbers increasing by more than three per cent each year, and in 2010 alone, 427,000 golfers spend €687m in Andalucia.

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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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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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