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..

Investors Return to Spain as Surplus Reaches Record

Spain posted its second current account surplus in the euro’s history and foreign investors increased their holdings for the first time this year, helping Prime Minister Mariano Rajoy’s campaign to resist a bailout. More..

Aifos proposes paying buyers back in 10 years’ time

The Aifos real estate group has outstanding debts of 500 million euros in amounts owed to 5,000 creditors, of which approximately 1,000 are property buyers whose homes never materialised. Now a deal has been proposed that would allow them to recover at least part of their investment. 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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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..

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..

Spanish property market still contracting


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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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Spain to keep property tax incentives

The Minister of Development, Ana Pastor, asserted today that the Government has no intention of removing tax incentives for homeownership. “They are in effect because this government wanted it” and we do not see us change our minds, she added.

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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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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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