Up to 50,000 people in Malaga province, and possibly millions across Spain, could be in line for a large refund from lenders on their mortgage payments after a surprise EU ruling. This includes many foreign owners with mortgages in Spain and analysts said that payouts could reach four billion euros.
The European Court of Justice (ECJ) in Luxembourg ruled that Spanish banks that had loaned money to homebuyers on variable interest rates were breaking European law when they refused to pass on the savings from the dramatic fall in interest rates after 2009 by enforcing the so-called ...continue reading "Millions of home owners in line for payouts over bank loan abuse"
The United Kingdom’s decision to leave the European Union in June has not discouraged London-based property developers from investing in Spain. Among the companies looking to establish a presence along the Mediterranean are Round Hill Capital, which has chosen the Costa del Sol as its launch pad into Spain.
The group, set up by Michael Bickford, has opened offices in Madrid, where it is also looking to buy property, along with Barcelona and the western part of Malaga’s coastline. It has paid €30 million for a 50-hectare plot of land in Ojén, close to Marbella, from Sareb, the entity set up by the government in 2012 to absorb the toxic assets of the country’s banks. It intends to build 600 luxury apartments there. Palo Alto will be the first major property development in the area since 2008, when the country’s real estate sector crashed.
With a total investment of €250 million, Palo Alto is planned in 10 phases, with work on 75 properties to begin early in the New Year. Ojén’s local council has approved construction and other permits in less than two months.
...continue reading "British developers lead the revival of Costa del Sol’s property sector despite the Brexit"