real estate Archives - Page 20 of 26

The Construction of a Skyscraper in Marbella, Malaga (Costa del Sol)

SpainHouses.netDecember 16, 2013Leave a comment

Since Marbella Town Hall approved modifications to local planning restrictions to allow the construction of skyscrapers in the municipality, so far only one project has been put forward. The plans envisage a 30-storey residential block reaching 115 metres above sea level on the Istán road. The high rise block would be designed by Catalán architect Ricardo Bofill, thanks to negotiations with the developers that are in their final stages.

While several investment groups from Spain and further afield have shown an interest, this is the only definite project that has reached the local planning offices.

The site for the block would be near the Istán road, just over a kilometre from the coast, and not far from the Olivia Valere night club, Les Roches hotel management school and Manolo Santana’s tennis club. The project is for a solely residential building with a maximum of four luxury flats per floor.
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The ‘Golden Visa’ and its effects over the Spanish Property Market

SpainHouses.netNovember 25, 2013November 25, 2013Leave a comment

The 'Golden Visa' system now operating in Spain has prompted a 2,500 per cent increase in interest from Middle Eastern buyers in the year to date, compared with the same period in 2012.

Since October 1 2013, any non-EU national coming to Spain with more than €500,000 to invest has been automatically granted a residency permit, which has resulted in increased interest not only from the Middle East, but also from Asia and Russia.

The low property prices in Spain, which suffered from a glut of unsellable property during the credit crisis and high levels of repossessions, combined with the ability to secure EU residency has boosted tourism in recent months as potential buyers flock to the country to find their perfect property.

More than eight million people visited Spain in August alone, according to the Spanish tourism ministry, with Russians flocking in their thousands – between January and July this year, the number of Russian visitors rose by 30 per cent to 838,876.
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Price review makes buying Spanish property more taxing

SpainHouses.netNovember 18, 2013November 14, 2013Leave a comment

Approximately one million Britons live in Spain permanently or maintain holiday homes there.

The worst effects of the global recession have seen property prices plummet, representing a golden opportunity to pick up relative bargains. For those unable to sell, it provides a significant headache.

Fewer and cheaper sales not only spell bad news for owners and vendors - they have also caused concern on the part of Spain’s tax authorities, which have seen their take decrease due to the slowdown in the property market.

In order to reverse the situation, tax officials have taken more proactive steps, resulting in an increase in reviews of sale prices and the transfer taxes paid when properties are bought. It’s a step that can have consequences for buyers a number of years after ownership of the homes in question has changed hands.

This price review is a valid long-standing tax measure under Spanish property law. However, it is not necessarily apparent or brought to the attention of those eager to start life overseas.

When recession struck, the amount of transfer tax – called impuesto de transmisiones patrimoniales (ITP) – pouring into official coffers decreased significantly owing to the reduced number of sales and/or lower prices.

Under the terms of the Spanish law Ley del Impuesto sobre Transmisiones Patrimoniales y Actos Jurídicos Documentados, enacted in 1993, regional tax authorities have powers to examine all property purchases in order to ensure that the correct amount of ITP is paid by the buyer.
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Spanish bad bank reorders property sale as bids fall short: sources

SpainHouses.netOctober 28, 2013October 28, 2013Leave a comment

Spain’s bad bank failed to attract high enough bids in its first sale of commercial real estate and will cut the size of the portfolio being offered to make it easier to sell, Bloomberg quoted three people familiar with the matter as saying on Friday.

The bad bank, known as Sareb, received more than 30 offers for the portfolio that were lower than it expected, said one of the people, who declined to be named because the information isn’t public. It will reduce the number of buildings in the package known as Corona to four from seven, the person said. A spokeswoman for Madrid-based Sareb declined to comment.

Spain created Sareb last year to absorb 50 billion euros of real-estate assets from lenders including Bankia group that took aid as part of the nation’s European bailout. Its failure to attract high enough bids may undermine growing optimism in Spain as the stock market has surged 20 percent this year and foreign investors including Microsoft Corp. founder Bill Gates buy into Spanish companies.
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Mortgages granted in July drop to new record lows

SpainHouses.netSeptember 30, 2013September 29, 2013Leave a comment

Spain’s mortgage market continues in the doldrums due to low demand because of rampant unemployment and stricter conditions imposed by the country’s banks.

According to figures released Thursday by the National Statistics Institute (INE), the number of home loans granted by banks in July fell 42.7 percent from a year earlier to 13,777, the lowest figure since the INE began the current statistical series in 1995. Home loans granted in June were down 42.2 percent at 14,053. Mortgages disbursed have now fallen for 39 months in a row.

The amount of capital lent by banks fell by 42.2 percent to 1.380 billion euros, with the average mortgage down 4.3 percent at 100,180 euros. House prices in some parts of the country have fallen by over 40 percent from their peaks around the end of 2007 and the start of 2008.
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