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Hacienda is starting inspections in 28 municipalities in Malaga province

SpainHouses.netNovember 17, 2014Leave a comment

Hacienda, the Spanish tax authority, is working hard to identify properties which, irrespective of whether or not they have a works licence, have not been declared by their owners or by the local town halls and registered for tax purposes.

The authorities are targeting not only newly-built properties, but also those which have undergone modernisation works and those whose use has changed.

This is part of the Plan for the Adjustment of Rateable Values which came into force in 2013 and will be applied until 2016 to combat tax fraud and at the same time increase the amount of money in the public coffers. Unsurprisingly, a higher rateable value means paying more in municipal taxes such as IBI and capital gains, regional taxes such as inheritance and transfers, and State taxes such as income tax and wealth tax.
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Good days for the Spanish property market

SpainHouses.netNovember 10, 2014December 31, 2019Leave a comment

With property prices in Spain that have fallen significantly since the global financial crisis, many investors are seeing now as the perfect time to put their funds into Spain’s housing market.

Spanish real estate and construction accounted for around 18 per cent of Spain’s GDP in 2007, with a market capitalisation of more than €30 billion. It is now about a tenth of that, with the result that economists and investors alike are looking at Spain as being one of the last bastions of good value property in Europe.

The National Statistics Institute has confirmed that home sales are rising, up 8.8 per cent in June 2014 compared with a year earlier, while Spain´s society of notaries has reported that foreign buyers favour coastal areas. The breakdown of foreign buyers included 15 per cent Brits, 10 perr cent French, 9 per cent Russians and 7 per cent Belgians, according to the data.
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Good expectations for Spanish housing market

SpainHouses.netNovember 3, 2014April 2, 2020Leave a comment

Improved confidence in the economy, a wide spread belief that property prices have finally hit rock bottom and more readily available financing are all helping encourage sales in Spain, according to experts.

It has been widely reported that the summer months saw a recovery in the country’s property market with some seeing sales increase by 8.8% in June compared with the same month in 2013.

Lending also increased, up by 19% in June 2014 compared with June 2013 and there was also a slight rise in prices which saw a 1% increase in the second quarter of 2104, the first quarterly rise for six years.

Before the economic crisis 40% of mortgages were taken out by immigrants. This has now fallen to only 3%. The average age of buyers has also gone up. The percentage of buyers younger than 25 has fallen from 16% to 3%. When it comes to investors, the volume of foreign investments is constantly increasing and 2013 saw a 16% increase on 2012. It is not uncommon for 80% of an estate agent's client base to be foreigners.
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Madrid’s commercial market offers a prospect of strong rental growth

SpainHouses.netOctober 27, 2014April 2, 2020Leave a comment

There has been good news for the residential market in Spain with sales steadily increasing and now the country’s commercial property market, particularly in Madrid, is striding ahead.
Over the next couple of years, Madrid is forecast to be one of the best performing European office markets, after staging a strong recovery.

This change reflects the much improved economic backdrop, providing occupiers and investors with renewed confidence and optimism. Historically, the Madrid office market has correlated closely with corporate performance and employment levels.

Prime rents reached their floor in 2013 and increased by 14% in the first half of 2014, to currently stand at €28 per square meter per month. Office investment has risen sharply, with volumes amounting to €700 million in the first half of 2014, compared with €400 million for the whole of 2013.

There has been limited development over recent years, which has helped to stabilise the vacancy rate at 11.5%. With limited development in the pipeline, a shortage of good quality stock is expected in the medium term, which is expected to lead to further rental growth.
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Marbella and its luxury property market leading the crisis recovery

SpainHouses.netOctober 20, 2014October 20, 2014Leave a comment

A privileged area, surrounded by greenery, nothing to block the view, very few neighbours, top quality and an innovative design. These are the characteristics demanded by the new property market which is being reborn on the Costa del Sol. The macro-developments, all looking the same, which mushroomed along the coast during the boom years, have been left behind.

Following the crisis the sector is starting to reactivate, thanks to projects which are based on luxury: residential complexes with a very few, very exclusive properties which are, logically, designed for those with ample budgets.

In Marbella, several of these are to be found now. Avenida Príncipe Hohenlohe, otherwise known as the Golden Mile, and Sierra Blanca are the main attractions for investors, many of whom bought land some time ago but were reluctant to build on it because of the plunging property market. Now, signs for show houses are reappearing and off-plan sales are becoming a reality once again.
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Property market is becoming stable in Spain

SpainHouses.netOctober 13, 2014October 13, 2014Leave a comment

Year on year property sales in Spain have increased for five months in a row, signalling that the residential real estate market is becoming more stable.

The latest figures from Spain’s National Institute of Statistics (INE) shows that sales increased by 10% in July on an annual basis and by 9% on a quarterly basis.

The INE doesn’t break down monthly sales figures by nationality, but real estate experts point out that foreign buyers are driving the sales increase. This suggests that there is plenty of scope for further increases when local demand picks up with falling unemployment and easier mortgage lending.
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The price of buying a home in Spain 1

SpainHouses.netOctober 6, 2014December 31, 20191 Comment

Buying a home in Spain is cheaper than elsewhere in the EU.

As reported by an annual analysis on Spain’s real estate market conducted by Deloitte, the percentage of income spent by households on mortgage payments - rate of effort - has been steadily falling in recent years and currently stands at 33 per cent, as a result of the decline in house prices registered since the outbreak of the economic crisis.

Moreover, the average home price in Spain is 4.4 times the individual gross salary, compared to many countries in the European Union where prices are 6.1 times the individual gross wage and Britain and France, where the ratio is 8.5 and 7.9 times the individual income.

For the fourth year and compared to the rest of the country, homeowners in Barcelona and Guipuzcoa have had to spend a larger percentage of their income on mortgage payments, given the high price of housing in those provinces.
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Courts to request demolition of 98 illegal homes in Albox, Almeria 1

SpainHouses.netSeptember 29, 2014March 31, 20201 Comment

The public prosecutor has signalled its intention to demand the demolition of 98 homes owned by British citizens in Albox, Almeria, which were built on non urban land and, allegedly, without the mandatory municipal licences.

The 98 homes are situated in the El Romeral-La Aljambra area and were constructed between 2004 and 2006 and, according to the courts, “are not legal because they do not comply with current planning laws in Albox”.

Two brothers, known under the initials J.F.A.H. and D.L.A.H., who were developers and builders of the residential complex, under various company names - Proyecto y Construcciones Almanzora SL, Procoal Villas SL and Empire Villas Sl - apparently built the homes on land not zoned for building and without a municipal licence and not only disobeyed an order to cease activity completely but continued to build more properties.
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Good news to illegal property owners in Andalucía

SpainHouses.netSeptember 22, 2014March 31, 2020Leave a comment

The president of the Junta de Andalucía, Susana Díaz, stated in Wednesday’s state of the region debate that her government plans to apply changes to Andalucía’s planning laws, or LOUA, which could regularise up to 3,000 illegal properties in Malaga.

The proposed modification refers to Article 185 of the LOUA which states that subdivided plots of land are subject to urban planning and the necessary regulations. Changes to the existing article would allow buildings on these plots to be included in Decree 2/2012 - not previously permitted - which regularises illegal properties under something called ‘asimilado a fuera de ordenacíon’. This measure, while not permitting full legalisation and the granting of primary occupation licences, does permit property owners to access basic services such as electricity and water.

However the reform will only affect small subdivided plots of land - into two parcels or more - and not those on which whole residential estates have been built. Nor does it affect those plots built on protected land or flood plains.

In spite of this the measure could benefit, in terms of Malaga province, around 3,000 homes or six per cent of the total number (estimated at around 50,000) of illegal properties. The figure rises to 20,000 to 25,000 in the whole of Andalucía.
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A new project for 112 state-of-the-art apartments in Marbella

SpainHouses.netSeptember 15, 2014September 15, 2014Leave a comment

Sierra Blanca Estates proposes to build The World Marbella on land where it had planned one of the skyscrapers that were rejected at the beginning of this year.

The five continents will no longer be represented in Marbella solely by the residents who hail from all over the world. Europe, America, Asia, Africa and Oceania, will give their names to the five sections of a new real estate development, a ‘microworld’ that will boast innovative design, top-of-the-range materials and as many services as residents could ask for.

The World Marbella is the name of Sierra Blanca Estates’ new project to be built on the site just metres from the Golden Mile where they had envisaged building one of the infamous skyscrapers that ended up being rejected by residents and council at the beginning of this year.

The scheme is attractive on paper and a select group of real estate firms are already showing it to potential clients - but only those who might be able to afford the between 1.3 and 3.4 million euros that these exclusive apartments are going on sale for.
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