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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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Outstanding Villa for Sale in Madrid 2

SpainHouses.netApril 19, 2013April 18, 20132 Comments

8 bedrooms, Area Lot 2,627m2, Built area 1,050m2, Second Hand
Stunning newly built villa in the best area of the Moraleja (Madrid)

Very open main floor with interconnecting voids and the garden to ease outdoor life and the possibility of meetings. Large living / dining room of 140 m2 dining room connected to the office and the kitchen (70 m2). Hallway with lift and complimentary toiletries. Departure from the kitchen to the summer dining in the garden.

On first floor - A master suite with 130 m2 living room, bedroom with large dressing room, office with sleeping and bathroom TV. Junior Suite of 70 m2 with bathroom.On the second floor are two large double bedrooms of 50 m2 with bathroom and balcony with a view to the development.

In the basement enjoys several pieces such as cinema / tv / music acoustically conditioned 50 m2 (as estimated by engineer) for optimum sound like cinema or concert hall. Delivered with 3 meter screen and pre-installation 5. 1 and 7. 1. Gymnasium. Guest room with bathroom. Service apartment for two people with kitchen, living area, bedroom and bathroom. Laundry room and separate plate.

Outside - Large garden with landscape designs and installation of automatic sprinklers and music. Porch 50 m2 living room with doors open to motorized. Pool with underfloor air conditioning by taking advantage of geothermal energy.

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Beautiful detached villa for sale in Marbella (Málaga)

SpainHouses.netMarch 29, 2013March 29, 2013Leave a comment

6 bedrooms, Area Lot 1,579m2, Built area 841m2, Area useful 428m2, Area terrace 190m2, Swimming-pool, 1st Row from the Sea, Brand New, Luxury property, In Urban Area

Absolutely exceptional, this beachfront mansion is located in the prestigious and popular area of Los Monteros, in the part East of Marbella (Málaga) close to the luxury beach club. The property has private, direct access to the beach. Completed in 2011, used materials and first quality specifications, with an exquisite taste for detail. Access to housing, we find a large lounge with a separate dining room and a pleasant seating on two levels. On the outside of the living room and dining area unfolds a fabulous covered terrace with fireplace that opens to the garden and the pool, extending several meters into the sand from the beach. The garden has a great area to lounge outside, ideal for reading and relaxation mode. To the right of the entrance hall is the kitchen design, fully fitted and equipped with countertops Silestone, central island and appliances Bosch, with access to the laundry room and service area. The kitchen looks out onto a terrace and garden. Service area with a bedroom, a bathroom and its own independent access. A toilet for guests and three bedrooms with en-suite bathrooms complete the distribution of the main floor. On the top floor we find a guest suite and master suite with dressing room and bathroom. Both bedrooms share a nice terrace with views to the pool, garden and sea. The rooms are separated by elegant sliding doors and inner courtyards bring brightness and spaciousness to the interior of the House. The entire House has staggered boards and polished concrete floors. Windows with carpentry of aluminium and double acristalamient. Garden with lawn type.

To see more details of this villa click here.

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Marvelous Apartment for Sale in Estepona (Málaga) 13

SpainHouses.netFebruary 22, 2013February 22, 201313 Comments

2 bedrooms, 2 bathrooms, Built area 170m2, Swimming-pool, Second Hand, Estepona, Málaga

This development presents itself as an indisputable expressión of "exclusivity". A luxury alternative of the highest standard in quality, security and services. A careful selection of owners one of the main keys to this paradise away from the cliches of the Costa del Sol. It is comprised of 7 buildings, 85 apartments, penthouses and deluxe duplex penthouses, unique due to the location and high spec finishes, maximum quality the whole in every detail.

On front-line exclusive beach but without renouncing the commodities of being in town and adjacent to the beach Playa del Cristo well known for luminous mornings and divine sunsets.

It is situated right on the shore-line of the blue Mediterranean orientated to the magical straits of Gibraltar which separate Europe and Africa. Comprising 85 comfortable apartments in seven elegant buildings following Neoclassical architecture in pure white, embracing the Mediterranean heart in form of its winding gardens, fountains, plazas, walk-ways and promenade.
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Permits for new homes doubled in Marbella 1

SpainHouses.netJanuary 7, 2013January 7, 20131 Comment

Even though the construction sector is still in a state of coma on a national level, Marbella continues to show signs of movement with regard to property, according to the annual report issued by the Town Planning Department. In 2012, the council issued licences for the construction of 312 homes, compared with 147 in 2011. “This shows that there is activity in Marbella and the town continues to be the focus of attraction for many investors” comments Town Planning councillor Pablo Moro.

Other information appears to back this up, such as a 20 per cent increase in the number of first occupancy licences. These relate to 993 properties with a value of over 138 million euros. With regard to permits which have been issued for minor works, there was an increase of 10 per cent last year, bringing the figure to 2,218, and a budget of 23 million euros.

Another example of the town's economic strength is that about twenty strategic investment projects have been made public, among them the initiative by Grupo Peñarroya to build a tourism complex on a 350 hectare site in Las Chapas area. “These are projects which will give a boost to Marbella and could become the exit point from the crisis”, says Town Planning director Mario Ruiz.
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The Illegal Homes of Chiclana, Cadiz, Spain

SpainHouses.netNovember 12, 2012November 12, 2012Leave a comment

There is a town in the province of Cádiz (Spain) where nearly half of the nearly 80,000 residents live in illegal homes. Even the city planning councilor lives in one of them.

This town is Chiclana, and it is trapped in a legal limbo that has forced it to return to a planning regulation dating from 1987 because the courts canceled all its later zoning plans and it cannot grant any new first occupancy licenses, a legal requirement in Spain.

Marisol Ayala, the local chief of city planning, got the post after creating a political party representing residents of these illegal homes. The party's program included a request for amnesty for their homes, fine reductions and a chance to rejoin legality at a minimum cost.

Nobody knows how it all began, or who took the first step. Chiclana progressively grew while authorities turned their eyes away from the fact that walls were going up on rural land, flood zones and protected areas. Within the walls, homes were built. And people came to live in these homes.
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Spain is looking for Norwegians property buyers

SpainHouses.netOctober 22, 2012April 2, 2020Leave a comment

Swedish property buyers have become the target of a new property sales drive on Spain’s Costa del Sol after a conference headed up by Malaga real estate representatives in Stockholm earlier this month decided they would push to sell 40,000 properties to the Swedish market.

Tourism director Elias Bendodo and tourist board manager Arturo Bernal liaised with Swedish promoters at the Living Costa del Sol conference in Stockholm drawing up a new deal to encourage Swedish, Norwegian, Finnish and Danish property buyers to purchase holiday or second homes on the Costa del Sol.

On the other hand, plans were recently unveiled by health chiefs to turn the Andalucian city of Malaga into a prominent destination for global healthcare by drawing patients to clinics and hospitals where some of the best surgeons reside.
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Home purchase by foreigners grew up a 15% in 2011 1

SpainHouses.netAugust 28, 2012September 3, 20121 Comment

Comunidad Valenciana stood at the forefront of home sales to foreigners in 2011

Comunidad Valenciana (Valencia, Alicante and Castellón) stood at the forefront of home sales to foreigners in 2011, accounting for the 30.6% of the national total. So, this group performed 10,730 transactions for an amount of 1,515 million Euros, according to the latest report of the Housing Observatory of the region.

The Government explained that the data from the end of 2011 "endorse the Consell bet to encourage the region home sales to European buyers", in order to increase the number of transactions over the previous year, when there were 9,300.

The total value estimated of these transactions amounted to 1.515 million Euros in 2011, an amount that also exceeds the quantity achieved in 2010, with 1,431 million Euros.

The Consell has highlighted its commitment to value the housing stock available in Valencia for foreigners in Russia, Sweden, Norway and the UK, especially new homes for second residence, located in the coastline and inland towns.

He pointed out that a secondary house purchase by foreigners in the Comunidad Valenciana is "to consider a number of advantages over other destinations, such as security, facilities, distance to markets and colonies of foreigners of various nationalities."

Finally, the same sources stressed that property investment "is a significant source of revenue for our community, and has an important impact on productive sectors such as construction, tourism, hospitality or services"

Source: elmundo.es