The Spanish property market has many quirks, and it pays to do your research before buying a home in Spain. The process of buying a property in Spain usually runs as follows. First, the buyer makes an offer, usually through the seller’s estate agent. If this is accepted, then the buyer and seller sign a preliminary contract (contrato privado de compraventa) and the buyer pays a deposit, typically 10...
Property
Mortgage lending to home buyers in Spain was up six points one per cent in January to 19,390 new loans, according to the latest provisional figures from the Association of Spanish Notaries. The average new loan made in January had a value of €135,616, an increase of nearly a per cent in a year. This suggests that as long as mortgage lending for residential acquisitions continues to rise, the property...
THERE are many factors that come into account when buying a house - cost, location, size, transport and local facilities to name but a few. However here in Spain an increasing factor for young families is “how close will we be to the grandparents?” Family units remain strong here, and when grandchildren come along these are often reinforced, with many Spanish depending on their parents to look...
PLANS to convert a building in Javea’s Old Town into a luxury hotel have been scrapped by the developer. One of the main factors was that they were unable to get permission to develop the top terrace, making the overall project non-viable. The building stands on Plaza Celestine Pons and many hoped it would breath new life into a part of town that has started to become neglected in the eyes...
A controversial law effectively banning the holiday rental of almost all flats located in apartment blocks in Palma de Mallorca appears to have been having the results it was hoped for. Known as the Cort law, it’s main point was that rental properties had to have a private entrance, something very few such flats do in the overcrowded Balearic city. The council that brought in the law last year said...
Spending time in your holiday home here in Spain may get you thinking that when you are not over here, you could be getting a useful income to supplement your purchase. Renting of course is a great way to get a financial boost, and there are various factors to look at. As is the case with most things, letting out your holiday home is going to come with tax implications. If your rental income is more than...
For the first time since before the financial crisis, annual house sales in Spain have broken the half-a-million barrier, say the latest figures, with a 10.1 per cent hike in residential property changing hands in 2018, as the Costa Blanca leads the way. According to the National Institute of Statistics (INE), a total of 515,051 homes were sold in 2018 – a factor attributed to a combination of economic...