Archive for the ‘Investment Property in Spain’ Category

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Capital Gains Tax Reclaim Update

Monday, April 12th, 2010

The European Court of Justice (ECJ) ruling on 6th October 2009 that the higher capital gains tax applicable to non-residents in Spain between 1997 and 2006 was discriminatory, has generated huge interest from non-residents who sold their Spanish property in this period and were subjected to the higher rate of tax.

However, the process to file for the reclaim is not so straightforward. Any application to reclaim overpaid taxes should be filed with the Spanish Tax Authorities stating the amount overpaid and the interest accrued since the payment date.

From this administrative procedure, the tax authorities are required to produce a formal statement error with the calculation of the amounts that should be paid back including the interest.

However, the tax authorities may deny the claim. In such a case the taxpayer must go through the ordinary appeals process. Under Spanish Tax Law, the reclaim period is limited to 4 years from the tax payment date. For example, a property sold on 20th April 2006 would have paid the tax within the due date (4 months from sale on 20th August 2006), the claimant has until 20th August 2010 to file for the rebate.

Failing this, there is a possibility of claiming beyond the 4 year time limit. A judgement passed on 26th January 2010 by the ECJ means the taxpayer can make a claim through an extraordinary procedure via the Council of Ministers to claim the responsibility of the Spanish state as legislator.

Whilst it is not necessary to seek legal help through the procedure, for such a complex process, legal advice is advisable for a successful and stress free outcome.

Source: OPP

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Posted in Investment Property in Spain, Investors in Spain, Property in Spain, Property on the Costa del Sol, Selling Property in Spain, Spain, Spain Economy | No Comments »

Moody’s Rating Agency – Spain Public Deficit Cut Proposal Credible

Thursday, February 11th, 2010

Moody’s rating agency has confirmed their support for Spain’s Austerity Plan 2010-2013, stating that measures outlined are credible and reinforces the country’s  Aaa rating.

Spain recently delivered its new plan that aims to cut the country’s public deficit from its current level of 11.4% of gross domestic product (GDP) to 3% of GDP by 2013. These measures will bring the deficit back in line with European Union directives and enable the government to regain control by substantially reducing central government spending.

The confidence in the Aaa rating is good news for the country which has seen a deluge of scepticism about its economic recovery.  It should also bolster confidence amongst investors who may be considering Spain for potential investment opportunities.

The rating assesses long-term obligations, “the possibility that a financial obligation will not be honoured as promised”, reflecting the likelihood of financial loss or default. The Aaa investment rating is the highest and grades Spain to be “of the highest quality with minimal credit risk”.

Regarding Spain’s economic recovery, Moody’s said, “The economy will not bounce back to the 3.25 percent to 4 percent growth rate it averaged in the last cycle, it will nevertheless average a more moderate, but still respectable 2 – 2.25 percent pace of growth once the excess supply from the construction cycle has been eliminated”.

It has already been noted the increased interest for property in Spain during the first weeks of 2010.  Many in the overseas property industry have already highlighted the country to be the number one destination for overseas property investment in 2010.

In addition, the Bank of Spain has told banks they must devalue their property assets by 20%, according to El Mundo. Following unexpected results posted by a number of major banks recently, analysts have highlighted that Spain’s banks have been valueing their real estate assets “pre-crisis levels”. This has been holding property stock values at inflated prices not reflecting the 14% drop since the peak values of 2007.

Increased demand and correctly priced property stock will further entice both investors and property buyers to the market reducing the oversupply of property stock in Spain.

Source: Interactive Investor, Reuters, aboutproperty.co.uk

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Posted in Business Investment Opportunities, Investment Property in Spain, Investors in Spain, Property in Spain, Spain, Spain Economy, Uncategorized | No Comments »

Spanish Capital Gains Tax Reclaim

Thursday, January 28th, 2010

Non-resident property owners who sold their Spanish property between 1997 and 2006 could claim back 20% of the capital gains tax paid, ruled the European Court of Justice in October 2009.

It has been ruled that the tax, which stood at 35% but has now reduced to 18%, charged by the Spanish government violated European laws by giving non-residents a higher tax while Spanish residents were only charged 15%.

The case was brought to the European Court of Justice by Costa, Alvarez and Manglano lawyers – www.spanishtaxreclaim.co.uk – on behalf of a British couple. The ruling of the European Court of Justice has opened the floodgates for others to claim compensation.

The Times, have speculated that the average amount of compensation per person is around €15,000. They estimate that the total amount of compensation payable to the thousands of British owners who sold during this period could be £238 million.

Source: The Times, Primelocation, Bignews.biz

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Posted in Costa del Sol, Investment Property in Spain, Investors in Spain, Malaga, Marbella, Property in Spain, Property on the Costa del Sol, Selling Property in Spain, Spain | No Comments »

Recently Completed New Development in Guadalmina Baja, Spain

Thursday, January 21st, 2010

We have recently added a newly completed development to our key ready new developments in Spain portfolio. Based in Guadalmina Baja, Southern Spain, this excellent development really offers some spectacular properties within walking distance to the beaches of the Mediterranean. It is also next to the Campo de Golf Guadalmina and within close proximity to San Pedro, Puerto Banus and Marbella. All the local amenities one could ask for on the Costa del Sol.

The design of this development has many Arabic influences, which at night lit up creates a magical atmosphere in the electric blue night sky of the Med. Charming walkways with fountains and green Mediterranean plants lead through to the manicured gardens with a sensational Moroccan design swimming pool surrounded by lawn and palm trees.

This beachside development in Guadalmina comprises 49 units of 2 and 3 bedroom apartments as well as some rather spectacular 3 and 4 bedroom penthouses, each of which comes with its own plunge swimming pool and breathtaking views over the surrounding countryside out to the sea.

The apartments are of a very high quality and comparable to some of the most sought after developments currently on the coast. The penthouses offer some really special features such as a private lift directly into your home and attic style living room roof with wood beams.

Standard with each apartment are the always important underground parking and storage rooms. Lifts provide access from the garage to all floors. Kitchens and bathrooms are fully equipped with a pleasant contemporary style. It is also a secure development with security at the main entrance and CCTV throughout.

The prices are highly competitive for a brand new development with all mod cons. The best penthouse units with both sea and mountain views are under €1 million. These prices compare very well with other developments of similar quality that are perhaps a year or 2 old.

If you’re looking for a property in the heart of the Golf valley, beachside and close to all the major locations on this part of the coast, this is definitely one to consider.

You can see more details about this beachside development in Guadalmina Baja here.

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Posted in Bargain Property Overseas, Business Investment Opportunities, Costa del Sol, Golf in Spain, Golf Property, Investment Property in Spain, Marbella, New Developments in Spain, New Developments on Costa del Sol, Property in Spain, Property on the Costa del Sol, Rentals on the Costa del Sol, Spain | No Comments »

How to sell your Property in Spain

Thursday, January 7th, 2010

There are many things to consider when selling a property in Spain. It’s a tough market today and owners need as much help as possible to make their property stand out above the rest. So we have outlined in a new section on the Livingstone Estates website and here, not only what we at Livingstone Estates can do for owners, but also what is required legally when selling property in Spain.

What many owners do not realise is in order to sell a property in Spain it must comply with the Decree 218/05. This Decree was formalised in 2005 following consumer watchdog recommendations. It legally requires certain documentation to be in order and held by the selling agent at the time of placing the property on the market for sale. The documents required are as follows:

•    A copy of the Escritura (Title Deeds), which includes all details pertaining to the owner, the property and legality of the property. This document is very important and can only be obtained by the owner.
•    The Nota Simple less than 3 months in date. We can obtain this document on behalf of owners free of charge, providing we have a copy of the Escritura.
•    A copy of a current IBI receipt (Council Tax) which is paid yearly.
•    A copy of the current Basura receipt (Rubbish Removal) also paid yearly. With authorisation signed by the owner, we can obtain a copy of the IBI and Basura receipt.
•    Details of community fees (where applicable). How much are the fees and if any payments are outstanding.

Apart from these legal requirements, there are additional considerations that may give your property the edge in the market place. As part of the service we offer at Livingstone Estates, we automatically include many of these things to help you.

Professional Photography. The images used to sell your property are extremely important and should not be underestimated. The first impressions and whether a potential buyer decides to view your property or not will be heavily based on the images they first see of a property. For this reason, we include a professional photography service when we take on a property into our portfolio. Our listing professionals are experienced photographers.

Realistic Price. Certainly in today’s market the price of a property is key. It must be set at a level that is realistic in the current market. Our listing professionals will be able to provide you with expert advice to set the price at a level that will be right for the market to sell.

Presentability. How a property is presented is another key consideration not only when viewing the property but also for the photo session. Seeing the property in its best possible light will have an important and significant impact on how a potential buyer visualises the property as their own.

Accessibility. It is important that the property is easily available to view with any potential buyers. Many owners decide to let their property whilst also putting it on the market for sale. However, tenants do have rights and may not allow viewings to be carried out. Additionally, if owners are not in the country, access to view the property must be previously arranged.

Presence on the Market. To give your property the best chance of being found on the market, it must be visible to agents and potential buyers alike. To this end, we provide an extensive network that makes sure your property can be found. We promote property both online and offline and through a network of over 125 agents on the Costa del Sol.

If you would like to contact us to sell your property you can either complete our listing request form here, send us an email to info@livingstone-estates.com or call us on +34 902 424 484 or +34 952 806 417.

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Posted in Costa del Sol, Investment Property in Spain, Investors in Spain, Malaga, Marbella, Property in Spain, Property on the Costa del Sol, Reduced Property, Selling Property in Spain, Spain, Uncategorized | 5 Comments »

Farewell 2009, Welcome 2010!

Tuesday, January 5th, 2010

As the festive season comes to an end and a new year begins, on behalf of everyone at Livingstone Estates, we would like to wish all of you and your loved ones a very prosperous 2010.

2009 has seen turbulent times across the globe, but as we start a new year there is an air of optimism for the coming year. In the last month of 2009 alone we saw some impressive opportunities come onto the Costa del Sol property market, with some of the biggest reductions seen to date. 2010 will certainly be a year in which to buy that bargain property.

The beginning of a new year is always a time for planning the year ahead. Make sure you don’t miss out on some of the great savings to be made buying property on the Costa del Sol.  To see our full portfolio of reduced property in spain click here.

For those investors planning to extend their property portfolio, we have some great business, investment and rental opportunities here.

Whatever your plans may be for 2010, we wish you all the best and are here to help those looking to buy their dream property at a dream price.

For more information about property on the Costa del Sol, contact us by phone on +34 952 806 417 or +34 902 424 484 or email us at info@livingstone-estates.com

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Posted in Bargain Property Overseas, Business Investment Opportunities, Investment Property in Spain, Investors in Spain, Property in Spain, Property on the Costa del Sol, Reduced Property, Rentals on the Costa del Sol, Spain | No Comments »

Spain – An Investors Market

Thursday, November 12th, 2009

Spain has long been renowned as a second home destination for those looking for a lifestyle purchase. And it’s not surprising with the country’s perfect climate – mild winters and radiant summers – the sparkling Mediterranean and the country’s rich culture yet welcoming embrace of expat communities.

Yet despite all this, our relationship with Spain has developed into a love/hate affair, particularly when talking about buying property. However there is a sea of change taking hold of the Spanish property market, most notably on two fronts.

Since the country’s peak in 2007, property prices have been steadily correcting as Spain, along with the rest of the world, has gone into economic decline. But it appears the market has finally reached a turning point with property prices flattening out.

In addition, the type of purchasers looking at Spanish property has a very different profile. Spain will always remain a favourite for lifestyle buyers and even more so now property is affordable. But there is a tangible presence of investors eyeing the market.

This general consensus felt by professionals in the country has now been confirmed by Knight Frank.  A Partner from the consultancy confirmed if a property is at around 35% discount from 3 years ago and in the right location, this is the level at which property is selling and it is likely to remain there until 2011.

Although property prices are still leaning towards the optimistic, those properties at a significant discount are selling.

Knight Frank also highlighted that there is money for investment in the market, with investors taking a particular interest in commercial real estate assets and rental opportunities. As investors are no longer waiting for prices to drop further there is an air of excitement as foreign money returns to the market.

Low interest rates are serving as an additional incentive to take advantage of savings that can be made across the board.  The Euribor has fallen for 13 consecutive months and now stands at 76% lower than a year ago, at a record low of 1.243%. The Libor also saw its record low of 0.54% in September 09.

With property now selling at realistic prices combined with the lowest costs of borrowing we have seen in years, this all makes for a lucrative investment option.

Cash buyers have even more sway in the current market with substantial discounts being negotiated across the board for those with funds readily available.

Other factors are serving as a further driving force for investors on the Costa del Sol. Major infrastructure projects are set to boost tourism and in turn the property industry.  The new terminal at Malaga International Airport has been confirmed to open by Easter 2010, bringing the airport’s capacity to 30 million passengers per year, double its current capacity. Malaga will become the Spanish peninsulas 3rd largest airport.

Upgrading of the road and train links to and from the airport and a new Malaga ring road are also underway, all of which ease accessibility in the area, facilitating easy travel for tourists and residents alike.

With close analysis it is clear the Spanish property market has much to offer today’s investors. With a world very different from what we knew, finding those investment opportunities is not always so clear cut. However, upon review, Spain offers some lucrative options for those investors looking towards a longer term investment strategy.

Source: Reuters UK, Kyero.com

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Posted in Interest Rates, Investment Property in Spain, Investors in Spain, Property in Spain, Property on the Costa del Sol, Spain, Tourism in Spain | No Comments »

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