Archive for the ‘Property in Spain’ Category
Friday, April 16th, 2010
Spain’s costas are once again hot property for Britain’s second home buyers, according to a recent article in The Times. All indicators point to a resurgence of British property buyers on Spain’s coasts.
Prices at their lowest ever level combined with one of the worst winters on record in the UK have led to renewed interest from families looking to escape the grey. And the relatively low sterling-euro exchange rate appears not to be a deterrent.
The report is confirmed by experts in the industry both in the UK and in Spain. Spanish property was the most popular search on Primelocation.com between February 2009 and 2010, accounting for 32% of total overseas property searches. Rightmove overseas recorded an overall rise of 60% in overseas property searches when compared with March last year.
Many Brits are returning to buy property in Spain for lifestyle reasons. It is an additional incentive that prices are now affordable with reduced property at a level where the purchase can also be for investment over the longer term.
And it is no surprise the British are returning. Southern Spain was rated in the Top 10 places to live abroad by Knight Frank Estate Agents. A recent article in the Daily Telegraph explored the best places to live in the world, with Southern Spain featuring high in the list.
According to a recent article by the OPP, Marbella has seen a resurge of foreign lifestyle buyers. “Total property sales in the city have risen to their highest level in four years, research from the tax office shows”.
Source: The Times, Daily Telegraph, OPP
Tags: Bargain Property Overseas, 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
Posted in Bargain Property Overseas, 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 | 1 Comment »
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
Tags: Investment Property in Spain, Investors in Spain, Property in Spain, Property on the Costa del Sol, Spain, Spain Economy
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 »
Friday, March 26th, 2010
Last week the new terminal at Malaga International Airport was officially inaugurated by King Juan Carlos alongside Queen Sofia. The opening has followed 5 years of work building the new terminal 3 and surrounding services and amenities. The second runway is due to be completed shortly.
“The new terminal we inaugurated today does justice to the importance and tradition of Malaga Airport,” the King said in his speech to a 500 strong audience. Malaga is the oldest airport in Spain that is still on its original site. The King added that the expansion has “reinforced Malaga’s important position within Spain’s dense network of airports.
Those attending the inauguration included various local and national authority and political representatives, business delegates from the fields of business, tourism, aeronautics and communications. The Minister of Development, Jose Blanco, the President of Junta de Andalucia, Jose Antonio Ginana, the Mayor of Malaga, Francisco de la Torre, the Secretary of the State for Transport, Concepcion Guiterrez and the chairman of Aena, Juan Lema, greeted the King and Queen on arrival.
Of the architectural design of the new terminal, the King described it as, “agile, light and transparent” and highlighted its modern and advanced technology. The guest also passed through the Departures Lounge which is now home to Europe’s second largest duty free shop.
The terminal officially started operations on Tuesday 16th March and reported smooth running for the first day. The expansion of the airport brings an optimistic outlook as it is expected to bring a vital boost to both economic and tourist activity in Andalucia.
Source: Sur in English, Kyero.com
Tags: Business Investment Opportunities, Costa del Sol, Holiday Rental, Investors in Spain, Malaga, Marbella, New Developments on Costa del Sol, Property in Spain, Property on the Costa del Sol, Rentals on the Costa del Sol, Selling Property in Spain, Spain, Spain Economy, Tourism in Spain
Posted in Business Investment Opportunities, Costa del Sol, Investors in Spain, Malaga, Marbella, New Developments on Costa del Sol, Property in Spain, Property on the Costa del Sol, Rentals on the Costa del Sol, Selling Property in Spain, Spain, Spain Economy, Tourism in Spain, Uncategorized | No Comments »
Tuesday, March 23rd, 2010
A new law was approved last Friday in an attempt to diversify the Spanish economy and create sustainable growth through a 10-year reform programme. New industries were highlighted for development and promotion with initiatives to boost productivity and competitiveness over the next 10 years.
The Economic Sustainability Law is a direct measure to stimulate the Spanish economy, which has suffered at the hand of the global recession. Armed with funds of €25 billion, the new law aims to diversify the economy into developing new industries such as biotechnology and renewable energy. Measures to ease the public deficit and increase exports include developing the aeronautical, automobile and food sectors.
The depressed housing market is also addressed. Although, the plan aims to reduce the dependency of the Spanish economy on the construction industry, measures include discouraging new construction, incentives for housing rentals, loans to make residential and commercial buildings energy efficient and home refurbishing packages.
Other measures to stimulate the economy include larger tax incentives for companies that invest in research and development and support for Spanish exporters. New measures will also be announced this week that focus on the development of short-term jobs to combat the significant unemployment in Spain. Support and promotion of vocational training is already on the agenda.
Following the Cabinet meeting held in Seville, the Prime Minister, Jose Luis Rodriguez Zapatero, commented, “We need to continue boosting the innovative and competitive business sectors that generate high added value”. He also highlighted that the plan is for the country’s long term development from present day, “For the present because it must contribute to the economic recovery and returning to the path of job creation and for the future because it is a key piece for a new growth pattern.”
Source: Reuters, Kyero.com
Tags: Business Investment Opportunities, Investors in Spain, Property in Spain, Spain, Spain Economy
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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
Tags: Business Investment Opportunities, Investment Property in Spain, Investors in Spain, Property in Spain, Spain, Spain Economy
Posted in Business Investment Opportunities, Investment Property in Spain, Investors in Spain, Property in Spain, Spain, Spain Economy, Uncategorized | No Comments »
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
Tags: 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
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 »
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.
Tags: Bargain Property Overseas, Business Investment Opportunities, Costa del Sol, Golf in Spain, Golf Property, Holiday Rental, 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
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 »
Wednesday, January 13th, 2010
Ryanair is investing €170 million to set up a new hub at Malaga International Airport, on the popular southern coast of Spain. The announcement was made in December by Chief Executive, Michael O’Leary, whilst embracing the festive spirit dressed up as Father Christmas.
The new hub will see 4 Ryanair planes based at the principal International Airport on the Costa del Sol, with 19 new routes being created. These new routes will take the total number of destinations serviced from Malaga, by Ryanair alone, to 39. New international destinations will include Paris Beauvais, Berlin Schonefeld, Allgau/Memmingen, Aarhus, Bratislava, Eindhoven, Maastricht, Krakow, Wroclaw, Pisa, Venice, Oslo Torp, Stockholm Skavsta, Gothenburg and Tampere. Domestic destinations Santiago de Compostela, Santander, Valladolid and Zaragoza are also amongst the new routes Ryanair will operate from Malaga.
Ryanair’s expansion into Malaga is part of 146 new routes the company announced for 2010. Their routes alone make up nearly 25% of all new routes announced to start in 2010 worldwide.
The new hub and substantial investment that comes with it will have only positive repercussions for the local economy. Firstly, Ryanair’s increased presence at Malaga airport will directly create 200 jobs, with the Chief Executive confident it will sustain 2000 jobs locally at the airport.
Secondly, the hub will mean that 39 destinations across Europe will have highly affordable access to Malaga and the Costa del Sol, encouraging more tourism to the area. Although, low cost airlines have a presence at Malaga Airport, new and additional routes come as a welcome boost to attracting tourism from new destinations to the Southern coast of Spain. In addition, as the Costa del Sol becomes a more affordable destination to more people throughout Europe, this will have a positive impact on the local property market.
Michael O’Leary confirmed that in 2 years time, the Malaga hub will be Ryanair’s 3rd largest in Spain – following Alicante and Madrid – transporting 2 million passengers per year.
Source: Sur in English, Anna Aero
Tags: Costa del Sol, Holiday Rental, Investors in Spain, Malaga, Property in Spain, Property on the Costa del Sol, Rentals on the Costa del Sol, Spain, Tourism in Spain
Posted in Costa del Sol, Investors in Spain, Malaga, Property in Spain, Property on the Costa del Sol, Rentals on the Costa del Sol, Spain, Tourism in Spain | No Comments »
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.
Tags: Costa del Sol, Investment Property in Spain, Investors in Spain, Malaga, Marbella, Property in Spain, Property on the Costa del Sol, Reduced Property, Rentals on the Costa del Sol, Selling Property in Spain, Spain
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 »
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
Tags: 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
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 »
