A number of sources have now quoted the increasing interest, one, in overseas property in general, and two, more specifically for Spanish property. In addition, the Costa del Sol and in particular the coastal resort of Marbella is showing promising growth. Marbella property has recorded 200% growth in property sales during the first quarter of the year.

The Overseas Property Professional (OPP), report increased interest from both lifestyle buyers and property investors alike. A Place in the Sun has also predicted Spain to be the best destination for property investors during 2010.

Overseas mortgage specialists, Conti Financial Services, recently confirmed an increase in mortgage applications by 48% in March on the previous month. The severe winter experienced in the UK has been cited as a contributing factor for the rising interest in overseas property, with many revisiting the idea of purchasing that property in the sun.

Clare Nessling, Operations Director at Conti, said, “The most popular destinations amongst our clients are still France and Spain, both of which come with easy access and good rental opportunities”. She particularly highlights bargain hunters in Spain. “Confidence is definitely growing, but there’s also an element of buyers snapping up bargains in traditional hotspots while they have the chance.”

Source: Kyero.com, Property Showrooms

The number of Spanish properties sold this year has even surpassed the same period in the boom years; 2008 saw 1,263 properties sold, 2007 saw 1,602 properties sold and 2006 saw 1,224 properties sold. The Mayor of Marbella, Angeles Muñoz, announced she is confident the town “will be the first out of the crisis”.

The new town plan, which comes into effect this month, also appears to be having a positive impact. Confidence in the market is clearly increasing as the town hall combats the illegal scandals that have plagued the area. The town plan will legalise some 16,000 properties that to date have been frozen from the property market.

Marbella is not the only place to have seen increased activity in the property market. According to the National Institute of Statistics, in February, the Spanish property market as a whole grew by 16% when compared to the same month of the previous year. Of the 35,720 properties sold in February, 21,368 were new build whilst the remaining 19,665 were resales.

Prices have been following their downward spiral since December 2007. Since then prices have decreased by 16% throughout Spain as a whole, by 22.5% on the Mediterranean Coast and by 13.6% in the Canary Islands.

Source: Spanish Property Insight, Property Wire, Property Community

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

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 20^th April 2006 would have paid the tax within the due date (4 months from sale on 20^th August 2006), the claimant has until 20^th 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 26^th 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

“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

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

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.