November 8, 2007
High Anxiety Summer for Brit Illegal Buyers
The move of the European Commission to get rid of the illegal “land grab” in Spain’s Valencia province may have rescued the money and fortune of the British buyers, but there are still about a hundred more in the hot summer nights who are facing the demolition and the destroying team of villas and houses that they have bought in illegal deals from local developers, agents and builders.
Many of these are already buyers at Almanzora Country Club, in Costa Almeria where the mayor of Cuevas del Amenzora is extensively being scrutinized by the Diputacion de Almeria after the regional planners have unearthed that he has given authority on the planning of a large-scale development in which hundred of buyers have already paid for decent homes – without the important necessary documents. Because many buyers have already paid for the development of the properties, the mayor is pleading that the development will push through and that he even insisted that there really was no license to begin with. The regional chiefs are expected to give an answer in months, and that they have threatened to tear down the buildings.
Posted on: Spain
SIPPs in Spain: Buy Now, Says Pension Chief
For buyers who are really serious about buying properties in the Spain, UK or other sunbelt countries, it is advisable that they should move now since it is already seven months to the start of the new tax year and the official launch of the Government-inspired SIPP pensions.
This is according to Ian Rowe, of Progressive Financial Planning, who has a specialist department managing SIPPs (self invested personal pensions) that are foreseen to be part of the “pension lifelines” for millions of UK taxpayers. He said that second properties can now be bought off-plan in the present tax year with the sale finished from 2006 onwards and that all the tax perks, including a Government contribution of up to 40 percent of the price will now be ready.
Posted on: Spain
November 2, 2007
Bank of Spain warns on House Prices
The governor of the Bank of Spain warned yesterday that Spain’s economic growth might be stopped for awhile due to a decrease in house prices.
According to Jaime Caruana, the bank’s governor: “When the high rates of high prices will still continue, there is a huge possibility that the country’s economic growth will be stopped abruptly or disconnected.” He said again that according to the European Central Bank’s claim that Spanish properties are 24 and 35 percent overpriced. He also added that the household debts had doubled to 100 percent since the mid-1990’s. “The Spanish properties, and also with the households, are now more prone to various developments, especially to a gross increase in interest rates.”
But still with house prices dipping down, the risk to banks was still minimal because default rates are now very low and there is ease with the banks’ solvency problems. This is also due to the buoyant consumer spending and construction industry of the country’s 12 years of economic growth.
Posted on: Spain
November 1, 2007
SIPPs in Spain: Buy Now, Say Pension Chief
Now is the ideal time to take a serious view on whether buying a second home in the UK, Spain or other sunbelt countries, according to Ian Rowe of Progress Financial Planning, specialists handling SIPPs (self-invested personal pensions) for millions of UK taxpayers.
Rowe confirms that second homes can be bought off-plan in the current tax year with the sale completed from 2006 onwards and that all tax advantages, including a Government contribution of up to 40% of the prices, will be available.
Progress Financial Planning is expecting a huge influx of SIPPs in the UK pensions market and SIPP providesr will be very busy coping with the demand. For the client who has decided that a SIPP will be an appropriate avenue for their property purchase, it would be advisable to set it up prior to April in order to prevent unnecessary delays in completion.
Posted on: Spain
October 27, 2007
Valencian Government Announces Landscape Law
Valencia’s regional government is drawing up legislation aimed at protecting the region’s mountains and cliffs, according to reports. The new Landscape Law will ban construction on hilltops and cliffs as well as on any land with a gradients of over 50 percent. This is according to regions territories and housing councillor Esteban Gonzalez Pons.
The law will also require developers to integrate local plant life into projects, or replant flora nearby so as not to compromise the area’s ecology, according to Councillor Gonzalez. The government aims to publish the law before the next regional elections come spring.
Posted on: Spain
October 26, 2007
Costa Chief Warns of Murcian Overdevelopment
Francisca Baraza, head of the Spanish coastal department for the Murcia region, warned that the region faces a “collapse” in its infrastructure due to the huge increase in its population expected over the next few years.
In a statement posted on the website of the regional Socialist Party (PSOE), Baraza says that an extra 5,512 houses are scheduled to be built in Murcia over the next five years in some 33 “urbanisations”.
Baraza claims that this will lead to the collapse of the road system, a deterioration in the quality of water, the lack of green areas, and a shortage of public services.
Posted on: Spain
New Town Planning Force for Spain
Spain’s Guardia Civil (Civil Guard) is goint to create a new 200-strong task force to combat illegal construction, abuses of town planning, and property-related corruption.
Joan Mesquida, director-general of the Guardia Civil, disclosed the plans to the leading national daily El Pais, saying that cases such as the ongoing scandal in Marbella required much more forceful and coordinated action than the previous attempts and initiations.
Posted on: Spain
October 24, 2007
Pressure on Spanish land-grab law
The European Commission (EC) has threatened Spain with court action unless it changes its land-grab laws by December. The laws left thousands of homeowners in the Valencia area facing the loss of their property with accompanying huge bills.
The law was passed in 1994 in order to ensure community development was not obstructed by individual landowners. Rather, this was used to reclassify land and allow unscrupulous developers to reclaim property and land under a compulsory purchase order.
Around 20,000 compulsory purchase orders were maded since the law was introduced. Many overseas owners lost their homes or were presented with crippling bills for the installation of roads and drainage systems.
Posted on: Spain
October 20, 2007
British lead way with new firms in Spain
According to the newest research from a leading employment organization, more and more foreigners are setting up their own businesses in Spain, and have discovered that at least one in four self-employed workers are now foreign.
The new Brits are now planning to service residential needs of the community as most of the second home buyers in this country are now British. But the businesses they have put up are not only the pub houses galore, but also IT-related firms and high-tech industries.
Posted on: Spain
October 19, 2007
Buying overseas just got easier
When people near their retirement age, they usually contemplate on buying holiday homes abroad for their golden years. In fact, a report by Saga, specialists of people over 50, says a third of people aged 50 and over is considering purchasing a holiday home abroad for the future. Over half consider living abroad permanently.
To help those looking at the possibility of migrating to Spain, Saga launched its Saga Overseas Homes. The project consolidates all the services needed to buy a property in Spain including estate agents, legal advice and help with renting out properties bought as buy-to let investments. Saga is working closely with property specialists Chesterton and Medsea Estates on the Saga Overseas Homes project.
Posted on: Spain
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