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Spain Property Investment News
Spain set to attract renewed interest
Spain can expect to see a renewed interest from overseas property buyers in the wake of forthcoming reforms, according to an expert. Peter Esders, a partner at The International Law Partnership, believes government efforts to simplify the purchasing system will encourage more investors to consider investing in Spanish property, reports Homes Worldwide.
He said the government's pledge to make the rules more straightforward would be encouraging to both prospective investors in Spanish property and those who already own a property in Spain, and should increase confidence in the market “on a worldwide level”.
The news comes as hundreds of British people who sold their Spanish properties between March 2004 and December 2006 are told that they may be in line to receive a tax rebate of £11,000 each (amounting to £37 million in total). This is the result of a Capital Gains Tax situation where British sellers were charged 35% of capital gains, as opposed to the 15% that Spanish nationals would pay – a discrepancy which some experts are now claiming was illegal.
Potential buyers and existing owners will also be interested to hear that MEPs have met in Brussels to discuss taking action over the ‘land grab’ issue which continues to cast a shadow over the popular Spanish property market. A number of owners of Spanish property, most notably in Valencia, have seen their properties demolished or seized by the government. British politicians were united in urging the government in Spain to address this issue by halting all demolitions and seizing of land under ‘land grab’ laws, and Labour MP Michael Cashman announced that if necessary he would be prepared to take the issue to the European Court of Human Rights.
As one of the most popular destinations for overseas property buyers, the Spanish market is well established with a relatively straightforward purchase process, and as such these issues have had little real effect on the demand for property. However, those who own or intend to buy property in Spain will doubtless welcome the news of reforms which will ensure a straightforward experience and transparency both in the purchase and ownership of Spanish property.
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10-20% pa for 12 years
Contracted income
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Agricultural land
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