07.29.10
Posted in Articles, Uncategorized at 2:25 am by Webmaster
Have you got anything you could swap for something else, or need to sell an unwanted item to buy something new more to your liking? Well great news for all you Parents, Teens & Kids out there, SupaSwap has arrived and it does exactly that!
SupaSwap is an online shopping community for everyone in the family! It´s overflowing with some great stuff to Swap, Buy & Sell and there´s also some great competitions with fantastic prizes to be won!!!
Why not become a fan of theirs on Facebook, follow them on Twitter and take a look at Youtube too. Whatever you do, make sure you check in on SupaSwap soon and don´t miss out on some great stuff!!!
Permalink
07.30.08
Posted in Uncategorized at 6:59 am by admin
A blog run by Real Estate and Website Design company Sorted Sites , please feel free to leave your comments on anything concerning Spanish Property Sales.
Permalink
01.02.08
Posted in Articles, Spain, Uncategorized at 4:42 am by admin
A recent survey by Kyero.com found that out of 400 Britons, “26% viewed Spain as the ideal retirement destination due to the warmer climate, sociable atmosphere and reduced taxes”.
“Britons invested £12 billion in Spanish property in 2004/05”…”this is predicted to reach £21 billion by 2009”. The average price was a reported £160,000.
Where in Spain
As with any property investment, location is perhaps the most important factor – the most sought after locations for this group were the provinces of Alicante, Granada and Malaga.
Amenities and access to them within these locations could also be a deciding factor when choosing where to buy. Shops, restaurants, bars, hospitals, pharmacies, public transport, the police station and airport came across as very important while golf local course, schools, nightclubs and churches seemed less important.
Property Types
Studio apartments were the most in demand. Two and three bedroom villas next. 73% were looking for second hand properties.
In sunny and warm Gran Canaria people are mostly looking for one-bedroom apartments with swimming pools whereas in more northerly Alicante, three bedroom apartments are in big demand. In Girona, the Brits are mostly after three bedroom villas. The average UK homebuyer is apparently willing to pay between €150,000 and €200,000 for their own piece of paradise in the sun.
Finding the Right Property
The Internet is undoubtedly one of the fastest, most efficient and cheapest ways to research and find new properties. It’s a fantastic resource. 71% of those surveyed used it. Having said that, it’s very advisable to visit the location beforehand, despite how much research you’ve done.
Click here for more information about overseas investment property
Investing in Spain
Out of the Britons surveyed, ”one in three” want to eventually retire to Spain.
And why not. Spain has everything – sun, snow, beaches, mountains, deserts, nightlife, cuisine, art, culture, tradition… But most of all, a pleasant climate, plenty of English speakers and very easy way of life.
The typical Briton looking to set up home in Spain is male between 40 and 60 years old. It’s not just the British who have fallen in love with Spain. The American, Portuguese, Canadian, Japanese, Australian, Swedish and Dutch all want a piece of sunny Spain.
Brits around the Globe
Like the Irish, the British are everywhere – in Pakistan (47,000), Dubai (55,000), Singapore (45,000), Thailand (41,000) and in China, 36,000 UK nationals.
A staggering “41 nations each have at least 10,000 permanent British residents”, according to the Institute for Public Policy Research (IPPR).
Recent figures suggest an exodus of Brits abroad, to other more “hospitable” locations, away from the crime, high prices and endless grey skies. Although France and Spain are still the most popular locations, there’s a growing trend towards the more exotic, far-flung destinations.
And as the world gets smaller and smaller, these destinations are becoming more and more accessible, largely because of the influx of budget airlines.
Developers and agents now have to adapt and continually adapt – keep changing their strategies to meet the demands of the more “globally demanding” investor.
Investors and homebuyers are thirsty for information, more so than ever, particularly for emerging markets. In order to maximize sales opportunities, agents have to provide it.
Permalink
10.31.07
Posted in Articles, Canary Islands, Spain, Uncategorized at 2:31 am by admin
“Recent reports suggest that most holiday rentals in Spain are illegal without a licence, and can incur fines of €30,000 for unsuspecting owners.”
A recent article by Mark Stucklin (Sunday Times Home Section, 16 September 2007), looks at one of the latest issues facing Spanish property owners and investors – whether or not you need a licence to rent.
Bad news travels fast, especially over the Internet. As speculation, confusion, half-truths and plain wrong information spreads, many owners are now scared of being denounced by disgruntled neighbours and stung for a whopping €30,000.
The truth however, is that most property owners are unaffected. In reality, you’ll only need a licence in certain parts of Spain.
So, where do you need a license?
In the Balearic and Canary Islands for a start. According to Isabel Loeffler, (head of Loeffler Legal Centre, on Mallorca) “In the Balearics, you cannot rent out private residential apartments,” …“The only kind of residential property you can rent out is a detached villa, but only if you have a licence.”
Palma’s tourism department confirms this. They also go on to say that in Mallorca, you can’t even get licences to rent out detached properties anymore. Strangely, they’ll still grant you a licence if you’re in Minorca – typically Spanish.
It’s the same story in the Canary Islands. The authorities there want to promote hotel occupancy over private rentals.
One exception is “apartamentos turisticos”. These are purpose built properties – specifically for renting out. Perhaps suitable for big developers, they’re not really suitable for an ordinary homebuyer who’ll want to spend time in the property. Plus, they carry a whole load of restrictions and potential extra costs.
Renting out your property on the mainland appears to less of a problem. Lee Jones, head of OPI Property Management and Lettings, categorically states “you don’t need a licence to rent out a private apartment or villa to holidaymakers on mainland Spain”.
They had their specialist lawyers check out and confirm this and with “3,500 holiday rentals this season”, they have to be certain they won’t be liable for fines.
Enforcement of the Law (in Spain)
“With so many “illegal” holiday rentals going on, the law and the reality on the ground are oceans apart, which is not unusual in Spain.”
If you look on the Internet you’ll come across literally thousands of private properties for rent throughout Spain and the Canary and Balearic Islands. A lot of these are owned by Britons who have no idea whatsoever that they are breaking the law.
Those who are aware of the licence situation don’t really seem to have a clear idea of how the rules are interpreted and enforced. Undeniably it’s a bit of a grey area – as is often the case when it comes to Spanish laws.
In terms of licenses, the law appears to vary from place to place. For example, in Murcia province (Eastern Spain) if you want to rent out your private property to tourists you’ll have to first register with the department of tourism, although hardly anyone does. In most other parts of the country, you just have to inform the local government about your plans to rent.
The real concern is most likely just wanting to keep tabs on who is earning the money, in order to make sure as much taxes as possible are received.
Long-Term Rentals
Curiously, there’s seems to be no restrictions on long term rentals, if you want to rent your place out for the whore summer or winter, for example.
Renting out for longer periods can have a number of advantages and disadvantages. Although, you’ll get lower weekly income, you’ll have a steady income for a longer period of time. There’ll be fewer empty periods and probably a lot less wear and tear.
Be careful though. If you own a property in Spain and rent it out to a tenant for a period of a year or more, they’ll acquire all sorts of rights that could make your life a nightmare.
Advice
It’s Spain. Nothing makes sense. The only real advise is to speak to a local lawyer who knows the specific licence situation in your particular part of Spain.
Permalink
08.02.07
Posted in Buyer's guide, Real Estate Agents, Spain, Tenerife, Uncategorized at 9:11 am by admin
A recent article by Tony Riley, Managing Director of Tenerife Property Consultancy, points out some of the steps involved in buying your dream home in the sun.
Getting the right solicitor is vital. “The agency or lawyer has the responsibility to gather up-to-date receipts and to see that there are no pending debts on the property”. This will leave you free to concentrate on the many other aspects of the purchase.
At Tenerife property consultancy, they’ll also appoint an independent conveyancer. His role is to investigate the property, obtain all the correct paperwork and confirm that there are no outstanding debts or embargoes on the property.
Opening a Spanish bank account
“The cost of opening a bank account for ‘non-residents’ is around £10 for the administration fee.”
Opening a bank account in Tenerife is very straightforward. All you need is your N.I.E. (Numero de Identificacion de Extranjero) number, which can be got in less than a day. You’ll need this if you want to open a bank account or have any other fiscal representation in Spain.
Tenerife property Consultants work with all the major banks on the island. If your planning on only spending certain periods of the year on Tenerife, they can help you set up direct debits for all your household bills, so you won’t have to worry about bills not being paid while you’re not there.
Getting a Mortgage in Tenerife
“Mortgage rates in Tenerife tend to be amongst the lowest in Europe, and are currently around 3.75% of the bank valuation of the property”.
Obviously it makes more sense to get a Spanish mortgage but if your uncomfortable with it (for any reason) you can always get one from back in the UK. The banks in Tenerife require minimal financial information. They’ll give you a mortgage whether you’re employed or self-employed. Mortgages are available within as little as 15 working days.
The purchase
Actually buying a property in Tenerife (the whole process) is very simple, especially if you’ve chosen the right agent and lawyer, who’ll do most of the work anyway.
Firstly, once you’ve decided on your dream home you need to pay a deposit of 10% of the purchase price upon signing the title deeds (escritura) of the property. This has to be done in front of a “Notaria” or notary in English.
The Notary (Notaria)
A notary is a solicitor appointed by the Spanish government to witness the signing of all legal public documents.
The notary represents both the buyer and the seller of the property. The fees they charge are set by Spanish law on an increasing or decreasing scale based on the value of the property. The notary must be paid during the transfer of the title deeds.
The notary holds onto the original signed document. He/she then applies for a formal change in the land registry – he puts the property into your name.
You’ll get an initial (fully usable) copy of the signed title deed, which is your proof of purchase and ownership and MUST be kept in a very secure place. The official title deed can take a while to be processed.
Other fees
If you’ve bought a property in a complex shared by other people you’ll need to pay community fees. These are regular fees paid for the upkeep of all communal areas like swimming pool and gardens as well as security, lighting etc.
Normally the larger your property, the larger the percentage of the community you have to pay. Depending on the community rules, they can be paid monthly or quarterly etc.
Permalink
Posted in Emerging Markets, Spain, Uncategorized at 9:08 am by admin
Martin Gow, of Parador Properties, recently (21 July 2007) pointed out that “what may be great as holiday destinations may be difficult for investment and there are difficulties with some popular areas”.
Emerging markets
These can be defined as low to middle nations (often developing countries), who’s economies are growing rapidly, often faster that those of developed nations.
Any investment requires extensive research. But more so than traditional property markets like say, Spain and the Canary Islands, emerging markets require special attention.
Take Croatia, for example. The country has everything you could possible need – the sunshine, beaches and beautiful landscape. It has relatively cheap property and is only a short flight away from the UK.
It does however, have problems with land titles. You could end up in all kinds of stress and hassle with the locals about who actually owns the land. The country has an inept property registration system, where homes are often bought and sold without registration. In rural areas homes are often inherited by multiple owners but registered solely.
The vast majorities of purchases are safe as long as they’re properly researched and a reputable estate agent and lawyer are used.
Thailand is another area that requires special attention (very special attention). For a non-resident to buy a property here they need to set up a Thai company along with seven Thai nominees, because it’s illegal for a non-resident to own a freehold property in his or her own name.
Bulgaria’s short-lived popularity appears to be waning. Like parts of Spain and Florida, mass overbuilding, caused by hungry developers, has resulted in many of the early buyers trying to get out and reinvest elsewhere.
Traditional markets
Two of the more popular and well-known property investment areas are Florida and Spain and the Canary Islands.
With the current exchange rates, UK buyers have greater spending power than usual in the States. That said, property prices are actually falling in Florida at the moment due to an oversupply of property. This means bad news for “get rich quick” investors, but is it bad news for long-term homebuyers?
Probably not.
Property markets invariably fluctuate and certain areas come in and out of fashion. Homebuyers need to ask themselves what long term fundamental assets or benefits does the area have, like standard of living, climate, education, schooling, work prospects and other social factors. If the area is stable and an enviable place to live, property values normally remain consistent or increase.
Look at Spain. It’s also been affected by overbuilding (along with other factors) and over the years has seen property values go up and down, yet demand for good quality homes remains constant.
Spain has always been regarded as a good long term in vestment area and a “home away from home” for many Northern European buyers, the British in particular.
Firstly, there’s already a huge expat community of English people living there and just about all the estate agents speak English.
Spain itself has everything – fantastic climate, spectacular landscape, excellent nightlife, cheap beer!, great music, beautiful women, beautiful beaches, music, culture, art and architecture…
Having said that you do hear horror stories. As with any property investment, at home or abroad, in either an emerging or a traditional market, extensive research is the only key to a safe, secure and happy investment.
Research
Buying a new home can be an exhilarating, yet often daunting experience. The thought of living every day as it comes in some paradise location, free from the strains of your staid and repetitive 9-5 job.
First time buyers often fail to do the sufficient research and can sometimes get sucked in by unruly or aggressive commissioned-based sales consultants.
Firstly, you need a bilingual lawyer. Preferably one that’s independent of the agent or developer, who can give you impartial guidance and support.
You need to pay particular attention to permission for building work and contracts – an excellent value plot of land is useless if you can’t actually build anything on it.
Fully investigate the legal and financial situation. Discuss your entitlements and requirements with your lawyer. In Spain for example, if you’re looking for a mortgage you’ll be offered 70% of the purchase price of the property, but if you have your “Residencia” (Residence Card) you’ll be offered a loan of 80%.
One of the best ways to start off your research is to use the Internet. It provides a wealth of information about most property investment areas and the buying procedures involved.
Permalink