Those people who own holiday homes in Spain to rent out to tourists may be breaking the law.
According to reports on the website thinkSPAIN, tourism and tax authorities are clamping down on unregistered lets and owners face fines of up to €30,000 if they are caught.
All apartments and villas which are let out to tourists should be registered with the tourism authorities, but at the moment conditions are extremely stringent.
Tuesday, May 27, 2008
Tuesday, May 20, 2008
Spanish real estate debacle takes toll on budget surplus
Spain says the central government's budget surplus fell by more than half in the first quarter because of a slowdown in the construction industry.
The Finance Ministry says the surplus declined to €3.28 billion (US$5.2 billion). This is equal to around 0.3 percent of gross domestic product.
Soaring tax revenue had helped Spain accumulate a public sector surplus. It included the accounts of the central government, regional governments and the social security administration. It was equal to 2.2 percent of GDP in 2007.
The Finance Ministry says the surplus declined to €3.28 billion (US$5.2 billion). This is equal to around 0.3 percent of gross domestic product.
Soaring tax revenue had helped Spain accumulate a public sector surplus. It included the accounts of the central government, regional governments and the social security administration. It was equal to 2.2 percent of GDP in 2007.
Sunday, May 11, 2008
Costa del Sol property sales are falling, but the top end is strong
The news that one of the Costa del Sol's biggest estate agents has filed for voluntary insolvency has deepened the gloom over southern Spain's property market. Viva Estates was one of the area's biggest success stories. It was set up ten years ago by an Englishman, Chris McCarthy, used the cricketer Ian Botham to raise its profile and within a few years operated from 15 offices. In the past 12 months, all but one of those offices has closed and more than 100 staff have lost their jobs.
“At one time we were selling 200 properties a month,” McCarthy says. “Now we sell around 25. A 90 per cent fall in business is hard for any company to take but we've taken the responsible route. Our advisers said, ‘the option is there to help you so use it', and we have. We have one large office, about 60 staff and we're confident we can keep trading. We have been hit from all sides by economic factors but it's the exchange rate against sterling that has really floored us.”
“At one time we were selling 200 properties a month,” McCarthy says. “Now we sell around 25. A 90 per cent fall in business is hard for any company to take but we've taken the responsible route. Our advisers said, ‘the option is there to help you so use it', and we have. We have one large office, about 60 staff and we're confident we can keep trading. We have been hit from all sides by economic factors but it's the exchange rate against sterling that has really floored us.”
Saturday, May 3, 2008
Spanish Feb property sales down 24.4 pct year-on-year
MADRID (Thomson Financial) - Property sales in Spain plummeted 24.4 percent in February from a year earlier, according to official data released on Monday, in yet another sign of the sharp downturn in the once booming real estate market.
The fall is slightly less than the 27 percent decline reported for January.
In February, there were 55,462 urban property transactions, a drop of 10.2 percent from January, the National Statistics Institute said.
The total for the first two months of the year is down 25.85 percent compared to the same period in 2007.
The fall is slightly less than the 27 percent decline reported for January.
In February, there were 55,462 urban property transactions, a drop of 10.2 percent from January, the National Statistics Institute said.
The total for the first two months of the year is down 25.85 percent compared to the same period in 2007.
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