No Comments

Spain’s boost from record visitors and spending

Spain’s boost from record visitors and spending

Spain’s boost from record visitors and spending : : Spain attracted 82.8 million international visitors in 2018, a new record boosted by 18.5 million British holidaymakers and property owners. It was the sixth successive year for growth, achieved by a fourth quarter spurt in arrivals.

Visitors stayed for around a week on average and spent a record amount of €146 per head per day, according to the report from the National Statistics Institute (INE).

For the sixth year in a row, Spain has set a new record for foreign tourist arrivals. There were 82.8 million international visitors last year, a rise of 1.1% from 2017.  Spain’s boost to the economy amounted to €89.9 billion, representing a 3.3% increase from 2017.

Record number of North American tourists

More Americans than ever before arrived in Spain during 2018 – an increase of 11.8% – despite renewed competition from Greece, Tunisia and Turkey. Tourism from Scandinavia dropped 0.7% to 5.7 million and Germany, second biggest market after Britain, had a drop of 4.1%

However, 2018 was the year that tourist destinations like Barcelona, Ibiza and Mallorca clamped down on unregistered tourist lets, threatening fines for owners and agents. This follows protests from locals faced with increased property prices and hooliganism. Mallorca is seeking to ban 18-30 style holiday groups after confrontations and balcony deaths.

Offers on bank-owned property in Spain

Offers – Spanish banks want the properties off their books and will listen to realistic offers. These are formally submitted to special committees that meet weekly and will generally provide an answer with two weeks. However, as the selected property remains on the market, there is the chance it may sell directly off the website or through a higher submitted offer. Walker Property Spain have a well-honed purchase management service for buyers.

Legal – All bank controlled property is fully legal and as such qualifies for generous mortgages.  However, we advice all buyers to hire their own independent Spanish solicitor to check all paperwork, undertake conveyancing and registration and assist with utility provision etc. We can provide firms who have assisted previous buyers successfully.

Endeudamiento/DTI – This is the debt-to-income ratio, and is the percentage of your net income which your total mortgage and loan payments will represent. For example, if your net income is 3000 Euros per month, you already pay 750 Euros per month for your existing mortgage, and the mortgage applied for will have repayments of 250 Euros per month, your Endeudamiento/DTI will be (250+750)/3000 = 33%.  NB – if you are renting out a property longterm, some banks may also include part of your rental income in this calculation.[/vc_column_text][/vc_column][/vc_row] Check latest mortgage offers

Author : : Elliott Barnett, international property writer | Image: Shopping in Spain remains a top tourist attraction. 

More info Can Spain cope with more tourists? | Palma, Mallorca bans holiday apartments    
  
  

No Comments

Spanish bank bargains, but make sure they are legal

Spanish bank bargains, but make sure they are legal

Spanish bank bargains, but make sure they are legal : : Repossession property bargains have helped to restore the Spanish real estate market to almost its peak level of 2007 with very few legal problems for purchasers. That was mainly because the vendor banks had massive legal departments to ensure the properties on offer were fully legal or were made so.

The lawyers checked all the paperwork and despatched valuers to make sure the villas and apartments matched the relevant documents. The resultant valuations averaged 44% below the peak years of 2007-2008. Great discounts, so it wasn’t surprising buyers were tempted and that their Spanish solicitors found few legalities over which they could hassle down the price. Led by property hotspot Marbella, town hall planners compiled lists of legally built properties and made them available to buyers’ legal representatives. By default, the remainder should be double checked or avoided.

Specialist international brokers, Walker Property Spain declared all their property offerings to be “fully legal” and that “No client has ever lost a deposit or been financially disadvantaged”. Advice to “use a Spanish solicitor” from the start of the buying process came with well honed purchase management services to smooth out any wrinkles with the banks.

Know the history of Spanish bank bargains

Even with the huge discounts on offer, purchase of a repossessed property remains a serious consideration. Buyers should remain vigilant on planning consents, construction standards and permissions. Headlines a few years ago highlighted demolition orders on illegally built villas and owners trying to stave off the bulldozers.

Knowing the history of the property, its current legal state and any proposed nearby further development is vital work for every buyer’s Spanish solicitor.

Columbus finca deeds made legal

Madrid lawyer, Javier de Juan, was retained by the UK purchaser of the Mallorca Estate of the Christopher Columbus family. The property dated back to Roman times and beyond. The first name on the deeds to Son Colom da Sa Cove is Jaime Colom, uncle of Cristobal Colom – Spanish for Christopher Colombus.

It took three months to bring the ancient deeds up to date. They included cave dweller residences, a Roman silver mine, medieval alterations and additions, many boundary changes. Lawyers worked closely with the Mallorca property registry to produce the most accurate and up to date deeds in the history of Son Colom da Sa Cove.

Legal – All bank controlled property is fully legal and as such qualifies for generous mortgages as shown here. However, we advice all buyers to hire their own independent Spanish solicitor to check all paperwork, undertake conveyancing and registration and assist with utility provision etc. We can provide firms who have assisted previous buyers successfully.

Endeudamiento/DTI – This is the debt-to-income ratio, and is the percentage of your net income which your total mortgage and loan payments will represent. For example, if your net income is 3000 Euros per month, you already pay 750 Euros per month for your existing mortgage, and the mortgage applied for will have repayments of 250 Euros per month, your Endeudamiento/DTI will be (250+750)/3000 = 33%.  NB – if you are already renting out a property longterm, some banks may also include part of your rental income in this calculation

Author: Elliott Barnett, international property writer | Image:: Bank-owned bargains at Valle Romana, Costa del Sol with sea and golf views

No Comments

On-trend penthouses in Spain with free sports and spa

Penthouses in Spain sell quickly, especially any topping an exciting upmarket resort and urbanisation that is setting the new standards for innovative design and build quality along the Costa del Sol.

True to form, penthouses in different sectors of the avant-garde Reserva del Higuerón have sold quickly offplan as they were announced. Any remaining unsold during the construction period have been subsequently ear-marked by international buyers arriving late to the party. Contract signed, deposit made, await keys in Q4 2018.

It is rare that penthouses are still available at the key ready stage of the construction cycle and this can be due to a variety of causes:

  • The buyer, having made the reservation deposits, has had a change of mind – or circumstances.
  • A professional relocation to a distant part of the planet would curtail a buyer’s use of the penthouse;
  • A dip in income negates that generous mortgage offer from the Spanish lender;
  • The proposed penthouse sharing partner has run off with a Strictly Come Dancing contestant?

For whatever reason, there are two absolute gem penthouses available at Reserva del Higuerón, a fully landscaped resort that links verdant hillside to the beach and marina at Benalmádena. One of them is at the top of the resort and the other is halfway down, an easy walk to the beach or a free ride on the resort’s own road train.

The first penthouse on offer is at Altos de Higuerón, located at the upper level of Reserva del Higuerón, and provides stunning views of sunsets and the Med. It provides a generous 150m2 of living space with a large solarium terrace. Brand-new duplex 3-bed, 3-bath and key ready €537,000 with all required paperwork in place.

Midway to the beach is the best selling Hill Collection condominium, where the other penthouse shares the same vistas. It offers 3-bed, 3-bath, 2-terrace configuration and 141.57m2 of living space – plus 171.65m2 for the rooftop terrace. Key ready price is €949,000 and all paperwork ready for quick purchase.

Each penthouse offers huge amounts of space, including terraces for pampering essentials like hot tubs, BBQs. There’s garaging for two cars, storage for jet ski and golf buggy and the household is fully automated – air-con, lights, hot tub and coffee pot controlled from a smartphone.

On-trend apartments at Altos de Higuerón

“An entirely avant-garde urban development with innovative architectural design woven into a natural environment, on-trend apartments and bespoke villas offer a unique blend of privacy and state of the art service, not to mention ample parks, green zones, beauty and health facilities, sports complexes and 24-hour security.”

Reviewed in Daily Telegraph, London

International brokers, Walker Property Spain are offering the last of the penthouses with optional fixed interest mortgages and first year free membership of the onsite sports club and spa where La Liga soccer stars arrive to be recharged and repampered.

More :: Buy before Brexit to beat Spanish residency lock-out  | Image :: Sunset from the Hill Collection, Reserva del Higuerón

No Comments

Shopping spree for buyers at Los Flamingos Golf

Shopping spree for buyers at Los Flamingos Golf : : A EUR 1,000 El Corte Inglés shopping spree is on offer for buyers at the latest sector of Los Flamingos Golf, Costa del Sol where luxury apartments are available at €199,000 to €420,000.

A store voucher for €1,000 has been added to their Q4 2018 promotion at Los Flamingos by international brokers, Walker Property Spain. This is alongside a two percent cut in sales tax on the current apartment releases. This, and high quality specfication and ambiance, is encouraging international buy to let investors. The apartments went on sale during the summer with discounts of up to €100,000.

“The voucher will help buyers provide some final touches to what are already luxurious apartments. Some designer terrace furniture or tableware or anything else from the nearest El Corte Inglés can be purchased – including food and drink for a house warming party.” said marketing chief, Terry Walker.

There are 138 apartments in four blocks in Hoya 19, a gated sector overlooking Los Flamingos Golf course. It has lush, tropical gardens, swimming pools and great sea views and ample open gardens. Situated near the world famous Villa Padierna Hotel & Spa.

Image: El Corte Inglés is Spain’s largest department store with branches in most cities and major resorts.

No Comments

Spanish property – Purchase Ready clinches the deal

Spanish property buyers be purchase ready and secure first choice home...

Spanish property – be Purchase Ready :: Property buyers are missing out on their Dream Home choices in Spain because their legally required documents are not available or up to date when needed. They are essential for viewing property, mortgage approval, putting in an offer to purchase and at the notary when registering the sale.

The property source – bank, developer or private seller – needs to know you are a serious contender with your finance in place and a strong completion date in mind. Recent legislation has added to the purchase paperwork. Typically, around 50 documents per couple have to be collated and ready to secure your chosen dream home.

The Spanish real estate market is returning to previous peak levels of activity and sales. It is obvious there are many properties to sell and plenty of international buyers hunting them down. It’s a fact the best properties go first and, generally, they are snapped-up – by the best prepared buyers.

“Your” dream home sold to a rival buyer

There are 1,000s of “miss buyers” who have failed to get their act together. Instead they have been locked in multiple paperwork deadlocks with banks’ property and departments, Spanish solicitors, developers or promoters. After a month or so of impasse, the seller sees an easier and quicker way to close a deal – and sells “Your” dream home to a rival buyer who has finance and paperwork organised.

Mis-selling in real estate has been around a long time, but “Miss buying” also leads to frustration, tears and heartache for buyers. It happens every day. It’s a sellers’ market…get over it and make sure you are in pole position next time.

From 2001, including the recessional decade from 2007, Walker Property Spain has helped buyers achieve outstanding deals on properties with timely advice and action. Launched in 2017, a FREE purchase management service for international buyers. Purchase Ready was hailed as a great new idea – help and advice when needed and improved sales progress to secure the desired property.

The firm’s Purchase Ready team helps buyers collate all the ID and status paperwork they would need for a speedy purchase; obtaining a mortgage and NIE, the Spanish document necessary to borrow and spend and have utilities in Spain. It was welcomed by stressed-out buyers, wrestling with mañana, mañana responses, tangled forms and their own busy lives back home.

More:  Alcazaba Lagoon Casares new deals | Things to consider
Image: Alcazaba Lagoon Casares, Costa del Sol where phase 2 apartments now offered offplan

No Comments

Furniture and kitchen appliances FREE

Typical bedroom furnished under current offer.

Furniture and kitchen appliances FREE for limited period for buyers at Valle Romano Golf & Resort, Estepona. Appliances include built-in microwave and ceramic hob. Offers applies to all available apartments and penthouses in current sectors.

Furniture is quality Nordic style and comes from a local specialist showroom. Appliances are a leading international brand, all subject to availability. Terms & conditions apply.