We hope you are well and that you still have an interest in Spanish property, whether you are looking to purchase a place in the sun or If you already have a Spanish property we hope you enjoy this month´s informative news update. .
As always we would love to answer any questions that you may have, therefore do not hesitate to contact us with your queries by clicking
How Has Covid19 Affected The Spanish Property Market?
With the Covid19 pandemic affecting the world´s economy many would be buyers are asking if prices have been falling rapidly on the Costa Blanca and Costa Calida regions of Spain. I am happy to confirm that property prices remain steady particularly within areas that are close to the coast as this is where there is most demand from foreign buyers I expect the price of properties to fall in locations that are more inland as demand is less for these properties.
It should be noted that most resale property sellers will listen to offers and their circumstances will determine what price that they may accept.
The market at present is nowhere close to the terrible property crash of 2008 and there are buyers taking advantage of the current situation as they look to purchase for a lifestyle change.
Brexit And How It Will Affect You If You Are You Renting Out Your Spanish Property
If you are a British owner of a Spanish property that you currently rent out you will probably pay slightly higher tax on rental income once the transition period ends for Brexit. EU citizens (including the Spanish themselves) pay 19% while non-EU pay 24%. Non-EU owners cannot deduct expenses from their tax bill either. However, this aspect of Spanish law is currently being contested in the European courts as unfair discrimination.
We are pleased to announce the release of our new corporate video highlighting the stunning Las Colinas Golf & Country Club which is located on the Costa Blanca.
With modern properties set within an exclusive and private resort this development is attracting well known international sports personalities along with the elite of the business world. For more information about the wide range of exciting properties visit our dedicated website www.lascolinasgolfresales.com.
When Buying A Spanish Property Make Sure You Can Satisfy Money Laundering Regulations
With the strict money laundering regulations, it is very important that you can confirm where the funds have originated from when you are transferring funds for the purchase of a Spanish property. If you are using a currency exchange company, they will require proof of origin before they will transfer the euros to your Spanish lawyers bank account. It will also be documented in the title deeds when completing the property purchase the origin of the money. If you are purchasing the property jointly it is recommended that the funds come from a joint bank account as this will prove that the property will be owned 50-50. If the funds come from the bank account of only one party the Spanish tax authorities could argue that the other party received a gift of 50% of the property and this could cause tax issues.
Making An Offer For A Spanish Property
You have found your ideal property what to do now with regards to making an offer. View our video below.
If you would like more information about the buying process please do not hesitate to contact us now