News

Contrary to newspaper articles often seen in the U.K, property sales in the Northern Costa Blanca have increased considerably in the last 2 – 3 months.
The reason for this, and one not taken into consideration by journalists living in the U.K. is the Internationality of our market. 3 or 4 yeas ago the vast majority of sales were certainly made to the U.K, but with the advent of the price reductions in asking prices for property that have been made in the last 2 years, those looking to buy,who are in the Euro currency system and not affected by the exchange rate, HAVE been buying. The exchange rate, incidentally has added to the lowering of prices locally for those U.K owners intending to return to the U.K. as they are, in most cases, getting more sterling for their euros than when they originally purchased the property.
All of this has made for a serge in sales to clients from, The Netherlands, Belgium, France, etc. as many of them want to invest in Property overseas

The cost of buying property in Spain will go UP under new plans by the Spanish Government to raise additional Tax

The cost of arranging a Mortgage on a new home is set to increase by an average of 2,000 euros

From July 1st 2010 VAT(IVA) rates are set to increase, affecting legal bills amongst other things. The top rate is to increase from 16% to 18% while the medium rate which applies to food, transport and property will rise from 7% to 8%

Property transfer tax will also increase from 7% to 8% so its a
GOOD IDEA TO BUY BEFORE THESE CHANGES!

A LIVELIER MARKET....Over the last 2 to 3 months there has been a lot more interest from Buyers especially those looking for a bargain.

However, the general feeling is that the market has just about bottomed out and in some cases recently we have been advised by sellers of a small increase in the price to market their property.

Most Agents have reported an increase in sales for Sept, Octo, Nov, 2009 and with the number of enquiries, looks to continue.

For any Buyer or Seller a new style NIE document must be produced at the Notary on the day of signing the Escritura.

The old style yellow forms are no longer accepted. The process to obtain a new style form takes approximately 10 days and can be arranged through the local participating Police Stations

For clients who need to obtain an NIE this first process is now taking between 4 and 6 weeks.

Spain is no different to other countries at the moment when it comes to lending money. However, the good news is that the Euribor rate has dropped to it's lowest since March 2006, which is making borrowing cheaper.

For the British, the exchange rate has also gone up and has stabilised at around 1.15, which of course, helps those living on a Pension and having their money transfered over to Spain.

It also helps prospective purchasers who have Sterling and buying in Euros and NOW is certainly a good time to buy.