Today’s Spanish property buyers will be spoilt for the massive selection of homes available in the Costa Blanca and can take full advantage of low rates throughout the board.
The Spanish government are offering new laws almost weekly, some designed to motivate home sales in the region, others made to fill the ailing state coffers. All in all there are blended messages connected to the property market place, however it could be an excellent time to get your property in Spain, where stunning low prices and huge selection make it a real buyers paradise!
Fortunately for families looking for new build or “off plan property” Spanish home loans are getting easier than before to achieve – with many of the local banks lending again and the Euribor (the rate on which mortgages are based) is at its most affordable level ever.
There is positive talks that the government will present an incentive for foreigners to purchase home in Costa Blanca for those who are outside the EU by offering "simple gain access to residency permits" for property costing over EUR160,000. This will generally impact Russians, Chinese and Indians, every one of whom are keen to purchase the Spanish home market while costs are low.
Nonetheless, to execute this, the EU must agree and some countries apparently do not, as the entry level is way lower than all other EU Countries.
High-end property is revealing some indicators of recovery. The weak Euro for much of 2012 encouraged many sales to those outside the Eurozone, however they likewise state a huge increase in purchases by Scandinavians and Belgians.
Another measure which will motivate property investment in Spain is the removal of the 3 per cent tax on income earned by foreign business that possess property in Spain, however this is not to be used for companies based in tax havens.
Spain is introducing Energy License for all homes built – again another huge step forward - this will be given to the new buyers when the property is sold. The system is similar to energy classification for white items and a professional will be required to come and survey the property, at a cost of in between EUR350-550.
The tourist sector in Spain is expanding which in concept is a positive step forward for those who let their home on a seasonal basis. However, there are new requirements in which renter’s will require licences to rent such properties and owners will have to provide authorities with information about each person leasing the property.
All of this indicates that there will be a great deal of paperwork to be done, certifications to be provided and some additional costs for the homeowner.
The message seems to be that the reduced home rates in Costa Blanca are motivating purchasers from all over the world, nevertheless some of the measures introduced by the Government are avoiding even more sales at a time when Spain requires to see a return to a more buoyant home market.
It is however a good moment to think about finding a property in Spain, providing obviously, you employ a good solicitor and have done some significant research.
There are all sorts of great low cost homes available in the Costa Blanca, from large villas to village residences and, despite cutbacks and brand-new laws, Spain is still a preferable destination for people seeking holiday homes or a brand-new life in the sun – visit http://www.overseaspropertyshop.com for further details and to review the latest buyers guides on offer.