Category Archives: Lawyer services

The new and awaited law on what Spain requires in order to offer residency to citizens outside the European Union was published last week.The document outlining the law is 96 pages long and includes the requirements that certain nationalities must meet to be considered. The law change will most likely affect predominately those persons wishing […]

The Institute of statistics in Spain released today the property transfer information for July. The information is extracted from land registry. Given it can take up to 3 months for a property to be registered at land register it can be difficult to ascertain whether the information relates to what happened in July or earlier […]

In a rather bizarre move given the overall situation in Spain the regional government of Catalonia has increased transfer tax on the purchase of a second hand property from 8% to 10%.

The last few months have seen some small green shoots of recovery in the property market in Spain with sales starting to increase slowly. Any extra costs could snuff out the tiny improvements and halt the anticipation of further recovery in the property market during 2013.

Data out from the statistical office in Spain yesterday showed another decline in House sales suggesting Januarys upward blip from Land registry was indeed the outcome of the tax breaks being offered until the end of 2012.

Sales of dwellings decreased by 12.6% from March 2012 to March 2013 although total transfers was in fact up. Transfer of rights also includes donations and Inherited both of which increased year on year. Actual sales however decreased.
Sales of residential properties dropped by 29.36% from February and overall sales was the worst like for like month in 5 years.

Key changes to mortgage legislation in Spain have been announced and will be implemented over the next few months.

The key changes which affect the resident market include: No loan will ever exceed 80% of the appraised value of the property even in the case where other collateral is being offered as security; the maximum term by law will not exceed 30 years; buyers and borrowers will have the right to appoint for the valuation their own independent valuer as long as that valuation company are accredited. Banks will be forced to accept a private valuation and will no longer be able to insist they do their own.