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Housing Market In Spain.

Housing Market In Spain.

Old Mar 9th 2006, 1:22 pm
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Default Housing Market In Spain.

I wonder if any of you guys can help me, I live in the tropics, but my sister has a house in Spain that she and her husband wanted to retire to. Unfortunately because of my BIL's health, moving permanently is now out of the question, and so my sister wants to sell the house.
The agents are telling her that prices have fallen and the houses are not selling. However I read that with the opening of Malaga Airport to international travel that the reverse was true. Their house which my sister spent a lot of money on is in a place called Iznalloz, a comfortable drive from Malaga.
I should be grateful if anyone with the true knowledge of the market out there could give me some feedback on this. Also if you have any good advice about selling.
It's worrying my sister no end, as she doesn't want any more worries on top of a sick husband. Any advice would be gratefully received and passed on.
Many thanks for reading this.
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Old Mar 9th 2006, 4:34 pm
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Default Re: Housing Market In Spain.

Start here

http://britishexpats.com/forum/showthread.php?t=328608
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Old Mar 9th 2006, 4:38 pm
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Default Re: Housing Market In Spain.

"However I read that with the opening of Malaga Airport to international travel ..... "

What do you mean by this ?

as the airport has been "International" since 1919 !

"The first scheduled air service from Malaga began in 1919, when Didier Daurat began regular flights between Toulouse, Barcelona, Alicante, Tangiers, Casablanca and Malaga."

Courtesy of wilkipedia.org
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Old Mar 9th 2006, 5:56 pm
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Default Re: Housing Market In Spain.

The housing market has slowed a lot, its taking longer to sell unless the house is exceptional and a bit cheaper than normal, soooo much choice.
If it was bought a while ago and she sells at a true price she could still make a good profit and have a quick sale.
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Old Mar 9th 2006, 6:30 pm
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Default Re: Housing Market In Spain.

Originally Posted by meseta
"However I read that with the opening of Malaga Airport to international travel ..... "

What do you mean by this ?

as the airport has been "International" since 1919 !

"The first scheduled air service from Malaga began in 1919, when Didier Daurat began regular flights between Toulouse, Barcelona, Alicante, Tangiers, Casablanca and Malaga."

Courtesy of wilkipedia.org
Should have said from UK airports, unfortunate that not long after the journey time is cut they are not able to go so often. Thanks for the thread reference this has already been read in an overall context, you guys obviously come from the same general area. So know the property situation within that area well. It doesn't sound so good at all at the moment, they bought the house a couple of years back, and had a few things done ready for retirement this year, but fate has taken a hand.
All replies and advice will be much appreciated.
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Old Mar 9th 2006, 8:49 pm
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Default Re: Housing Market In Spain.

Although it may not apply in this case, there is a high level of Capital Gains tax in Spain for Non Residents (those who are not fiscal resident in Spain) of 35% of any gain. If a lot of money is spent on new improvements etc but you cannot show formal receipts showing that tax was paid on the invoices, then you cannot use the expenditure to add to the original purchase price showing in the Deeds (Escritura). There is a 5% witholding tax at time of sale calculated on the official sale price as agreed between the parties. Any difference in the calculation of this 5% is calculated on the declaration form for CGT. But it can take forever to get anywhere with the Tax man.

It sounds as though a local solicitor and/ or Gestor is the best option. A Gestor (or at least a good one) can do just as good a job as a solicitor in helping to sell a property. A Gestor can also organise Estate Agents in case of absence. It's best to ask for some specific help locally.

As you say, the airport at GRANADA (not Malaga) is the nearest to Iznalloz and that area is becoming more interesting in view of the Internationalisation (for want of a better word!) of Granada airport.
People like www.ryanair.com now do frequent flights as do others from UK and traffic is growing.
try posting a question specifically headed Lawyer or Gestor wanted in Granada province (Iznalloz) on other Forums and you may strike lucky. Look at www.andalucia.com as sometimes there are some helpful people.
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Old Mar 10th 2006, 3:09 am
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Default Re: Housing Market In Spain.

Draft change in CGT

From last week's Sur in English

"A preliminary draft of the Personal Income Tax Law has recently been approved which also partially alters the Non-Residents’ Income Tax Law, legislation which is expected to come into effect in 2007.

According to the preliminary draft, the percentage at which capital gains obtained by non-residents without a permanent establishment in Spain are taxed will change to 18 per cent (compared to the current rate of 35 per cent). At the same time, capital gains obtained as a result of the transfer of assets by residents, who are individuals, will be taxed at 18 per cent (compared to the current rate of 15 per cent). "

When, of course is another matter !
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