Marbella adds a new blue flag and this year features nine flags on its beaches & marinas

Marbella PropertyAccording to Premier Marbella news sources, Marbella this year has added a new blue flag and ranks as the Andalusian town with most distinctions, nine in all. The European Federation for Environmental Education (FEE) has maintained seven Blue Flag beaches in the town and granted a new one on its marinas, which now makes it two. Spain is still the country that has received the most distinctions of this type. Leading Marbella property specialist Romano Keogh is confident that this will have a positive effect and motivate tourists to buy property. Continue reading

New changes in the law applicable to rentals

AlquileresThe culture of property rental in Spain is not as robust as in the rest of the European Union as confirmed in data published by Eurostat agency in 2010. In this country, only 17 percent of the population live in rented accommodation, compared to the 83 % who actually live their own property. To encourage and boost rental housing market, the Government approved on 24 August 2012, Rental Bill measures affecting the flexibility of contracts, so as to reduce the time of duration. The tenant can request payment for agreed improvements or reforms, also the owner will have the possibility to recover property (once a number of requirements are met) and from now on the processing and execution of eviction will be faster.

These changes have not been welcomed by all sectors of society. Thus, the organization FACUA-Consumers in Action has reported that the new regulation is “a direct cut on the rights of tenants in favour of landlords” because it provides greater legal support to property owners, while in turn will create more homelessness. For its part, the Organization of Consumers and Users (OCU) believes that “flexibility is needed, without compromising stability.”

The number of foreigners who bought property in Spain grew by 28.4% in 2012

casa-extranjerosA total of 38,312 foreign national’s non-resident in Spain bought a home last year. This represents an increase of 28.4% compared to 2011, according to the Council of Notaries. According to records, 42% of the transactions closed with a price greater than the 160,000 euros. By region, Murcia and Andalusia are the two autonomous communities where the number of buyers fell most, while Catalonia last year recorded more than twice the number of buyers it had in 2007.

Also the origin of new homeowners has changed and for the first time the Russians have become the second volume home-buyers behind the British. Regarding prices, 42% of transactions closed for an amount in excess of € 160,000. Precisely, this figure is the limit set by the Spanish government which considers granting residence permits to foreigners who purchase a home in the country.

Property transfers rise to 12.8%

The annual rate of property transfers recorded in Property Registry Offices stands at 12,8% for October, as compared to 0.9% for September. The number of property transfers recorded in Property Registry Offices from theMarbella Title of Public Deeds previously registered was 130.109 in October, that is 6.5% more than for the same month in 2011 and 6.8% higher than in September 2012. In the case of property transfers recorded in Land Registry, the number of transfers was 57,182 representing an annual increase of 11.2%, and an increase of 2.2%, as compared with the previous month. In total 83.9% of the property transfers recorded in the Land Registry Offices in October corresponded to urban properties and 16.1% to rustic properties.