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We have a selection of case studies, examples, comments and frequently asked questions on related 'Spanish Properties' and 'Properties in Majorca, Ibiza, Menorca, Tenerife, Gran Canaria, Lanzarote and Fuerteventura'.

Should you feel you need to contribute to this page, please feel free to comment on the subject in the box below...

Three important web addresses to remember...

PROPERTY SEARCH FOR SPAIN

POUNDS TO EUROS

MORTGAGES IN SPAIN

PROPERTIES FOR SALE SPAIN

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Currency Exchange - In August 2007 there was Jayne from Southampton, she was buying a property in Almeria, Spain. Her transfer was for a villa at 325, 000; a superb 5 bedroom villa with sea views. Her bank had frightened her with the exchange rate, so she decided to look elsewhere; fortunately she came to a brokers website. She was offered an exchange rate of 1.39 / 1; we were able to offer 1.41 / 1. This meant had she continued with the bank she would have realised 451, 750 - however fortunately the broker service could manage 458, 250; saving Jayne 6, 500 (4, 600)

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Properties for Sale in Majorca - Margaret and her husband Roy were buying in the Majorca in December 2007; they were buying a 3 Bedroom apartment on a top class complex, swimming pool, bar, shops etc. The property in Majorca is expensive so a three bedroom apartment was priced at 265, 000. Newly retired they wanted the best deal on their currency exchange. Their bank had quoted 1.31 / 1 but the broker was able to secure at deal at 1.33 / 1. This meant the currency broker was able to save Margaret and Roy 5, 300 (3, 900).

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Spain - But the Spanish, like many of the other Europeans, have quite good police/interior/border troops far more militarized, heavily-armed and trained than the US Border Patrol. So it is like apples and oranges, with European Interior Ministers (who have nothing to do with national parks) generally being more competent and savvy about their area of responsibilities than defence ministers. And, you don't see Europeans going around invading countries like Iraq who haven't done anything to them - so maybe making the head of NOW Robert Gates's successor has some merit.

And finally, let's give the Moors a break. The last time armed Moorish "tabores" came to Spain, in 1936, they were commanded by Generalisimo Francisco Franco and were fighting atheistic communism. Many brave Moors and soldiers of the Spanish Foreign Legion fell fighting in that struggle.

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Property News - Thinking of buying a house in Spain? The Spanish property market is a thriving, but complex, sector and more and more non-residents are taking advantage of low interest rates in Spain and reasonable house prices.

However, it is very very important to consider all the possible pitfalls involved in purchasing property in Spain. This section is designed to help you to do so.

There are many reasons to live in Spain, and lots of benefits to be got out of making a wise property purchase here. But, as is the case in any big, profitable sector, there are also alot of sharks swimming around in the real-estate sea, dying to get their jaws around that sales commission. So be very very careful, make sure you read as much as you can about how to protect your rights and your investment before taking the plunge.

Spanish promoter took buyers' money before obtaining building permits - Martinsa took money from buyers without obtaining building permission

Following the announcement last week that one of Spains largest construction companies, Martinsa-Fadesa, cannot repay its debts, certain irregularities have come to light regarding the contracts property buyers were asked to sign with the company.

More than 12, 500 families that have signed contracts with Martinsa-Fadesa are now waiting to see if their properties will be completed or not and many are in the do not know whether they will be able to claim back money paid in advance as it has emerged that a lot of money was paid before any official deeds were drawn up.

The lawyers dealing with claims from buyers have already detected a number of irregularities which may place buyers in a vulnerable situation regarding the legality of contracts. The company of lawyers, Ofilegal, has been the first to set up an association for those affected by Martinsa-Fadesa. Ofilegal says that the contracts it has seen so far are poisonous.

According to Ofilegal, Martinsa-Fadesa took money from buyers without first obtaining the necessary building permission. In one case it received money from buyers for a promotion of properties, Colmenar Viejo (Madrid), from 2004 onwards despite the fact that building permission was not granted until 2006 when some buyers had already paid up to 40, 000 euros each.

Ofilegal says that many people are not aware that money paid in advance is insured which guarantees that money is repaid if contracts are broken. However, in some cases the guarantee is about to run out which would make it virtually impossible to recover any money already paid to the company.

Other problems for buyers is that Martinsa-Fadesa has signed contracts with landowners offering them a certain number of properties when building work is completed. However the land is only fully signed over once building work has been completed within the timescale agreed. If work is not completed on time the landowner can reject the contract and Martinsa-Fadesa would in this case lose the land (and buyers their potential new home).

Another serious irregularity has been discovered in a subsidised housing project in Mstoles, Madrid. In this case Martinsa-Fadesa forced buyers to create an owners association (communidad de propietarios) and pay money into it. Up to a million euros was deposited in the association and it has now been discovered that the administrators of this association who are linked to Martinsa-Fadesa have already spent 500, 000 euros.

Martinsa Fadesa is also currently negotiating with unions over the redundancy conditions of 234 of its employees, a quarter of its workforce. Unions have asked the company for further information on the locations of those affected by redundancy. CCOO will demand that Martinsa-Fadesa presents a viable plan for the continuation of the company and maintenance of its workforce and UGT will ask for access to documentation. UGT has also informed the Ministry for Work of its concerns regarding the situation of workers in companies that have been subcontracted by Martinsa-Fadesa and has asked for them to be inspected.

Courtesy: euroresidentes.com

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PROPERTIES FOR SALE SPAIN

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PROPERTIES FOR SALE IN SPAIN continued...

PROPERTIES FOR SALE SPAIN

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Spain - But the Spanish, like many of the other Europeans, have quite good police/interior/border troops far more militarized, heavily-armed and trained than the US Border Patrol. So it is like apples and oranges, with European Interior Ministers (who have nothing to do with national parks) generally being more competent and savvy about their area of responsibilities than defence ministers. And, you don't see Europeans going around invading countries like Iraq who haven't done anything to them - so maybe making the head of NOW Robert Gates's successor has some merit.

And finally, let's give the Moors a break. The last time armed Moorish "tabores" came to Spain, in 1936, they were commanded by Generalisimo Francisco Franco and were fighting atheistic communism. Many brave Moors and soldiers of the Spanish Foreign Legion fell fighting in that struggle.

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Properties for Sale in Spain - Ines and Kevin from Glasgow were buying a Duplex in Spain, January 2008; it was a strange scenario, they were renting before they bought. They had lived in Spain for approaching 11 months and had left their house sale money in their bank in Scotland. Because of their purchase they had been advised to use a broker. Rather than use the broker that the building company recommended, they had chosen to look on the internet. Fortunately they had found a Currency Broker. Most brokers can always beat a bank's quote, it isn't so easy to beat another broker. The Currency Broker saved Ines and Kevin 1, 300 Euros over another broker, but nearly 6, 200 Euros against the banks.

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Properties for Sale in Tenerife - Natalie and Kevin from Blackburn were transferring two amounts over 3 months. They were buying a property off plan in Tenerife. Their first payment was a deposit of 16, 500 and then a final payment of 149, 500. Their first payment was in a period during 2007 when (February) the exchange was good, but by May the rate had changed down a little. However their first bank quote for the first transfer was 1.43 / 1; the broker was able to beat that quote and consequently because of their disappointment with their bank they didn't even get a quote for the second transfer. But the currency broker estimated we saved them 4, 100 which is approximately 2, 800

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PROPERTIES FOR SALE SPAIN

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Spain - Andalucia - Wednesday, July 23, 2008 - Latest figures for foreign tourism in Spain - Number of foreign tourists visiting Spain this year increases

The sun and beaches continue to attract foreign tourists to Spain. In the first 6 months of this year the number of foreign tourists visiting Spain went up by 2.6% to 26.6 million compared to figures for the same period last year.

According to the Survey on the Movement of Tourists published today by the Ministry for Industry, Tourism and Commerce Spain received 5.7 million foreign tourists which is 0.7% less than for the same month in 2007.

Catalonia is the most popular destination for foreign tourists and received 6.6 million tourists between January and June this year which accounts for 24.8% of the total followed by the Canary Islands which received 4.7 million tourists (15.6% of the total). Andalucia was in third place with 3.7 million foreign tourists (14.1% of the total). The Comunidad Valenciana received 2.6 million foreign tourists (10.1% of the total) and the Comiunidad de Madrid received 2.3 million foreign tourists (8.7% of the total).

The survey found that 7.3 million tourists were from the United Kingdom (27.5% of the total) which is 1% more than for the same period last year. Germany is in second place with 4.7 million of its citizens visiting Spain during the first 6 months of this year which is 2.8% more than for the same period last year. French visitors numbered 3.6 million and Italians visiting Spain number 1.5 million.

Out of all the foreign tourists visiting Spain this year between January and June 18.4 million tourists visited independently (7% more than for the same period last year) and the number of tourists visiting Spain which were not on package tours continued to decrease. In fact the number of tourists coming on package tours went down by 6.8% during this period.

Arriving by air continued to be the most popular form of travel with 20.9 million tourists arriving this way (78.5% of the total) an increase of 2.8%. The preferred type of accommodation continues to be hotels (65.9% of the total) which is an increase of 3.8% while the number of people not staying hotels remained the same at 8.8 million which is the same as 2007.
 

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