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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...

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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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Spanish Estate Agents - El Mundo - Spain | Wednesday, July 16, 2008 - Spain's real estate bubble bursts - Spain's biggest real estate group Martinsa-Fadesa has filed for bankruptcy. The announcement has had a domino effect for construction and real estate companies on the stock markets. Some politicians have called for the state to intervene and offer state aid. The daily El Mundo opposes this: "Martina-Fadesa is the real estate group that holds the greatest area of built-up square metres in the country (28 million) and owns 170, 000 living units currently under construction. ... Experts fear that Martinsa ... will be only the first of a long series to declare bankruptcy in this sector. ... One issue that needs to be analysed is the shady connection between real estate groups and financial institutes that provided great sums for companies with dubious solvency records. ... There is no justification for the government to rush to the financial aid of a sector that has proceeded with so little transparency."

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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

Scroll below... For more SPANISH PROPERTIES Case Studies, Examples and Frequently Asked Questions

PROPERTIES FOR SALE IN SPAIN continued...

PROPERTIES FOR SALE SPAIN

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Spanish Estate Agents - El Mundo - Spain | Wednesday, July 16, 2008 - Spain's real estate bubble bursts - Spain's biggest real estate group Martinsa-Fadesa has filed for bankruptcy. The announcement has had a domino effect for construction and real estate companies on the stock markets. Some politicians have called for the state to intervene and offer state aid. The daily El Mundo opposes this: "Martina-Fadesa is the real estate group that holds the greatest area of built-up square metres in the country (28 million) and owns 170, 000 living units currently under construction. ... Experts fear that Martinsa ... will be only the first of a long series to declare bankruptcy in this sector. ... One issue that needs to be analysed is the shady connection between real estate groups and financial institutes that provided great sums for companies with dubious solvency records. ... There is no justification for the government to rush to the financial aid of a sector that has proceeded with so little transparency."

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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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Mortgages in Spain - Many guides about buying property in Spain assume that potential buyers actually have the money available, but if you are considering buying a house in Spain because you live and work here, or because you simply want to invest in property in Spain, you may want to consider taking out a mortgage with a Spanish bank. Whether you want to buy a finca in Spain, a holiday apartment on the Costa Blanca or a new home in Spain, taking out a Spanish mortgage may be the right solution for you.

Interest rates in Spain vary, but are generally much lower than in the UK, and competition between Spanish banks is fierce. If you are interested in a property still to be built, you may find that the constructers already have an agreement with a certain Spanish bank for all mortgages and you are left with little choice. If not, you would be wise to shop around for the best deal.

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