New laws to benefit buy-to-let purchasers

LAST UPDATED: 31 Dec, 2012 @ 07:45
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New laws to benefit buy-to-let purchasers

EXPATS could benefit from new laws aimed at making properties more attractive to buy and rent out in Spain.

With current rental laws considered to be too favourable towards tenants, the Spanish government is now set to unveil a number of measures which will give more power to landlords.

The new legislation will allow property owners to take their home back after two months’ notice, while tenants will be given just 10 days to pay overdue rent before being evicted.

Landlords will also benefit from tax relief on the rental income, ranging from 60% to 100%, on the condition that the property is rented out to working people under 30.

Further measures will include cutting the tenant’s right to live in the property to three years with a one-year agreed extension, instead of the current five years plus a three-year extension.

According to Spain’s public works ministry, foreigners bought 12% more properties in the second quarter of this year compared to the same period in 2011, with Malaga among the most popular areas.

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