FOREIGN and domestic investors are snapping up repossessed properties in Spain to rent out.
Buyers stand to make a killing in the market, with prices sitting at around 70% below original value, and new legislation offering landlords a range of financial incentives.
Under the new law, rental rates have been de-linked from inflation and may now be increased by the landlord more frequently.
It also reduces the duration of leases and the waiting time for evicting non-paying tenants.
Foreign owners renting out their property to working people under 30 can even claim tax relief ranging from 60% to 100% on the rental income.
At the same time, demand for rental property is likely to increase over the coming years as tax breaks for individual home buyers have been stopped, making it more difficult for those wanting to get onto the property ladder.