Claire Wilson
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.
Do not believe all you read, yes there are new laws but where our apartment is in Almeria there is such a back log in the Vera courts that we still await a date for the hearing. It is now 13 months since the tenants stopped paying the rent. We had a court date in September but at the last moment he asked for legal representation(a delaying tactic) so we are still waiting for the courts to appoint a lawyer. So god knows how long it will be before we get our apartment back so think before you rent!!
GREAT NEWS FOR INVESTORS!!! Now all that’s needed are:
1) Renters who can honestly afford to pay the rent
2) Renters who DO pay the rent regularly and on time
3) Renters who DO vacate when no longer can pay the rent
4) A Spanish Judicial system that quickly enforces eviction
5) A property Owner who can afford to pay the mortgage, even without rental income… indefinitely.
…. etc.
NO PROBLEMO!
Have you thought that there other reasons why people are investing in low value properties. D;)
caccia: Greed, stupidity and roubles to burn?