Previously the highest number of transactions reported in Spain was February 2011, figures have just come out stating that March 2017 is now the month to beat with 40,641 properties sold in Spain.
The whole of Mainland Spain has seen increases in growth whilst the Canary Islands had a decline of 3.5%.
The first 3 months of 2017, Spain’s Central Statistics Unit registered 15% more property sales compared to the same time period in 2016. The total number of property sales for the last 12 months including the month of March 2017 has seen the increases of 15.1% compared to the previous 12 months.
As mentioned in a previous report the Spanish property recovery is well on track and we have seen huge increases in enquiries and sales for property in the Costa del Sol specifically. With a new breed of buyer entering the market we are expecting 2017 to be a huge year for the real estate market in Marbella. Banks are offering great rates for foreign buyers, golden visas have been a successful addition for many clients outside of Europe and huge amounts of money is being injected into key resorts along the coast making the Costa del Sol one of the most desirable investment regions in Europe.
Who wants to be legal? Well you should be… The Andalucian Government has seen a huge increase in rental permit applications since imposing massive fines for anyone renting out their property to holidays makers without the correct licences.
So far throughout Malaga and Costa del Sol we have more than 9,000 rental properties that have gone through the process of becoming legal by gaining the government official permit. We have sources that claim over 21,000 applications have been submitted already and waiting for clearance to allow the properties to be rented out legally throughout the coast.
For many years property owners have used the rental income gained to put towards the annual property costs like for mortgage, community fees and maintenance work whilst still living in the UK and Ireland for example. The new registration process came into play in May 2016 which was probably sparked by the hotel industry claiming the illegal renting of property was harming the hotel industry.
Should you have a property that you wish to rent out legally then you must apply for this permit, allow an inspection of the property, have a safety check and obviously now pay the tax due on the funds received.