The Latest Spanish Property News from Kyero.com

The housing market in Spain is receiving bad press but there are some good deals available if you do your homework.

With an increasing number of illegal builds coming to light, thousands of estate agents going out of business, and lots of properties failing to sell, many investors may be thinking now is not a good time to buy a property in Spain.

However, one of the contributing factors to the property glut is a surplus of newly-built, over-priced apartments and villas on the costas. After a decade of property prices rising at astronomical rates the market is now beginning to steady, but many properties are still being priced unrealistically.

According to an article by Mark Stucklin, in The Sunday Times recently, although the majority of these properties have sea views they have been built in poor locations, and as there is an oversupply of property in these areas at the moment, many of the sellers, who bought these homes off-plan several years ago, are being forced to reduce their asking price. There are so many identical homes for sale the only factor which will differentiate one property from another is the price. Caixa Catalunya, a Spanish Savings bank, has estimated up to 500,000 newly built properties remain unsold.

Although villas are in shorter supply, problems in the market with flats means prices are being pushed down for villas as well.

Andrew Lupton, of Stacks Relocation Spain, was quoted in the article as saying: "Prices for attractive villas in the upmarket enclave around Javea, on the Costa Blanca, are already 20 per cent down.

"You can now get a lovely four-bedroom villa, with a pool, on a plot of 800 square metres for £300,000. A year-and-a-half ago it would have cost you £380,000."

However, planning approvals for new detached properties are falling considerably faster than for flats, according to new figures from the Spanish Ministry of Development. This could lead to a shortage of villas, which will help strengthen prices in the future.

The article advises buyers to head south for the best bargains. Andalucia has some particularly enticing prices at the moment, with a brand new four-bedroom Penthouse in Nerja, with a roof-top pool and sea views, reduced from £720,000 to £510,000.

The best deals to be had are on the coast, but this is also pushing prices down further inland.

Mark Stucklin, advises potential buyers to try and negotiate a good price. They may be surprised at what they can get for their money, particularly if the owner is looking for a quick sale.

Those hardest hit are people who bought their properties off-plan when prices were rising. Some are finding they are having to sell their properties for less than half the price they originally paid for them.

However, anyone looking to snap up a bargain in Spain is advised to ensure thorough legal searches are carried out before they buy, however cheap the price might be. There is no point buying a bargain only to see it knocked down, because it has been built illegally. If you buy wisely though, you could reap the rewards.

Richard Brady, director of Olive Tree international, which sells properties worldwide, believes the current problems in the Spanish market is only a temporary glitch.

"Spain affords easy access from the UK, has an excellent infrastructure, miles of beaches untouched by an urban landscape and can offer good potential. You just need to ensure that you buy through a reputable company that can guarantee land ownership.

"We feel that within a couple of years Spain will resume its appeal to UK buyers and prices will begin to climb again.

"Investors can look forward to long-term, stable capital growth and excellent rental potential in a country that has, overall, an established infrastructure and an excellent track record."

Full story from homesworldwide.co.uk

The pound has flopped, dropped like a stone and left many Spanish property owners who wish to sell and repatriate their money in a strong negotiating position. How can the economic problems mean good news for those selling property?

Currently the Spanish property market is very slow for Spanish buyers due to higher than usual interest rates, the price of properties versus the average income and the uncertainty surrounding the market. Therefore, if you are a British seller who will be repatriating your money into pounds, now is a great time to cut your price and still get the same amount of pounds out that you would have a month ago at a price 10% higher in Euros. The price cut will have two positive effects for differing buying groups.

The Spanish or European buyer who purchases in Euros and doesn’t have to think about the exchange rate will see your property at a lower price than competing properties being sold by non UK nationals who will not be repatriating their money. This might tempt them to visit and make offers.

The British buyer who has seen prices rise when doing their calculations by 10% will find that your property is not more expensive than it previously was. They may well be willing to go the extra mile to purchase their dream house in the sun.

What are the risks? Well, it is perfectly possible that in the future the pound will go back up but as a 1% cut in interest rates in the UK is being talked about after the recent carnage on the stock exchanges, don’t expect that to happen very soon, giving you a window of opportunity now to sell at a lower price.

Secondly, someone may make an even lower offer. It is currently a buyer’s market and this is going to happen anyway at the higher or lower price. However you will get more offers on the property at the lower price obviously and if you are relocating to another property here in Spain then remember that you too can offer a lower amount and expect to see it accepted at the moment.

Bear this in mind when pricing your property and if you want to sell then look seriously at your asking price as you have a compeititive advantage there. This is particularly important in areas where all of the houses are similar in style and build, for example two bedroom flats bought off plan a couple of years ago.

Article courtesy of Valencia Property

We've launched a couple of new features on Kyero.com to help you research Spanish property and to enable you to help others do the same.

Last week I mentioned the Get Answers form on just about every page of Kyero.com.

It's a simple idea - you want to know something about Spain or an aspect of the property market here and you ask us.

We do our best to answer and, if your question is of interest to other people, we'll publish the details (without any of your personal information of course).

Don't have a question? but you do have some knowledge or opinion about Spain which would benefit others?

Now you can use Kyero.com to spread the word.


Whenever you search for property, look for the About .. box on the left hand side. This box will always lead you to specific information about your current location.

We've had these map, weather, prices, airports and schools pages for a while now - but now you can add your comments for the benefit of other visitors. It's really easy and quick to do.

Can you imagine how much more all of us would know about Spain, how much more confidence we would all have in buying or renting property here if we all shared our individual nuggets of knowledge about the locations familiar to each of us?

How much safer would you feel about buying a property in a particular town if you could read frank comments from people who already live there?

Here's what you won't read on these pages. No blatantly promotional blurb singing the praises of a location (unless supported by hard facts). No abusive or offensive or unfounded comments, no SPAM.

We've expanded the Kyero.com team so that we can manually review each comment to make sure it's helpful and relevant. Will you help us get started by sharing the knowledge you have about Spain with everyone else?

You don't need to write a lengthy essay (but you can if you want to). The more that you (and thousands like you) contribute, the more useful these pages will be for everyone. More information leads to a more transparent and safe Spanish property market.

Here are a few of my own 'get the ball rolling' comments. We've lived in Almuñecar for almost six years now and before that we spent a year in Begur, on the Costa Brava. I've kicked off with some snippets of knowledge I wanted to share about each location.

Weather in Begur

Weather in Almuñecar

Culture in Begur

Problems with the Spanish post code system!

I'll add more as I go along, bit by bit, and I hope that you will too. Don't be put off by the sea of blank pages with no comments - someone has to start - it might as well be you!

We will publish every comment, even if we don't agree with them ourselves, as long as they're constructive, based on personal experience or fact and potentially useful to other people.

Martin Dell, Kyero.com

Nothing to pay until 2009 plus a 5% rental guarantee for 2 years

Arana de Mijas is set in the grounds of the Cerrado de Aguila Golf Resort and with wonderful views of the Mediterranean Sea from its elevated position.

Although this luxurious development of apartments and penthouses enjoys superb views and a tranquil environment, the coastal attractions of Fuengirola and Mijas Costa are easily reached in a 5 minute drive from the gates of the resort. In addition, the fantastic new Myramar Shopping Centre, and the El Corte Ingles department store are just a short drive away.

For golf lovers, apart from the on-site course, a range of attractive golf options are within easy reach, including the facilities at La Cala Resort, Mijas Golf, El Chaparral and Santana Golf.

Additionally, the international airport of Malaga can be reached in around 25 minutes.

Arana de Mijas itself comprises 160 spacious apartments and penthouses, designed in contemporary style, and offering every home comfort. Properties feature marble and wood flooring, fully equipped kitchens with top-brand appliances, power showers, electric blinds, extensive terraces, domotic home management system and air conditioning.

The project boasts extensive landscaping, offering lawned areas, attractive palm-lined walkways, pools and recreational zones, whilst remaining sympathetic to the local environment. The development will also feature 2 large swimming pools, fountains, cascades and paddle tennis court.

For those who like to indulge in a spot of pampering, there is a spa area that is fully integrated into one of the buildings on site, providing jacuzzi, Turkish bath and sauna. In addition, the resort's extensive clubhouse is just a short walk from Arana de Mijas, and this offers further spa facilities, treatment rooms, restaurant and bar, plus a huge terrace from which to enjoy the superb views.

The Arana Club Concierge Service is also able to offer all kinds of services and assistance for property owners, from maintenance and cleaning, to nannies and car hire. There will also be a full managed rentals service on site.

A fully furnished show apartment is available for inspection by prior appointment.

For the next 20 units only:

Superb payment terms - just 10% required at completion - nothing else to pay until completion in summer 2009 Rental Guarantee of 5% per annum for the first 2 years of ownership

More Information

New research from the Journal of the American Heart Association reveals that vitamin D is critical in offering us protection against all sorts of serious illnesses and conditions such as strokes and heart failure, and that vitamin D also plays a vital role in supporting bone strength.

The findings of the research, which took five years to complete, have been published along with evidence that only around 10% of us ever has high enough levels of vitamin D in our bodies because we lack exposure to the one source guaranteed to top us up, namely the sun.

In a recent article in the Guardian newspaper, a reporter cites ABTA, (the Association of British Travel Agents), as saying that because summer 2007 in the UK was such a washout, the 2007/08 winter sun season is going to be busier than ever with record numbers of Brits having booked to go abroad in search of the warm rays of the sun.

If you're one of the estimated 3.5 million Britons heading off in search of winter sunshine this season, which are the destinations that you should be focused on for guaranteed vitamin D levels, excellent affordability, ease of accessibility and a great holiday to boot?

According to the Telegraph, ABTA and the Times newspaper, the number one location you should be considering in 2008 is the Canary Islands.

The Canary Islands are an African archipelago that make up part of the Kingdom of Spain. They are a dramatically beautiful group of islands in the Atlantic Ocean that enjoy year round temperate conditions making them ideal for winter sun, and also summer sunshine holidays.

Accessible from the UK in around 4.5 hours and serviced year round by a host of cheap flight operators such as Jet2fly which has flights currently starting from just GBP 49.99, the Canary Islands are a favourite with sun seekers and a favourite with travel correspondents from leading British newspapers this season it seems.

Interestingly enough, 2007 was a poor year for the Canary Islands – both in terms of tourism arrivals and property prices. Tourism arrivals declined to 7 million between January and October 2007 with predictions at the start of the year estimating arrivals during this period at around 7.25 million. And average property prices on the likes of Fuertaventura, Gran Canaria and Lanzarote also declined in 2007.

According to award winning Spanish property portal Kyero.com, the Canary Islands now offer so much more in the way of value for money for would-be Spanish home seekers. For example, Fuerteventura recorded an average price drop of 9.2% in 2007, Gran Canaria saw a drop of 4.8% in average prices throughout the year and even in Tenerife where there was actually a property price increase of 7.5%, average property prices still remain 15% below the national average in Spain.

These facts and the news about the tourism decline in 2007 caused something of a knee jerk reaction or perhaps an awakening in Spain, and a concerted drive has been made to once again promote the attraction of the Canary Islands which is why so many British journalists are now once again revisiting the delights of the archipelago and passing on their positive findings to their readership.

The islands derive almost a third of their entire GDP from the tourism industry and a further 20% from construction – so you can see how essential their travel and property markets are. Good news for the consumer going in to 2008 then – because the government and private sector are both behind a significant push to once again promote the delights of the islands.

What this means for the likes of you and me is that if we're looking for cut price holidays and reduced price Spanish property in 2008, along with our winter sunshine and our vitamin D fixes, the Canary Islands are the destination of choice. And offering a one stop shop for tourism and long term rental property as well as property for sale in the Canary Islands is the aforementioned kyero.com…making it much easier for you to find a vacation home for a property inspection trip and a healthy dose of vitamin D, locate properties you might like to buy and arrange for a longer term rental home for you to move into whilst you wait for the completion of your property purchase to go through!

In terms of which Canary Island to choose from, well, you can select from Tenerife, Fuertaventura, Gran Canaria, La Gomera or Lanzarote for example - each island is popular and each is also distinctly different from the next and offers an entirely different travel experience.

For example – Tenerife is the most well known and also the largest of the islands. It has two airports and most visitors head for the south of Tenerife as it has the best climate and is very well developed with an excellent array of amenities and facilities to keep the entire family happy on holiday. This island is very popular with holiday home buyers too, and as prices are so far below the national average you can snap up your own Spanish property bargain for the median price of EUR 219,500.

If you prefer a slightly quieter destination then how about Lanzarote; home to César Manrique and a great deal of the artist's stunningly dramatic artwork and home to property prices that have dropped to around an average of EUR 312,000.

Or maybe, if you prefer outdoor sports such as surfing, diving, big game fishing or 4x4 safaris, you might prefer Fuertaventura? The tourism and property markets in Fuertaventura are in their infancy relatively speaking when you compare the island with others in the archipelago. As a result, prices remain affordable with the cost of an average home being EUR 250,000.

For nature lovers and those who holiday in search of tranquility, you might be recommended to try La Gomera, and if you're interested in discovering a miniature continent, try Gran Canaria – home to more landscape and climate varieties than all the other islands put together and home to very reasonable real estate prices of around EUR 198,000 – 1% below the national average.

As you can see, the Canary Islands offer more than mere winter sun appeal and essential vitamin D doses – they offer a diversity of geography and climate, a short haul, affordable and accessible year round sunshine destination, and a location where property prices have declined in recent months and now offer would-be buyers better value for money. 2008 is likely to be a very good year for the Canary Islands!

There has been talk of a new crack down on under-declared property sales in Spain.

Q: What procedures and evidence do buyers need to follow / produce when purchasing a property to ensure they are not under-declaring? What are the possible penalties if found guilty of undeclaring?

A: Since the late eighties and during the nineties, under declaration on the purchase price in the Title Deeds has been an unfortunate, and endemic, practice in Spain. When the Euro was going to come into force in 2001, a massive exchange of B monies was produced for obvious reasons: the peseta was going to disappear. It would be naive to say that under declaration does not exist anymore, but because of the incorporation of the Euro as a new currency and due to the strict attitude of the Inland Revenue (Hacienda Publica) and the Public Prosecution Department (Ministerio Fiscal), this is a practice which appears to have been virtually abandoned. In fact, it is difficult to find this practice if you are buying from a well-known, reputable developer.

Buyers must ensure that every payment is made / transferred from their account to the seller's account. The balance of the purchase price should also be made by means of a Bank Transfer or handing over a cheque or bankers draft on completion at the notary's office. You should never make cash payments or payments which have not been documented prior to completion of your purchase. You should also ask - and this should be agreed in your contract - whether the full price is declared in your title deeds; otherwise you should pull out of the deal.

When you attend completion before the Spanish Notary, make sure all monies you have paid are declared in the title deeds and check that the price that appears in the deeds is the price agreed and paid by you. If you notice that the price to be declared is less than the one you have agreed and paid, you should mention this to the Notary and refuse to sign the title deeds unless the full price is declared. Nowadays, under declaration may not only lead to a penalty with surcharges and interest from the Inland Revenue, but in some cases, it may lead to imprisonment.

Story from www.opp.org.uk

Spain has long been the number-one destination for British buyers, and hundreds of thousands of us already own property there. But, with the country’s property market looking distinctly wobbly, and some muttering darkly about an impending crash, would you be mad to buy a home there this year?

Not necessarily. As seasoned investors know, where there is trouble there is opportunity, and distress may mean bargains for clued-up buyers who know how to exploit the market.

David Irvine, 55, a businessman from Glasgow looking for a semi-permanent home in the Puerto Banus area, on the Costa del Sol, is among bargain-hunters already on the case. “With the market stalled, and interest rates rising, I’m quite clear that 2008 will be a disaster for folk who have to sell,” says Irvine, who has been tracking the market for five years. “My preference is a villa in a prime location with sea views, but basically I’ll go for the best deal.”

The market may be turning, but that doesn’t mean all properties are for sale at rock-bottom prices. “Many vendors haven’t yet come to terms with reality, and some asking prices are ludicrous,” Irvine adds. “I’m a cash buyer – a rare beast today – and, if prices don’t meet my expectations, then I just won’t buy. If I come back from this next trip empty-handed, I won’t be disappointed – I’m not in a hurry.”

So, how bad is it, and will there be a crash? The outlook for the Spanish economy is darkening: unemployment is rising, inflation has hit 4.3% and the current-account deficit is the biggest in Europe. The oversupply of new flats and villas in many “sub-prime” locations, such as Duquesa, on the Costa del Sol, and Torrevieja, on the Costa Blanca, remains a problem. A quarter of all properties built in the European Union in 2006 were in Spain, and Caixa Catalunya, a Spanish savings bank, has estimated that up to 500,000 newly built properties remain unsold.

Spain is a large and diverse country, however, which means that different areas and kinds of property will perform differently. “Much of the doom and gloom is misleading, because it comes almost exclusively from new-build property development,” says Barbara Wood, who runs the Andalusian end of The Property Finders, a search agency. But bad news in one segment tends to rub off on others, forcing serious sellers across the board to lower their asking prices.

Detailed research is the key to success, but here are some tips to help you on your way.

Information is power

You should do your homework before buying any property abroad, but it’s more important than ever when the market changes and prices begin to jump all over the place. Invest your time wisely in researching the market and you may be able to save yourself tens of thousands of pounds. “There’s no substitute for clear thinking and good research,” Irvine says. “You have to be really clued up on the market, and clued up on values, then drive a hard bargain.” To use an analogy from the stock market, you have to be a stock-picker, rather than buying the index.

What kind of property?

Newly built flats on the coast are largely responsible for the property glut, much to the distress of the many British investors who bought them off-plan in recent years. Sea views or not, many of them are in mediocre or poor locations, with little to differentiate them from one another. This leaves sellers with nothing to play with but the price – and, given the oversupply of property, they may be desperate. In short, if you don’t mind buying an iden-tikit apartment, this is where the best deals are likely to be found.

Although villas are in shorter supply, problems in the market for flats mean that asking prices are also being pushed down for villas. “Prices for attractive villas in the upmarket enclave around Javea, on the Costa Blanca, are already 20% down,” says Andrew Lupton, of Stacks Relocation Spain. “You can now get a lovely four-bedroom villa with a pool on a plot of 800 square metres for £300,000. A year and a half ago, it would have cost you £380,000.”

Significantly, planning approvals for new detached properties are falling considerably faster than for flats, according to new figures from the Spanish Ministry of Development. This suggests a shortage of villas in years to come – which will tend to underpin their prices in the future.

Where should you buy?

Some buyers are, of course, wedded to a particular area or region. But if you are more flexible, then head south for the best bargains. “There are already some ‘come and buy me’ prices to be found in Andalusia,” Wood says. “For example, a brand-new penthouse in Nerja, with four bedrooms, two bathrooms, a rooftop pool, wonderful living areas and great sea views, which was first on the market for £720,000, is now down to £510,000 – with every indication that the price can be negotiated further.”

The best deals are on the coast, where the oversupply of property is greater, but inland properties are also being dragged down. The latter market is smaller, but less volatile, which might appeal to more risk-averse investors.

Dealing with developers

Developers are having a hard time because of the downturn, which is hitting their sales hard – a fact reflected in the collapse of the share price of most developers quoted on the Spanish stock market in recent weeks. So, now’s the time to drive a hard bargain if you are buying direct. Many developers are loath to drop prices, but will offer discounts in other forms, such as mortgage “holidays” or guaranteed yields.

Choose your development carefully: many are so unattractive and overbuilt that, however good a deal you get, you may never be able to sell on your flat. Be extra-careful if you are buying off-plan. Many developers are having financial problems, and nothing is a bargain if the developer folds and runs off with your money before the project is completed. So, take your time, negotiate hard and buy only from developers with strong balance sheets and good reputations.

Distressed sellers

Distasteful as it is, there’s no better way to get a bargain than to find someone who needs to sell because of a personal calamity such as death in the family, divorce, ill health or redundancy. Distressed sellers, especially Britons who need to return home with their money, can’t afford to sit out the buyers’ market, and the longer they delay, the more it costs them in mortgage payments and other expenses. Especially badly hit are those who bought off-plan when prices were rising, in the hope of selling on for a profit. One British owner in financial difficulties recently had to sell his £900,000 villa on the Costa del Sol for £415,000, leaving him £450,000 out of pocket once the mortgage had been cleared. “One person’s pain is another’s gain,” Lupton observes.

Keep it legal

This being Spain, it is essential to do thorough legal searches before buying, no matter how good the price. The regional government of Andalusia, for example, has just demolished the home of an elderly British couple in Almeria, claiming it was illegal. No property, however cheap, is a bargain if it’s going to be knocked down.

That said, buying illegal properties at a discount could be a rational strategy for an investor with a large appetite for risk. Some of the properties might be demolished, but others might pay off handsomely. You would, however, need deep pockets and nerves of steel.

Full story from The Times Online

The overall outlook for global real estate investment looks solid despite disruption in the European and North American credit markets, according to LaSalle Investment Management in its 14th Investment Strategy Annual.

The investment specialist believes a global 'hard landing' should be avoided as money continues to find its way into real estate and market fundamentals remain strong. It also noted that tighter lending requirements in Western markets would place leveraged investors in a strengthened position to secure deals at better prices.

"There is no doubt that the shutting down of cheap, easy credit will have an effect on real estate markets", said Robin Goodchild, report co-author and head of the firm's European research and strategy division. "However, the future offers a return to more leverage and margin levels that will enable those who truly understand the property markets to prosper."

LaSalle also suggested the construction slowdown, due to tightening credit conditions, will remove the chance of oversupply devaluing current strong property prices.

"We don't believe markets are heading for an early 90s-style hard landing as there is little risk of over supply, however, the recovery is not likely to be as compelling as 1993/94 either," added Goodchild. "So prices are not likely to fall significantly".

Story from www.opp.org.uk

It's been a lively week on Kyero.com. Yesterday, we moved to a new cluster of servers in a new datacentre.

Aside from the inconvenience of the site being down for a few minutes, we're optimistic that we'll now be able to provide better performance and better reliability in the future.

If you're wondering whether now is a good time to be thinking about buying in Spain, check out my answer to just that question.

Interest in long term lets in Spain is still on the rise. Compared to this time last year, enquiries about letting a property on a long-term basis have trebled as a percentage of all enquiries. Now, approximately 20% of all enquiries are about long term lets

For buyers wanting to 'check-out' Spain or a particular area, the benefits of renting long-term are obvious: They get to experience a particular location first-hand, they're immediately available to view properties for sale as they come on to the market and they're in place to deal with the to-ing and fro-ing that seems inevitable when buying a property.

For property owners, letting can be a good deal too. There are none of the legal restrictions that surround tourist or holiday-lets and recent changes in the law favour the landlord should evicting a tenant become neccessary.

If I were selling a property in Spain today, and could afford to wait, I'd let it out long term while the market settles.

Most estate agents advertising on Kyero.com offer a tenant-finding and property management service and I think, for all concerned, the long-term letting business could be just what Spain's property market needs at the moment.

This week, I also answered a couple of price-specific questions about the Canary Islands. You can read more about price trends in Gran Canaria and those in Tenerife too.

Martin Dell, Kyero.com

Rental guarantee at superb Costa Blanca ´Key Ready´ project

Playa Golf is being developed by the well-respected building company and promoter San Jose.

It is superbly located just a short drive from fabulous sandy beaches and the attractions of Cabo Roig, La Zenia and Playa Flamenca, plus the three nearby golf courses of Campoamor, Villamartin and Las Ramblas.

Getting to Playa Golf couldn´t be easier, as the international airports of Alicante and San Javier can be reached in just 20 minutes. All of this adds up to a fantastic option for those seeking a great-value holiday home or rental investment in Southern Spain.

The first two phases of Playa Golf sold out in record time, and there is a limited number of superbly priced, key-ready villas and apartments available.

More Information

44.4bn pounds spent on property in 2006 - sales driven by desire for 'rich life experiences'

UK and Irish consumers spend around 122m pounds a day on overseas property and 1 in 30 people in the UK and Ireland have invested in property abroad, according to research from Datamonitor for OPP knowledge.

Based on a survey of 4,000 plus consumers and over 850 agents from the UK and Ireland, the 250 page report found that the total amount of overseas homes owned by Brits, including those living overseas, is 3.81m (not including time-share or fractionally owned homes), with a total value of 44.4bn pounds in 2006. Domestic agents expect that figure to reach 93bn pounds by 2012, while consumers expect it to reach 85bn pounds in the same time period.

UK & Irish Wealth

Barclays Wealth Insights last year claimed the UK will have one million 'super millionaires' (those with assets over 3m dollars) for the first time in the next decade.

Meanwhile, the Bank of Ireland's annual Wealth of the Nation report recently showed Ireland's net wealth had risen 19% in 2006, to 805bn euros - the average wealth per head is now 196,000 euros. It's perhaps not surprising then that 48% of those surveyed for OPP Knowledge had bought using cash savings - with only 26% opting to remortgage their UK property.

Presenting the key findings at OPPLive, Datamonitor's director of consulting, for the EMEA consumer markets, Neil Hendry, said property investment is now on a par with holiday homes as the primary motivation for purchase. However, he added that "non-investment driven motivations are related to the desire for buyers to have a life rich in experiences".

Story from OPP Magazine

Question: We purchased an off-plan property in 2006 intending to sell on completion in 2008. Considering the current market what would you advise?

Answer: In general, as you're probably aware, selling property in Spain AND being attached to a completion date is a little fraught at the moment.

There are a few things you might want to bear in mind. The vast majority of off-plan properties are purchased by Spaniards (93% according to the Ministry of Housing's 2006 figures) . They classify any property under two years old as 'off-plan'

My advice would be to also market to Spanish buyers - either via the two largest Spanish portals (Idealista.com and Fotocasa.es) if your Spanish is reasonably fluent, or via an estate agent who already advertises there.

Bear in mind that the current credit crunch has affected the willingness and ability of Spaniards to get a mortgage too, so I would imagine that there will be fewer Spanish buyers to go around in 2008 than in previous years.

Ensuring that your property can be found on Kyero.com via any of the estate agents who already advertise with us will ensure that you also get seen by the vast majority of foreign buyers too. We also have a significant volume of Spanish visitors but, in reality, not anywhere near that of the two Spanish portals already mentioned.

Plan B, if you can afford to delay the sale, is to make the property available for long term rental. Currently in Spain, there's a huge surge of interest in renting rather than buying (for all the obvious reasons). We've seen demand for long term lets triple compared to this time last year.

Perhaps a strategy of making the property available to sell and let at the same time might be worth a try? Again, advertising via an estate agent on Kyero.com will address both opportunities with foreign buyers - and with luck, the same agent will take care of the Spanish portals too.

Martin Dell, Kyero.com

According to a recent survey by A Place in the Sun magazine, despite a raft of emerging markets and USA property prices down 30% on a year ago and a dollar weakened by 25%, it’s the traditional sun-seeker’s favourite Spain that takes the number one spot for the second year running.

The poll, conducted at the recent A Place in the Sun Live exhibition at the NEC Birmingham, the world’s largest overseas property event of its type, also saw France with its enviable lifestyle maintaining its 2006 second place and Turkey climbing into third position on the back of a wide range of developments marketing in the UK offering great value and year-round sunshine.

Other key trends highlighted include the USA’s leaping six places into fourth position as UK investors take advantage of a buyer’s market and two dollars to the pound, Italy moves up three spots into the top five (as Calabria becomes ever more prominent) and the meteoric rise of Canada – the biggest climber – up seven places to number nine.

Seven of the top ten destinations are European, with Cyprus (6) and Greece (7) performing consistently on the wish lists of UK residents looking for a home abroad, but Egypt is up three places and bubbling under (at 11) and threatening to break through alongside its North African counterpart Cape Verde (10).

Another interesting mover is Australia, which jumps from 20 to 15 as more UK residents than ever make a permanent move overseas (389,000 last year according to the Office of National Statistics) – as witnessed by the success of The Emigration Show at A Place in the Sun Live.

Says Richard Way, Editor of A Place in the Sun magazine: “What’s really interesting about our annual Top 20 survey is that it shows UK buyers as traditional in one respect – in favouring Spain and France – but also willing to seek out new hot spots and investment opportunities elsewhere: across Europe, North Africa, North America, Asia and the Middle East. When looking for a second home or a new life in the sun it seems that Spain’s mix of great weather, rich culture and beautiful coastline is keeping the country at the number one spot, but buyers aren’t afraid to consider Germany, Montenegro, Morocco, Las Vegas, Thailand or Dubai.”

Story from A Place in The Sun

Torrevieja town hall It is fair to say that the traditional fishing village that was once Torrevieja is very much an image of the past, as the town has given way to commerce, tourism, and indeed, the influence of foreign investment. Torrevieja welcomed in the new year with a total of 103,154 officially registered inhabitants. This is quite an alarming increase from that recorded in July, when figures reached the 100,000 mark. Current trends have now made Torrevieja the third most significant population in the Alicante Province, and the fifth in the entire Valencian Community, behind the three Provincial cities, Valencia, Alicante and Castellón, and Elche. As one might expect, the international community of Torrevieja is now a prominent factor in this phenomenon, and has encouraged the rapid growth of the area during the ten year property boom. However, the latest statistics have revealed the true extent to the international presence now felt within the locality, with alarming results. A staggering 53.6 per cent, or 55,284 people, living in Torrevieja are of foreign nationality, while comparatively, there are only 46.7 per cent, 47,870, Spaniards. This is not to say that the Spanish have evacuated the area, but have been joined by their neighbours from overseas, who have been responsible for the massive urban growth and densely populated urbanisations which surround the original municipality. British residents encompass the vast majority of the foreign population, with 12,675 residents now registered on the Municipal Padrón. There is a margin of 8,925 residents between them and the next largest population, those of German origin, who account for 3,750 people. Also registering a significant presence were Moroccan nationals, at 3,116, Russians at 2,985, Swedish at 2,720 and Colombian nationals with 2,563 inhabitants.

Of the 47,870 Spanish citizens included on the Padrón, every province of Spain was represented, with those born within the province of Alicante accounting for the largest proportion, at 19,861 inhabitants. Although a considerable number, this was still only 7,186 in excess of the British contingent, and a relatively slight margin in the scale of things. Following this, the largest Spanish community favouring Torrevieja as their new home are the Madrilènes, at 7,164, many of whom own a second property within the town, which is occupied mainly during the summer and main fiestas. Many natives of the Murcia Region were also found to have relocated to Torrevieja, accounting for 2,452 inhabitants, Vizcaya at 1,289 and Asturias at 1,232. When taken as a whole, in excess of 25,000 inhabitants were nationals of the European Union, with the majority hailing from the UK, Germany, France, Italy and Scandinavian countries. On consideration of the entire Municipal register for Torrevieja, over 120 countries worldwide were represented, including those as distant as Australia, and exotic as Mauritius. Incidentally, the Padrón also revealed that at the end of 2007, fourteen people had celebrated their 100th birthday, two males and twelve females. This might be regarded as a reflection of the relaxed lifestyle and healthy Mediterranean diet, which continue to lure foreign house buyers to Spanish shores. Also with reference to age, it is interesting to note that the majority of residents living in the town are between 30 and 34 years, with 8, 917 people registering in this age bracket. This is followed by those of 25 to 29 years at 8 139, 35 to 39 years at 8 087 and 40 to 44 years at 7 252. And who said that Torrevieja had an aging population? In essence, the Municipal Padrón of Torrevieja is evidence of the truly multicultural nature of the town, and a prime example of how people from very different backgrounds and cultures can live together in harmony.

Full story from roundtownnews.co.uk

Mallorca’s capital attracts surfers as it prepares to be one of the most WiFi-friendly cities in Spain.

Mallorca is set to become one of the most WiFi-friendly parts of Spain as creative market communications agency Blondbeyond aims to offers a free wifi service across Palma city.

Following analysis of WiFi use by around 700 internet surfers in the modern art gallery Es Baluard, the team deduced the demand for a citywide WiFi network, with motives ranging from carrying out specific searching, to general browsing to downloading movies.

The project aims to install the WIFI network in urban areas of Palma and will allow anyone with a laptop to connect to the WIFI network, which will be called “Blondwifi”. The initiative will be funded via adverstising revenues, as non-intrusive advertising will pop up as people surf the net. The company also plans to make agreements with businesses located near to each connection point to enable them to advertise through “Blondwifi”.

However, to achieve their goal, Blondbeyond will need to install around 50 antennas, and the project is having trouble obtaining permission from the town hall and from residents who do not want to see antennas appearing all over the city.

Each antenna has a range of up to 500 metres, and will allow residents and visitors more flexibility by allowing them to connect to the internet outside their homes and offices.

Full story from homesworldwide.co.uk

Only a couple of weeks into 2008 and I think I can pretty much guess what we can expect of the Spanish property market in 2008.

Four different sources of information tell me that more people will be renting long-term in Spain and that everyone involved in the sales of new-build and second-hand properties will be getting very creative. Here's why I think so ..

1. Your feedback
   Remember the new 'Get Answers' on Kyero.com? - lots of you have been using it (thanks for that). The most common subject of your questions has concerned various aspects of renting long term in Spain. I expect your demand to drive an increased supply of properties in 2008



2. The Ministry of Housing
   In one of this week's news articles, the government announced financial subsidies to help young people get into the rental market. The rush to find out more crashed a couple of government web sites. Again, their demand for properties to let long term in Spain will boost supply - probably from people who may have been thinking about selling but will choose to let for a few years instead.



3. Developers
   It's no secret that a number of developers have found it hard to keep going as they get squeezed between the credit crunch and buyers being more cautious. Still, new-build prices are not dropping - because developers are bundling lots of goodies and extras to make their deals more attractive - see this story as an example.



4. Banks and Mortgage Brokers
   They're getting ever more creative to drive business. See this story as an example. Between them and the developers, we can expect to see more and more deals on new and resale properties to make property ownership in Spain easier than ever.

Although we're at an early stage of 2008, my early gut feel is that it's working. Taking Kyero.com as an example, we're seeing substantially more visitors and more genuine enquiries than this time last year.

I think it's still going to be a challenging couple of years - not just for Spain but for much of Europe - but Spain's fundamental appeal hasn't changed and, today there's a lot more people in the market making a lot of attractive offers.

Martin Dell, Kyero.com

Special Offer - Mortgage free for 12 months and legal fees paid on selected 1st Phase apartments

United Golf Resorts will comprise a golf trail of 72 holes, located within the province of Murcia in South East Spain. The first of the developments is being constructed at La Tercia, within the new golf valley of Murcia.

La Tercia is situated within rolling countryside, yet is only a 15 minute drive from the coastal resorts and fabulous beaches of the Mar Menor, the regional airport of San Javier, the new airport at Corvera and the lively regional capital city of Murcia. The project is also surrounded by golf courses.

La Tercia features a fully fenced plot featuring a splendid 9 hole par 36 golf course (to be extended to 18 holes), shops, bars, restaurants and sports facilities. Less than 1,000 properties will be built, and most of the homes will enjoy terrific views to the golf course and the valley below.

La Tercia features a range of properties, including luxurious 3 and 4 bed villas occupying large plots, spacious townhouses with 3 bedrooms and large gardens, and 1, 2 and 3 bed apartments. The ground floor apartments include private gardens and the penthouses boast a private roof terrace from which to admire the views.

The properties are generously equipped, with standard features such as air-conditioning, marble floors, alarm, fitted kitchens, fitted wardrobes, automatic blinds and central vacuum system.

Great payment terms are available and prices start at around 135,000 euros

More Information from Your Key to Spain

Question: Is the property market in decline on Golf del Sur, in San Miguel, Tenerife and if so by how much? What are the rental yeilds for a 3 bed villa on 2nd line?

Answer: Here's our price comparison chart for Golf del Sur, and for Tenerife.

Although we've been recording the asking prices of property in Spain since mid 2005, I suspect that the early fluctuation in both graphs is due to a relatively small sample of properties at that time.

Even today we have fewer than 200 properties in Golf del Sur and a little over 2,500 in the whole of Tenerife.

With such a small sample of properties available, adding or removing the properties from an individual estate agent can have a disproportional effect on price trends too.

The official government figures are of no help here either. Their calculations are suspect for all the reasons I've written about before.

There's another source of commercially available information which you might want to investigate.

Their report takes into account 8,000 properties, which represents about 40% of 2006 property transactions (probably even more because the report focuses on the island of Tenerife and the Ministry of Housing stats are for the group of Islands which include Tenerife, La Gomera, La Palma and El Hierro.

Finally, regarding the rental market for properties, I'm afraid there's even less information available.

We're currently listing one off plan development in Golf del Sur and a handful in the whole of Tenerife.

I'm aware that developers are bundling lots of extras into deals at the moment - mortgage holidays, no legal fees and guaranteed rental. It might be worth sending off a few enquiries to see what's available at the moment - that would probably be your best indication of likely rental yields.

Martin Dell, Kyero.com

In response to customer demands InspectaHomeSpain, a company that specialises in new property inspections, the creation of professional snagging reports, and the management of the process, have produced a series of free guides to help the buyer understand the completion process, and operates independently of any agent, builder, promoter or lawyer.

Commenting on the guides Roy Howitt explained that since InspectahomeSpain started trading in Spain 4 years ago, they have inspected more than 1500 properties in Spain, built by more than 300 different builders and have gained a great deal of practical experience on how best to deal with Spanish developers and resolve issues, and the guides contain practical common sense advice based on real life experience.

InspectaHomeSpain already provides free help and information to new property buyers via the website www.inspectahomespain.com They have found that not everybody is aware of their consumer rights in Spain and, although information is available on various websites, these guides aim to provide a single source for information for new property buyers in Spain.

The guides include specialised publications for buyers on golf resorts including Polaris World, La Tercia, RODA Golf, Sierra Golf, Serena Golf and La Finca but the information will be useful to any buyer.

InspectahomeSpain also work to lobby local authorities for improvement and enforcement of building regulations, and for people that want to carry out their own snagging inspections the DIY guide and checklist are invaluable as they give you a good idea of what common defects to look for.

You can obtain copies of the reports by completing the form on the website www.inspectahomespain or by e-mail to guides@inspectahomespain.com.

Article supplied by Roy Howitt of InspectaHomeSpain

Concern over the financial problems confronting young people in Spain deepened yesterday after it emerged that more than 200,000 applied for a new housing grant within hours of it coming into force. So great was demand for the new state handout that two government-supported websites crashed within two days of the law coming into effect on Wednesday as they were inundated with requests.

The grants are part of a drive to assist young people who want to leave their family homes. Surveys consistently show millions still live with their parents. In a 2001 census, 35% of 30-year-olds were still living at home, more than twice the number of two decades earlier.

The grants are aimed at people aged between 22 and 30, who earn less than €22,000 a year and live in rented accommodation. Worth €210 each month, they are paid out for each flat rather than to an individual, meaning that the more people living together - as is often the case with young university graduates - the less they each receive.

"Flats in Madrid are so expensive that we regularly have problems at the end of each month," said Sergio, 27, a graduate sharing with three others in a flat in Madrid. "And Madrid is much more expensive than other cities. Perhaps it would be fairer if they took into account the cost of living in each city rather than have a general rate for all of Spain."

So common is the problem of stay-at-home adults that a term has been coined to describe an entire generation who do not earn enough to live independently. The mileuristas have a university degree, often a postgraduate qualification and speak at least one foreign language, but find it impossible to get a job that allows them to put any money aside each month, let alone buy a flat. Earning around €1,000 a month (hence the term - mil means 1,000 in Spanish), they are often forced to return to live with their parents.

A spokesman for the ministry of housing said yesterday that, although the websites were running again, the demand showed just how concerned young people were about their finances.

"When youngsters don't leave home, it is normally because of the high costs of renting," he said.

The economy will play a crucial role in the forthcoming elections, set for March 9, as the housing boom slows and unemployment figures rise as workers are forced off building sites.

Full story from guardian.co.uk

According to a Spanish national chain of estate agents, Don Piso, the average time it takes to sell an apartment has increased by over 40% over the last two years from 86 days in 2005 to 120 days in 2007.

This trend is being felt markedly on the Costa del Sol as the property market eases its way out of a boom and into a period of normality.

However, there is good news for those who want to up- or down-grade their home in Spain but haven’t managed to sell, and that’s a ‘Cambio de Casa’ mortgage.

Cambio de Casa (literally meaning ‘Change of House’) is a clever mortgage which enables you to move without having achieved a sale on your current home. This particular product, available through The Spanish Mortgage Exchange, offers a three month mortgage holiday and then two years worth of repayments equivalent to your existing mortgage subject to a valuation on the property. If in the unlikely event that you have not sold by year two, the two mortgages would be rolled together and paid on an interest-only basis until year five or the property is sold, whichever comes soonest. Upon sale, the mortgages are adjusted by the bank for a smooth, effortless switch over. Meanwhile, the homeowner is able to take rental income from their first home at the same time as enjoying their new home. The scheme is flawless.

Adam Gale, MD of Costa del Sol estate agent Duchy Estates comments, “this Cambio de Casa system is ideal for today’s slower moving market. The Costa del Sol isn’t all about holiday homes, there are plenty of permanent expat residents here and this product will mean that they don’t have to rush through a sale to snap up the new house of their dreams but instead can sit back and achieve a sensible price for their home without being hit financially with hefty mortgage repayments. I have seen one to two year Cambio de Casa offers, but never for five years, so this is truly the best option available on the market.”

For more information on Cambio de Casa mortgages, which are available subject to status and the supplying of relevant original documentation, contact Duchy Estates and they will put you in touch with the experts.

Full story from easier.com

Expats who own homes in the Valencia countryside are overjoyed as demolition orders are suspended.

Valencia’s regional government has announced that 40 demolition orders issued against illegal homes built in Catral’s countryside have been put on hold.

In October 2006 former regional planning boss Esteban González Pons stated that 1,270 properties had been constructed without planning permission on land not designated for building, leaving hundreds of British homeowners fearing for their properties.

The issue of illegal buildings is being tackled directly by the Valencia government, who have stripped the local authority of town planning powers and issued demolition orders to a number of households during 2007

However the announcement that orders have now been suspended was the best Christmas present that many of the threatened homeowners could hope for. Despite the fact that the demolitions may still go ahead, many locals are viewing the suspension as a reprieve. The houses most at risk include properties that have been constructed inside and close to El Hondo Natural Park, and eight homeowners who bought properties inside the boundary of the park now face court charges.

Due to the fact that the builders of the properties recorded their status as the promoters of the houses on town hall documents, the buyers have been called to appear before an Orihuela judge on January 29 instead of the builders.

Last year former regional planning councillor Esteban González Pons stated that he would pursue the builders who had made an estimated €80m through selling illegal homes in Catral. At the time he said: “We are going to identify urgently those responsible for the construction of the illegal homes so we can move to embargo their capital and in this way guarantee compensation to people who have bought houses in good faith and who now find themselves with an illegal home which could even be demolished.”

However, to date no builder has been charged with any criminal offence over the construction scandal.

Full story from homesworldwide.co.uk

Click the image to view a concise 3 page summary of the last year in the Spanish property market.

The national average property price is now €246,000. Which areas offer lower prices and which top the scale?

Who wins as the most popular province and coastline?

Find the hottest locations in Spain and the hottest properties. What's happening to inland properties? What about island living?

Where in Spain did property increase in value the most? Where did it decrease, and by how much?

The Kyero.com 2007 Spanish Property Summary answers all this and more in three pages (300KB pdf document)

Question I am coming to Spain to rent for a while with a view to buying a property. How should I go about finding and reserving a long term rental now for use in 6 months time?

Answer Renting in Spain before buying is a great idea although the availability of property to rent long term reduces dramatically close to the summer holidays.

What happens is that owners can charge a lot more for holiday rentals in July and August - sometimes as much as an entire year of long term rental fees.

It's also virtually impossible to secure a long term rental in advance. Once you find one, the only way to secure it is to start paying the rent - it's unlikely that you'll be able to reserve a property for a future rental term.

Having said all that, Kyero.com is an advertising web site for hundreds of estate agents so we don't sell, rent or promote properties ourselves.

On Kyero.com you can search for long term let properties or you can search for estate agents who have properties available to let long term.

1) You find your dream home, a beautiful house with lots of land and solitude. Suddenly, you discover a council-run company establishes itself and puts a water sewage treatment plant right next door to you. How could you resell your property? How could you live next to that smell risking your own health for the next 50 years or so? The dream home has now turned into a nightmare that you are forced to live with.

2) The town hall decides that there needs to be a new road built to divert traffic. Your property lies directly on the site where they intend to put the road. According to the land grab laws, which are still very much enforced, the town hall has the right to take your property and compensate you only the minimal public value.

3) A property owner decides to resell his house and offers you a wonderful deal on the property, stating the reason for the quick sale is because they are returning to the UK to take care of a sick relative. What they didn't tell you is that they know that in a few months time, there will be a rubbish dump setting up shop next door. You purchase the property and get hit with a nice surprise waking up to the sound of lorries driving past you every morning and dumping rubbish.

Often expats are targeted and fall victim to bad business practices for several reasons. Escrituras or title deeds are sometimes completed hastily in order to close the deal so those who stand to profit from the sale can get paid quickly. Lack of being able to communicate effectively in Spanish and relying on only verbal translations also plays a huge role in the risk factor expats face.

There is a simple solution to protecting yourself and your family from this potentially disastrous situation. Obtain all the town hall planning certificates prior to making your decision. Having said that, however, getting these certificates can prove to be extremely difficult for several reasons. Spanish bureaucracy is complex in nature and soliciting for those certificates is a long and arduous process. One must solicit the town hall that corresponds with where the property is located.

Each town hall has its own set of rules and regulations. If you are considering purchasing a property that lies on the border of two or three municipalities, buyer beware! You would need to obtain town hall certificates from each and every municipality to be certain.

There is no standard procedure that is enforced or used throughout the whole of Spain to obtain these certificates. Each town council appoints a person in charge of overseeing the town planning aspect of governing. It is very important to actually obtain the document and not settle for a verbal go ahead. Not many people provide this type of service.

Trying to find someone to help you can take months. Don't expect your real estate agent to volunteer this information to you, in fact, they are not obliged to reveal any information to you and their focus is to simply to sell you a property. In all fairness, they may not themselves know. Should you finally be able to obtain a town-planning certificate, it will be in Spanish and due to the number of technical phrases and verbiage, can be difficult to decipher.

Remember, if you do not find out what is being built next door to you, you run the risk of never being able to sell your property. You run the risk of having the value of your property and investments seriously decrease. If you would like more help about obtaining these certificates, contact www.helpcentrespain.com

Full story from roundtownnews.co.uk

If 2008 is the year you plan to make that move to Spain then early preparation will help to make sure that there are no unpleasant surprises in the relocation process. Indeed, many of you who intend moving to Spain at some point will have already researched the process and know what sort of things to expect in making a new life in Spain.

There will be a number of things to focus on whilst you are settling in and so I thought this would be a good opportunity to let you have a checklist of some of the main points to cover initially, and to remind you of some of the changes that came into force last year in case you missed them.

Financial and tax planning

Many retirees in the 21st Century can expect to live for anywhere between twenty and thirty years in retirement. That’s a third of your life without income from employment and you need to look carefully at your financial and tax planning to be as sure as you can that your money is working well for you and will provide for your future short- and long-term needs.

Most retirees have a pension income that will often only cater for their day-to-day living expenses. Your investments will usually therefore need not only to provide for wealth preservation for the future for you and your loved ones, but also be able to boost your pension income if required.

Some investments that are very suitable for UK residents are simply not appropriate for Spanish residents. And there is tax to consider. The less tax you have to pay the more there will be available for your enjoyment and there are some very good legitimate tax efficient vehicles available for Spanish residents. My advice is to discuss these issues with a financial adviser qualified in both Spanish and UK investment and tax law – and preferably before you leave the UK.

Número de Identificación de Extranjero (NIE)

If you have already bought property in Spain you are very likely to have an NIE, a Spanish tax number that identifies you to the Spanish tax authorities and is used when paying taxes, as well as in conducting transactions of any significance. It used to be possible to apply for an NIE whilst buying a property or even afterwards, but the law has changed and potential buyers now need an NIE before purchasing property. An NIE is also required to set up your utilities.

As from January last year it is necessary to have a new-style NIE, as the old blue and yellow type was rendered invalid. You can ask your fiscal representative to apply for an NIE on your behalf or you can get one from your nearest National Police Station with a Foreigners’ Department. It can take up to six weeks for your NIE to be processed so make sure you apply in plenty of time.

Residencias

Once you have lived in Spain for three months and intend to stay you will have to register. EU and EEA nationals used to have to apply for a residence permit (tarjeta de residente) but new rules brought in last year means that all you have to do now is to be entered in the Register of Foreigners (Registro Central de Extranjeros). This can also be done at the nearest National Police Station with a Foreigners’ Department or the local provincial Foreigners Office (Oficina de Extranjeros). You have to personally present yourself with your passport and a certificate will be issued immediately.

Succession tax planning

If you haven’t already decided on an area to settle in it is worth considering moving to a Region where you can reduce your future Spanish succession tax (SST) – i.e. inheritance tax - liability. Spain as a whole does not have automatic inheritance exemption between spouses like the UK although the rules are gradually being relaxed in various Regions (‘Autonomous Communities’).

Last year the Valencian Community comprising Valencia, Alicante and Castellon provinces slashed inheritance tax to less than 1% between resident spouses and direct line relatives.

It is important to remember that this concession only applies where the beneficiaries are your spouse or direct line descendants (or ascendants) and where both they and the deceased have been habitually resident in the Community and for at least five years.

The Balearic Islands, Andalucia, Madrid and Murcia also have favourable SST rules which overrule the State Rules if certain conditions are met. Inheritance tax and law is complex and professional advice should be sought before deciding which Region to make your home.

Full story from blevinsfranksinternational.com

There's an updated index to asking prices of property in Spain. We've changed the format a little bit so that it's easier to read on-screen which has meant compressing the historical price trends to the last 15 months.

Download the free Kyero.com Spanish House Price Index

A customer from Wiltshire asks "I have found the kyero website to be an excellent source of information on Spanish property. One thing that I haven't been able to find though has been a source of information that tells a potential buyer of the actual price a property has been sold for rather than just asking price. We now have various sources that provide this information in the UK. Is such information available to the ordinary person or do you have plans to include it on the kyero site at all?"

Kyero response It's a great question - and we, just like everyone else wish that there was a better answer. A while ago we wrote this article about the problem.

The bottom line is that the Ministry of Housing does have access to this information but they choose not to make it publicly available.

Even the information they do have is inaccurate due to a percentage of the sale price of a property not being declared or notarised.

This is the main reason that we publish the Kyero.com Spanish House Price Index (it will be updated later today). It's far from perfect, but it is a step in the right direction.