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Residential Property Investment Rises To 4.5% Of Spain’s GDP

According to the Bank of Spain, residential property investment is set to top 4.5% of Spain’s GDP by the end of the year. “This is similar to the average in neighbouring countries, but far below the 12% registered in 2007,” writes the bank in a recently published report.

The report reveals that house prices, which experienced a drop of 45% in real terms from their peak in Q3 2007 to their low in Q1 2014, continue to grow. They increased by 16% up to September, although there are huge discrepancies in price growth rates depending on the area. In its latest quarterly report on Spain’s economic situation, the Bank specifically highlights Madrid, Catalonia and the Balearics as the regions with the highest price growth.

When the type of property is taken into account, growth in prices for new builds has been slightly higher than for resale properties since hitting all-time lows in 2014, although the difference has been less noticeable over the last few quarters.

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Landlords in Spain to get Better Protection from Squatters and Tenants who don’t Pay Rent

Proposals have been approved to tighten up on trespassing and the illegal occupation of property in Spain. Until now, home there have been mechanisms in place for owners and landlords to deal with squatters and those who have outstayed their welcome, but none of them have worked efficiently. However, the proposal, approved now in Congress looks set to make squatting and illegal occupation more difficult in Spain.

Under the proposed regulations now going through Parliament, the judicial process for dealing with squatters can be triggered faster and with increased penalties. It is expected that a clamp down on through the issuing of large fines will dissuade others from taking up residence in properties they are not paying rent on.

The proposal for the change in the law was made by the ruling PP party in conjunction with the centre-right party Ciudadanos. It was opposed by other parties in the house who have concerns about the potential abuse of this power and its …

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Why Brexit Shouldn’t Deter British Homebuyers in Spain

Although the Brexit process is shrouded in mystery for the most part, it doesn’t seem to have dampened British taste for Spanish property; in fact transaction volumes have increased almost 15% so far this year.

The issue seems to be that not many British buyers were aware that there is no problem buying property in Spain whether you’re from an EU country or not. The Swiss, Norwegians, Americans and citizens of many countries outside the EU, have all been buying property in Spain without problems of any kind for years. Most property professionals in Spain feel that it will be just the same for Brits post Brexit but probably easier.

Here we take a closer look at the Brexit issues causing particular concern among buyers at the moment:

Healthcare

At the moment British tourists are covered if on holiday in Europe or if you have retired. If healthcare arrangements change this could be a factor for anyone thinking of spending their retirement in Spain, particularly…

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