All time record visits to Spain in August

October 3, 2011 – 1:52 pm

Record numbers of visitors to Spain and Tenerife during August

In August this year 7.64 million foreign tourists visited Spain, an all-time record for the country.

According to reports from FRONTUR, August saw a 9.4 per cent increase in the number of tourists from 2010, indicating a new monthly high for the booming Spanish tourism industry.

Since the beginning of 2011, 40 million tourists have visited Spain, a 7.8 per cent increase over the same period last year. The Ministry of Industry which produces the tourist movement survey suggests that August visitor figures ‘reinforces the good prospects of Spain in 2011′ highlighted by the fourth best year in the history of Spanish tourism, a great achievement considering the economic recovery only began back in the second half of 2010.

Further data indicates that while Brits are one of the most regular and indeed loyal visitors to Spanish shores standing at 9.5 million, there has been impressive increases in numbers of other foreign visitors, with a rise in American, German and talian visitors. By destination, Catalonia was the largest recipient of foreign tourists receiving 1.9 million visitors in August, while the Balearic Islands followed closely behind with 1.8 million.

Ignacio Osle, Sales & Marketing Manager of Taylor Wimpey España, comments, “Despite difficult economic conditions across mainland Europe, Spain is one of the most resilient holiday destinations, remaining popular with foreigners whatever the market conditions. Recently, the IMF stated that Spain will be the only country that will experience higher levels of growth next year compared to its European counterparts of France, Italy and Greece.”

The rising number of overseas visitors continues to spell good news for the property industry. Osle adds: “Mallorca is one such destination that has performed better on the property front than its mainland counterparts offering strong rental market potential.”

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do | Tagged , , , , , , , , , , , , , , , , , , , | Comments (0)

British buyers head property sales in Spain

September 13, 2011 – 12:04 pm

Brits ahead in race for prime property in Tenerife and Spain

Bargain hunting Brits have shot to the top of the property buyers’ league in Spain after years trailing behind Scandinavians and Russians in the race to secure “the best deals for a decade”. 

There are more British buyers than Spanish nationals on some prime developments in favourite areas like Costa del Sol, Costa Blanca, Tenerife and Mallorca, as they cash in on the “buyers market” scenario of lowest prices, lowest interest rates, lowest taxes and highest loan to value deals – up to 107% of the asking price. 

Source: Property in Spain

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Property, Tenerife, Things to Do | Tagged , , , , , , , , , , , , , , | Comments (0)

Investors in Tenerife and Spain benefit from more rental opportunities

July 19, 2011 – 12:26 pm

Rental opportunities in Tenerife increase

Investors interested in property in Spain could benefit from more rental opportunities as more Brits choose to holiday in Europe. 

According to a new study by Abta – The Travel Association, bookings to Spain have increased by 11 per cent compared to last year, showing that the destination is becoming more popular with holidaymakers.

Short breaks are also seeing more people travelling into the country, especially to Madrid, as economies around the world recover and capital has been freed up to boost overseas stays.

“During the recession, luxury holidays were substantially affected, but have now experienced a healthy comeback,” Abta said in a statement.

Source: International Business Times

By Angela | Posted in Economy, General, Health, Holiday, Property, Tenerife, Things to Do, Weather | Tagged , , , , , , , , , , , , | Comments (0)

Upbeat prediction on housing supply in Spain

March 4, 2011 – 1:16 pm

Good news on Spain and Tenerife's housing supply.

The Spanish housing market has reached an important milestone with official sources predicting that any remaining oversupply will be absorbed this year.

Following an improved 2010, the total property transactions increased by over 6.8%, substantially helped by some of the excellent opportunities in the market.

Spain’s Association of Developers and Constructors (APCE) projected that, at this rate of property transactions, the Spanish housing market should recover considerably in 2011. With more property being sold than built, the outlook for Spain’s property market is looking increasingly positive.

Rob Wilson, head of overseas at Rightmove confirms that the country is growing in popularity. Rightmove experienced an annual increase in searches for Spanish real estate, an increase of over 8%. It is also the number one destination for UK investors. “I don’t see any signs of Spain losing its number one slot for Brits looking to buy abroad,” Mr Wilson stated.

Source: Select Property

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do | Tagged , , , , , , , , , , , , , | Comments (0)

Spain and the Canary Isles still the Brits favourite place to buy a home

February 7, 2011 – 12:14 pm

Spain is still tops for Britons buying homes abroad

Spain is the perennial favourite for Britons looking to buy a home abroad, confirms the latest survey by Channel 4’s A Place in the Sun.

The ranking for 2011 goes as follows (2010 in brackets):

1. Spain (1)
2. France (3)                    
3. Portugal (4)
4. Italy (6)
5. Florida (2)
6. Turkey (5)
7. Greece (8)
8. Cyprus (7)
9. Malta (new entry)
10. Egypt (new entry)

Here is what they had to say about Spain, Tenerife and the Canary Islands:

Once again, Spain remains the most popular destination for Brits to buy abroad and therefore tops our chart of the best places to buy abroad in 2011. After all, it has all the right ingredients – excellent access from the UK, sun, sea, culture and infrastructure. With repossessed properties and distressed sales hitting the market, the home of the Costas, Balearic and Canary Islands still has some great deals for the diligent buyer. Huge discounts on holiday homes mean there’s a multitude of destinations and property options on offer.

As we have been saying for a while now, this really is a great time to buy in Tenerife. In fact it is a great time to buy throughout Spain and its islands.  Check out the latest deals with your estate agent, particularly the discounts available  on prime property in Tenerife.

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Weather | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Comments (0)

Overseas flights up as Brits attempt to escape the cold

January 13, 2011 – 11:18 am

More Brits moving to Tenerife to escape the cold weather?

Holiday firms have reported a leap in bookings for overseas holidays as people attempt to escape further bad weather in the UK.  Holiday firm Travel Counsellors reported a 20 per cent increase in bookings, with a large rise in the number of people opting for a break after Christmas and into January. Travel Counsellors said that more people were opting for 10-11 night breaks rather than the traditional two weeks. Online travel company lowcostholidays.com also said its website traffic was up 60 per cent since the first snow fell. Lowcostholidays.com said top searches on its site were for holidays to the Canary Islands, Dubai and Thailand. 

Hotels.com communications director Alison Couper said: ‘With the cold weather predicted to stay,  it’s evident holidaymakers want to get as far afield as possible.’ The news comes as forecasters warned that another arctic blast will bring more snow and bitterly cold temperatures to the UK this winter.  The worst-hit areas have been the north-east Scotland and eastern England.

Hopefully on arriving in Tenerife and seeing what it has to offer, some of the visitors will look to buy second homes on the island.

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Weather | Tagged , , , , , , , , , | Comments (1)

Brits and Romanians keen to live elsewhere.

December 20, 2010 – 3:17 pm

Brits and Romanians looking to live in Spain and Tenerife

You may wonder what Brits and Romanians have in common – according to new research, these two nationalities are the most likely to leave home behind and begin a new life elsewhere. Despite the UK being a popular end destination with migrants from all over the world, one in three of us would love to emigrate abroad permanently, new research has revealed.

Research firm Gallup has found that British people share the top slot with Romanians in terms of being the keenest to move away from their homeland and set up a new life elsewhere. The poll questioned people living in EU countries about their contentment with their home countries and their desire to try living somewhere else.

Despite beliefs to the contrary, the economic downturn has not had a big impact on people’s desire to move away from Blighty – the same level – 33 per cent – say that they were just as keen to begin a new life elsewhere before the credit crunch set in.

This trend is similar to what Gallup observes worldwide. With some exceptions, people’s expressed desire to migrate did not decrease meaningfully in the downturn. Instead, the main reasons people gave for wanting a new life away from their home turf were being dissatisfied with conditions in local communities. Many reported feeling discontent with the local infrastructure such as the quality of the local schools and their roads and highways. Disappointment in the government and police force were also named as factors.

The type of person looking to emigrate has not changed much over the last few years. The vast majority of people looking to emigrate were young professionals with relatively high levels of education, all of whom were dreaming of better career prospects and a better quality of life elsewhere.

Thirty-three per cent of those with secondary educations were keen to try life elsewhere, whilst 36 per cent of those with a degree say they would like to move if they had the chance. In terms of location, British people were most keen on Australia, the USA, Canada Spain and its islands.

But the research also found that us Brits appear to be all mouth and no trousers – despite the high levels of desire to want to move abroad, a tiny two per cent of us were actually considering doing so over the next year – a far lower proportion than in many other EU countries. If all of the people who expressed an interest in emigrating actually did so, the UK would be left with a severe skills shortage as its youngest, brightest and best educated hopes flew the nest to take their skills elsewhere.

Gallup’s findings show that the government needs to do more to improve the communities within the UK in order to make them a more appealing place to live and work over the coming years.

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Property, Tenerife, Things to Do, Weather | Tagged , , , , , , , , , , , | Comments (1)

Spain is Brits’ favourite

September 5, 2010 – 11:11 am
Spain and Canary Islands Brits favourite spots

Spain and Canary Islands. Brits favourite spots

If you are looking to up sticks and spend your golden years somewhere warmer, check out Standard Life’s new list of the world’s top five retirement hotspots – but before you jump on that plane, be warned that a life abroad may leave you less well off than staying in Blighty thanks to pension woes.

Spain is the country that most Brits would like to retire to, due to it’s warm climate, outdoors lifestyle and the proximity and ease of getting back to the UK.  There is a crucial point to consider before heading off for sunnier climes – namely money and whether you will actually be able to afford the retirement you are dreaming of.

Andrew Tully, Senior Pensions Policy Manager, Standard Life said, “Retiring abroad is a dream for many people but without careful planning and advice, things can potentially go wrong very quickly.”

If you move abroad permanently, any increases in your UK state pension will only apply if you are living in an EU country (including Gibraltar and Switzerland), or a country with a reciprocal social security agreement with the UK. So, while your friends back home in ol’ Blighty may be enjoying double the level of state pension that you are getting after 20 years.

If you choose to move outside these countries, the amount of UK state pension you will receive each year is frozen at the amount initially paid when first claimed – or if you emigrated more than one year after payment began, at the rate in force when emigrating). Popular retirement countries outside these reciprocal agreements include Australia, Canada, New Zealand and South Africa.

Mr Tully added, “One significant consideration before you move is to think about your state pension and what, if any, reciprocal agreement is in place.  If there isn’t a reciprocal agreement in place, then you need to be very careful your retirement income is sufficient to cover your living costs over a long period of time.  Over a 20 year retirement, your basic state UK pension could halve in real terms if a reciprocal arrangement is not in place.”

If you are considering retiring abroad in the future, but are wondering if your retirement savings will be sufficient, Standard Life has launched www.getarealitycheck.co.uk, where you can check if your plans are on track.

Top tips for retiring abroad

Seek independent financial advice before making plans about future pension provision or transferring your pension overseas.

Check what reciprocal basic state pension agreements are in place with the destination country, if any (check with the Department for Work and Pensions).

Inform your social security office, HM Revenue and Customs, and the Department for Work and Pensions when you move and provide your contact details abroad.

You can get a forecast of your state pension by completing a BR19 form or go to www.thepensionservice.gov.uk.

If already overseas, complete form CA3638 or call The International Pensions Centre on 0191 218 7777.

Check your state pension age (SPA). For women, the SPA is rising from 60-65 between 2010 and 2020, with further rises to 68 currently expected to take place by 2048, although the coalition government may accelerate these changes.

Find out about welfare rights abroad.  Some UK benefits are not payable outside the UK, others apply only in the EU or in countries which have agreements with the UK.

Tell your bank, building society and any other financial institution that you have a policy or agreement with them and are moving abroad.

Contact your local council to let them know when you are leaving and leave a forwarding address.

Find out more about healthcare costs in the country you want to move to.

Inform your GP and dentist you are moving, and consider private healthcare.

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do | Tagged , , , , , , , , | Comments (0)

Final month left to claim CGT charges or lose them.

July 17, 2010 – 10:47 am

Final month to get the extra CGT back for purchasers in TenerifeSpain is on cloud nine after winning two of the biggest sporting gongs in the world, but there is a rather more pressing matter for them to deal with – at least for the Brits who sold a property in Spain between 1997 and 2006 – who have just one month left to begin claiming back capital gains tax charged illegally on the sale of their home.

The Spanish Government illegally charged British people more than double the amount of Capital Gains Tax, (CGT) they owed on their properties between 1997 and 2006. The poor Brits who had chased the sun to Spain in search of sea and sangria were forking out a whopping 35 per cent under the ‘non-resident’s income tax’ bracket. Spanish nationals residing in similar homes were paying the proper rate – just 15 per cent of any capital gains. The overcharging is estimated to have raked in more than £350 million for the Spanish Government.

In 2009, following much outcry from British owners of Spanish properties and an expose by a group of Spanish lawyers and a UK based currency specialist, the European Court of Justice (ECJ) ruled that the tax contravened European Community Treaty rules against discrimination. They agreed that any UK or EU citizen who sold a property in Spain between 1 January 1997 and 31 December 2006 could claim back the excess charges.

Now, those affected by the illegal CGT charges have just a month left to make their claim or face losing out on the chance to get back what is rightfully theirs. All claims must be finalised and settled by the end of October this year – as August is considered to be a holiday month in Spain, sellers have just one month left to kick off their claims, which can take up to three months to be realised.

The average amount of money being recovered is around £15,000, so it is more than worth checking if you are eligible for a refund. More than 500 British families have already been successful with their claims.

Even if you have tried previously to recoup the money and not been successful, lawyers are saying that a second try is most definitely worthwhile as some of the rules governing eligibility have changed – indeed, the European Court of Justice have recently opened new legal actions allowing claimants to make a second attempt.  The industry  estimates that there are still thousands of Brits who sold Spanish properties during the eligible time period who haven’t come forward. So if you bought a property in Tenerife, the Canary Islands,  or mainland Spain, get that claim in pronto!

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized, Weather | Tagged , , , , , , , , , , | Comments (0)

Trim the costs of owning a property overseas

May 14, 2010 – 4:25 pm

Over a million Brits currently own a home overseas, with France and Spain being the most popular destinations. However the global economic slowdown has hit homeowners not only at home, but also abroad as the cost of maintaining a property has increased -over a fifth of owners (21%) are struggling to meet the increased costs, according to latest research from a currency firm.

Trim the cost of maintaining your property in Tenerife by following a few simple steps

Trim the cost of maintaining your property in Tenerife by following a few simple steps

85% of overseas property owners say the cost of maintaining their property has gone up in the last 12 months, so you should attempt to reduce the cost of being an overseas property owner.

Whilst mortgage rates may have gone down for many owners, the overall cost of owning a property overseas (including local taxes, utility bills, maintenance costs etc) has continued to grow and the rising costs of ownership have been magnified by sterling’s depreciation and the continued market nervousness over the hung parliament following the General Election  Many homeowners are also seeing their rental income from a holiday home hit, as the number of potential tenants decreases with more people opting for ‘stay-cations’ in their home country.

Two years ago the average overseas home owner transferred £10,000 a year to meet maintenance costs (including overseas mortgage payments) and provide spending money when they visit their second home. However as the pound has taken a beating against all the world’s major currencies, they now have to convert significantly more in order to meet the costs associated with their international property such as maintenance costs, mortgage payments, utility bills and local taxes.

For example, in October 2008, £10,000 would have bought you €12,900.  To receive the same amount of Euros today, a Brit has to transfer £11,896, almost £2,000 more.  People making regular currency transfers should set up a Regular Payment Abroad plan with a currency broker  such as Moneycorp that allows you to lock into an exchange rate for up to 12 months ahead so you know know exactly how much is being transferred every month.”

According to the research, almost 70% of holiday home owners are missing out on vital income by not renting out their overseas property. Almost half of those that do rent it out only do so to friends and family who traditionally pay less than other tenants.

Overseas home owners have to pay ongoing taxes on ownership, such as local taxes or even tax on rental income.  This is usually payable in the country where the property is located, but if you are a UK resident, such income also needs to be recalculated into Sterling and is taxable in the UK, regardless of where it is paid, with any appropriate relief given in the UK for taxes paid abroad. Each country will tax the income according to its own rules, so sometimes more allowances are available abroad than in the UK or the tax rates abroad may be lower, but the higher tax liability will be due.  However, there may be ways of reducing your tax bill, but whatever you do, you only pay tax when you make money. Spending money unnecessarily to save tax can often be a false economy It is important to make sure that you claim whatever allowances you are entitled to.

People who take advice before buying their property abroad often manage to make their purchase more cost-effective than those who buy without taking advice so you should at the very least check the advice of a reliable estate agent.

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized | Tagged , , , , , , , , , , , , , , , | Comments (0)