High end Spanish property performing well

January 31, 2012 – 9:45 am

High end property in Tenerife and Spain performing well

Despite tough market conditions for property in Spain, one company has posted its most successful operational year to date in 2011, showing the appetite for high-end Spanish real estate has not waned.

2011 saw Lucas Fox doubling its staff, opening new offices and posting record-breaking third quarter profits of 19.5 Million euros, proof of the continued appeal of Spain among the cash rich. Among the most popular areas for investment were Barcelona, the Costa Brava and Mallorca where investors snapped up boutique and luxury pads.

Aimar Valls, Head of Commercial & Investment Property commented, “In the last year we have received a dramatic rise in both the quantity and quality of enquiries for commercial and investment property. Central Barcelona is a hot-spot for hotels, hotel projects and buildings with potential for tourist apartment rentals.

And the company is also optimistic about their fortunes in 2012. Director Alex Vaughan explains, “Our transaction pipeline is already looking strong and the outlook for the year is very encouraging. We start 2012 with over 5,000 active property buyers registered from Northern and Eastern Europe, Russia, Scandinavia, the Middle East, the U.S and China.”

Source: APlaceintheSun.com

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

Time running out for second homes tax breaks

March 24, 2011 – 9:44 am

Time is running out for tax breaks on second homes

Time is running out for holiday  owners to upgrade their property while simultaneously cutting their tax bills. A £30m tax break, which cuts the cost of second homes for more than 65,000 families, is to be withdrawn next month because of EU laws. Attractive tax incentives were introduced in the eighties to encourage people to invest in quality holiday properties in Britain, after the lure of cheap Spanish packages left our many seaside resorts struggling, and in decline. They provided budding UK landlords with a meaningful subsidy towards the purchase and running costs of a second home, as well as more tax concessions when it came to selling. About 65,000 families currently own and run a holiday house in Britain under this tax regime, known as the furnished holiday letting rules, and save an estimated £30m a year in tax. But advantageous treatment of UK holiday property fell foul of EU laws, because they were deemed to discriminate against tourist accommodation in Spain, Portugal, France, Italy and elsewhere in Europe. Either the tax breaks had to be extended to all holiday properties throughout the European Economic Area (which includes Iceland, Liechtenstein and Norway as well as other EU countries); or they had to be withdrawn. The Government calculated that it would add up to £25m to the existing £30m cost of running this scheme if these overseas properties were included. By contrast, cutting this relief would bring an extra £20m into Treasury coffers. From April, losses can only be offset against future rental income and not used to reduce your overall tax bill. Source: Telegraph Online

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

Good news for Spanish real estate as sales increase.

February 14, 2011 – 9:35 am

Good news for Tenerife and Spain's property market

Spanish real estate has had its first official good news since the collapse of the market, with home sales increasing last year for the first time since 2007. The latest figures from the country’s National Statistics Institute (INE) show property sales in Spain rose 6.8% in 2010, which, whilst still significantly down on boom-time levels, marks a huge turnaround from the vast decline of the previous two years. 

Property sales totalled 441,386 in Spain last year, compared to 775,300 at the height of the boom in 2007. When the financial crisis, combined with a glut in supply caused by overdevelopment of many tourist areas, caused the property bubble in the country to burst, sales began to decrease rapidly. The INE reported a 28.8% decline in 2008, followed by an equally dramatic 25.1% contraction in 2009.

While some speculators say prices have yet to hit their lowest, the modest yet significant 6.8% sales growth for 2010 may indicate that the worst of the crisis is over. With the government having embarked on a full-scale public relations campaign to lure disillusioned British buyers back to the market, and Prime Minister Jose Luis Zapatero’s efforts to overhaul the banking and labour market sectors, 2011 is likely to see a further slow increase as the country’s economic crisis begins to recede.

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

This Spanish hotel really is rubbish!

February 1, 2011 – 1:28 pm

This hotel in Madid really is rubbish!

Madrid’s most unusual hotel has opened. It really gives a new meaning to the words, “That place was rubbish.”

The Save the Beach Hotel, constructed of 12 tonnes of litter collected from Europe’s beaches, is open to the public as part of the city’s International Tourist Fair. Designed by German artist HA Schult, the hotel, located in the city’s central Plaza de Callao, aims to raise awareness over pollution in the Med’s summer tourist resorts. 

“It shows the damage that we are causing to the sea and coast”, said Schult. “We live in an era of trash, and we run the risk of becoming trash.” Mexican beer brand Corona has also jumped on the campaign, giving competition winners the opportunity to spend the night in one of the hotel’s five bedrooms.

The International Tourist Fair has proved to boost further foreign interest in the flagging Spanish market, where real estate prices remain at record lows. However, a report conducted by Spanish property portal Kyero found that properties in the bargain lower end of the market (50,000 euro and below) saw an increase in enquiries.

Maybe time to look for  that bargain property in Tenerife or any of the Spanish islands?

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

Top tourist destinations visited by less tourists.

August 25, 2009 – 2:07 pm
Less tourists on the beaches in Spain and Tenerife

Less tourists on the beaches in Spain and Tenerife

Europe’s top tourist destinations – France, the world’s most popular tourist destination, with 79.3 million visitors last year, has been hit hard by a drop in the number of foreign travellers.

The number of international visitors to France in the heat of the summer – July and August – has fallen by nearly one-third, after sinking by 15.5 per cent in the first five months of the year, government figures show.

Spain, the third most popular destination last year, has suffered a 10 per cent drop in visits this summer, following an 11.4 per cent fall in the first half of the year, and Italy is forecasting an 8.3 per cent drop in foreign visitors between May and October.

As frugal foreigners stay in their home countries, Europe’s top tourist destinations are looking at their compatriots to compensate.

According to a Gallup poll, 48 per cent of Europeans plan to spend their holidays in their own countries this year, compared with 43 per cent last year.

Britons, the continent’s top travellers after Germans, have reduced their European trips by 10 per cent. As a result, the beaches of Spain, usually crowded with British and German tourists, are emptier than usual.

Spain last year lost its spot as the second most visited country, as the US took its place with 58 million visitors compared with 57.3 million. The Spanish Government is spending €1 billion euros ($1.7 billion) to support the tourism industry.

As in other European countries, tourists are drinking and eating less in Spain’s usually bustling bars and restaurants. Beer consumption is expected to fall by 13.5 per cent this month compared with last year, Spanish brewers say.

Despite this summer of discontent, France should remain the world’s top tourist choice because travel was down in every country at ”about the same rate,” said Christian Mantei, president of the tourism development agency Atout France.

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