| Time to Invest? |
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In accordance with the recent election results from Sunday, €36billion will be shared out amongst the respective councilors, meaning high hopes and worries for the provincial governments and their individual deficits. The regional governments have currently incurred a debt of double that in 2007 at nearly €115billion, and with the People´s Party´s manifesto, service and budget cuts may be expected.
Even with the current uncertainties over Spanish public debt, demand is high to buy at €13.6billion. Ignoring the worries of the market Spain has placed €2.3billion short term bonds and lowered their interest rate. A bold move for a country with a deficit of over €18million but is it a good starting sign? Mortgage rates are down 20%, representing the 11th consecutive monthly fall this year and certainly aiding those interested in property investment. Investors say that with the change of government and the banks lending again, that the recession may be at the end, finally causing a seller’s market. However, others worry that there has been too little change with the loan officers and that those with bad credit may still be able to access large sums of money, prompting another bubble.
With the recent government reform law changing mortgage providers has been made easier, and up to 80% cheaper. Investors wanting new mortgages now can benefit from reduced notary fees, commissions, registry fess and modification costs in a bid to get Spain spending.
If you require assistance with property investment, real estate planning or administrative law please contact Lexland Abogados for legal advice available in 4 languages. A free seminar in conjunction with St James Place will be held on June 1st at Guadalmina Spa & Golf Resort, Marbella, giving professional financial and estate advice for UK expatriates.
Read more about the free seminar here : http://tinyurl.com/3r7jhrz
Sources: - http://www.typicallyspanish.com - http://www.spanishnews.es - http://www.portfolio.com - http://www.spanishpropertyinsight.com |