Spain Real Estate Portal http://www.uuzzu.icu/content By Europe Real Estate Thu, 25 Jan 2018 14:14:34 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.4 5 Great Restaurants in La Moraleja, Madrid http://www.uuzzu.icu/content/5-great-restaurants-la-moraleja-madrid/ http://www.uuzzu.icu/content/5-great-restaurants-la-moraleja-madrid/#respond Thu, 25 Jan 2018 14:14:34 +0000 http://www.uuzzu.icu/content/?p=4400 If you are in La Moraleja and wish to dash into a restaurant for a meal, either lunch or dinner, then these are the five best restaurants you should consider. Aspen Restaurante Aspen restaurant was officially opened in 2002 and it offers the very best seasonal produce throughout the year. The restaurant’s menu is founded […]

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If you are in La Moraleja and wish to dash into a restaurant for a meal, either lunch or dinner, then these are the five best restaurants you should consider.

  1. Aspen Restaurante

Aspen restaurant was officially opened in 2002 and it offers the very best seasonal produce throughout the year. The restaurant’s menu is founded on products of good quality and is made up of foods varying from the most traditional meals in Spain such as the croquettes or Spanish omelet, to other innovative foods such as special cuts of meat. The restaurant also offers an extensive choice of pasta, rice, vegetables, salads, and fish, and do not forget its most symbolic dessert, the Fina de Manzana Cake. Aspen also has an amazing winery list of over 100 references of local and international wines that you can choose from. For those wishing to host an event, the restaurant offers a private space with a capacity of 40 people that can be reserved under a pre-arranged menu.

  1. Restaurante La Máquina

The restaurant was opened in 2007 and is located in front of the Plaza de La Moraleja. There are two private spaces for meetings or events, two amazing terraces, and a large bar. La Máquina offers an amazing menu whose dishes are founded on the traditional roots of Grupo La Máquina. The menu’s strongest point is the variety, accompanied by a simple presentation where the textures and flavors of the best quality products prevail. Some of the dishes include Spanish cuisine, for instance, potato omelet, tripe asturiana, Russian salad, and Levantine rice.

  1. El Barril de La Moraleja

This restaurant is situated in the Plaza de la Moraleja and it is the best place to eat seafood which is brought directly from the coast to the dining table. Some of their main delights include wheat in tempura or sea urchins with their caviar and crayfish among others. The restaurant also has a winery list that is ideal for any meal. All types of events can be held at El Barril thanks to the huge and comfortable spaces that are available. This is the place to go if you want to run away from the turmoil and stress of the city.

  1. Tao 3.6.9 La Moraleja

This restaurant is situated in the small commercial center of El Soto de La Moraleja and it is known for its oriental type of food which is a mixture of Chinese and Japanese cuisine, and sushi. Other items on its menu include chicken, soups and salads, pasta, rice, and so on. The prices are relatively fair and food can be ordered to go.

  1. Txoko La Moraleja

This is a great place for friends to meet, spend time together while enjoying good food, drinks and service at the same time. The restaurant’s main expertise is grilled foods which are prepared from fresh products that are of good quality. There is also a winery made up of different sparkling wines to accompany the different dishes.

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What Home Insurance Do I Need for Owning Properties in Spain http://www.uuzzu.icu/content/home-insurance-need-owning-properties-spain/ http://www.uuzzu.icu/content/home-insurance-need-owning-properties-spain/#respond Thu, 25 Jan 2018 14:09:10 +0000 http://www.uuzzu.icu/content/?p=4398 If you are considering buying property in Spain, you will have to take out insurance for the same. This applies to both residents and non-residents and if you have a mortgage, banks will make sure that you have taken insurance. Insurance in Spain is quite similar to that of other countries in Europe, more or […]

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If you are considering buying property in Spain, you will have to take out insurance for the same. This applies to both residents and non-residents and if you have a mortgage, banks will make sure that you have taken insurance. Insurance in Spain is quite similar to that of other countries in Europe, more or less. There are, however, some issues and differences that one should watch out for so as to be able to get a good deal from an insurance company.

To own property in Spain, the ideal insurance to take is the home insurance. This type of insurance is of two kinds: buildings cover and contents cover. You can opt for either or both.

Buildings Cover Insurance in Spain

This can also be referred to as buildings insurance. This type of insurance covers the property’s structures and all fixtures. It insures against loss or damage to property as a result of an explosion, lighting, fire, floods, frost damage, storms, earthquakes, impact from falling trees and leaking water, accidental breakage of fixed glass, theft, malicious damage, and many more.

This cover is based on the insurance value of one’s property, which is not similar to the market value for the same property, or what was paid for. The building and the fixtures are covered, but not the land where the property is located, thus explaining the difference. The insurance policy you take is founded on the costs it takes to reconstruct your property, and not how much it will cost to purchase it afresh. The ‘reconstruction’ value is calculated using the standard tables of building cost per square meter. If the property’s building specifications are high, the insurance value and the premiums as well will be high.

Contents Cover Insurance in Spain

Contents cover or insurance covers damage or loss of contents caused by similar factors as those covered by the buildings insurance. This type of insurance covers personal holdings that are not a part of the fixtures or the property. These are basically any items that are not screwed in or nailed down, for instance, jewelry, artwork, computers, and furniture. The total cost of the cover depends on how secured one’s property is. If a property has very strong security qualities such as alarms, shutters, and doors, the premiums will be lower.

When taking any of these home insurance covers, there are a number of things you need to bear in mind. One is the fact that the payment structure might be a little bit different from what one is used to. Insurance payment in Spain is done in big portions such as quarterly, annually, or biannually. This is mainly so because of the country’s structure that has an eight-week duration which gives a person an opportunity to overturn an expenditure decision if it entails a direct debit. The other thing you need to remember is that cancelation of a Spanish insurance needs to be straightforward and the insurance company should be informed two months prior to the renewal date. The intention to change should also be done in writing.

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What Permits are Needed to Remodel Properties in Spain http://www.uuzzu.icu/content/permits-needed-remodel-properties-spain/ http://www.uuzzu.icu/content/permits-needed-remodel-properties-spain/#respond Tue, 09 Jan 2018 12:40:41 +0000 http://www.uuzzu.icu/content/?p=4388 Remodeling or renovating a house can be a very exciting activity. It is, however, important to note that one cannot start remodeling a property without the appropriate permits and licenses from the government. The permits needed to do so are as discussed below. Permits needed to remodel in Spain The permits a person will need […]

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Remodeling or renovating a house can be a very exciting activity. It is, however, important to note that one cannot start remodeling a property without the appropriate permits and licenses from the government. The permits needed to do so are as discussed below.

Permits needed to remodel in Spain

The permits a person will need to remodel a property are normally given by the Town Hall or City Council, referred to as Ayuntamiento. There are two main types of permits issued and they vary depending on the magnitude of the project. The two categories include obra mayor and obra menor. Obra mayor licenses are issued for huge and new renovation projects. Obra menor, on the other hand, are for simple remodeling projects. The total cost of each of these permits is estimated based on the fraction of the final construction charges. One has to get the license before commencing on the remodeling project. This, therefore, means that an individual has to pay for the permit whose calculations are based on the approximated fee, then pay for the difference that is founded on the real cost once the project is complete.

The request for a permit (solicitud de licencia) is normally done at a cost and the permit itself as well. For major renovation projects a person is expected to pay a charge of between 3 and 3.5% of the original referential budget. For a minor renovation project, the cost for a minor work permit is usually lower and at times free if no modifications are being made in the interior region of the property. After a permit has been issued, the Town Hall issues a period of one year for the constructions and renovations to begin and between six months and two years to complete the project. This depends on the magnitude of the project. It is important to note that any of these two licenses can be extended at an additional cost.

Other types of licenses and permits needed for renovation in Spain

After renovations are complete, there are other types of licenses that one is supposed to get. One of this is the habitability certificate, translated in Spanish as La cédula de habitabilidad. It is necessary to obtain this certificate and it is issued by the autonomous communities (comunidades autónomas) of Spain. This certificate is a verification that the property meets all the rules and guidelines of habitability in the country. The cost for this permit is relatively insignificant compared to the other expenses. This license has to be requested and paid for by the client.

The other license is that of initial occupation referred to as La licencia de primera ocupación. When all remodeling work is completed, the City Council has to make sure that the building matches with the original project that had been licensed and permitted. To get this license, the City Council arranges a visit to the project site to validate the facets of the work. After approval, the license of initial occupation allows one to request for services for utilities such as gas, water, and electricity.

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18% Increase in Spain Rental Prices in 2017 http://www.uuzzu.icu/content/18-increase-spain-rental-prices-2017/ http://www.uuzzu.icu/content/18-increase-spain-rental-prices-2017/#respond Sat, 06 Jan 2018 20:47:26 +0000 http://www.uuzzu.icu/content/?p=4383 The price of rental housing has experienced a rebound in Spain during 2017 and has ended the year with an average increase of 18.4%, leaving the the square meter cost at 9.7 euros per month, according to the latest Idealista report. The fourth quarter has slowed the pace of growth with prices rising by only […]

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The price of rental housing has experienced a rebound in Spain during 2017 and has ended the year with an average increase of 18.4%, leaving the the square meter cost at 9.7 euros per month, according to the latest Idealista report. The fourth quarter has slowed the pace of growth with prices rising by only 3.3%. The two Canarian capitals registered the highest increases, above 22%. On the other hand, Barcelona (-2.4%) and Cáceres (-1%) were the only cities where rents fell.

Although the upward trend has been easing in the last quarter of the year, it should also be noted that not all markets have increased their rental income in the same way: the Canary and Balearic archipelagos together with the Andalusian capitals of Malaga and Seville, and the Catalan Girona lead the increase, Madrid, which together with Barcelona has traditionally been the spearhead of rental in Spain, is half the national average, after four years of year-on-year increases, Barcelona and Cáceres end the year with decreases in rent.

All the autonomous communities register higher prices than they had a year ago. The biggest increase has occurred in the Canary Islands, where owners ask for 27.8% more for leasing their homes than a year ago. The Balearic Islands (22.1%) and Andalusia (15.5%) come in second and third on rent increase. Extremadura, on the other hand, experienced the lowest increase (0.9%), followed by La Rioja (2.5%), Castilla-La Mancha, Asturias (5.4% in both cases).

Catalonia and Madrid (with 14.4 euros / m2 in both cases) are the most expensive autonomies. Baleares follows them (12.5 euros / m2) as well as Euskadi (11.2 euros / m2). On the opposite side of the table we find Extremadura (4.1 euros / m2), Castilla La Mancha (4.7 euros / m2) and La Rioja (5.2 euros / m2), the most economical communities.

Rent increases in Spain by Province

Only 3 provinces have seen their prices fall during 2017. The biggest decrease has been registered in Cáceres, where prices have fallen by 5%, followed by the decreases in Cuenca (-2%) and Burgos (-0.2%) ). The largest increase, however, has occurred in Las Palmas (26.9%), Baleares (22.1%) and Santa Cruz de Tenerife (21.8%).

The ranking of the most expensive provinces is headed by Barcelona (15.8 euros / m2 per month), Madrid (14.4 euros / m2), Guipúzcoa (12.9 euros / m2) and Baleares (12.5 euros / m2) ). Jaén and Cáceres are the cheapest provinces (3.9 euros / m2 in both cases), followed by ávila (4.1 euros / m2) and Cuenca (4.2 euros / m2).

Rent Increases by Spain Capital Cities

Cáceres and Barcelona are the only capitals in which the rental price fell during 2017. The Catalan capital recorded the largest drop, with a decrease of 2.4%, while in the city of Extremadura the decrease was 1%.

In all other capitals prices are now more expensive than 12 months ago. Santa Cruz de Tenerife is the capital in which the rental price has grown the most during 2017. With an increase of 22.7% in the rent of its homes, the prices have increased to 8 euros / m2 per month. There has also been a considerable increase in Las Palmas de Gran Canaria, where they have risen by 22.5%, followed by Girona (20.5%) and Tarragona (17.6%). The list of capitals with increases of more than 15% is completed by Granada (16.8%), Palma (16.2%), Malaga (15.4%) and Seville (15.2%).

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The 9 Million Euro Home in La Moraleja, Madrid http://www.uuzzu.icu/content/9-million-dollar-home-la-moraleja-madrid/ http://www.uuzzu.icu/content/9-million-dollar-home-la-moraleja-madrid/#respond Fri, 05 Jan 2018 15:03:32 +0000 http://www.uuzzu.icu/content/?p=4374 La Moraleja is a luxurious suburban district of the Alcobendas district in the northern community of Madrid, Spain. The district is situated next to El Encinar de los Reyes and El Soto and this is Spain’s version of Beverly Hills as it is home to a section of Spain’s most affluent individuals with extensive mansions. […]

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La Moraleja is a luxurious suburban district of the Alcobendas district in the northern community of Madrid, Spain. The district is situated next to El Encinar de los Reyes and El Soto and this is Spain’s version of Beverly Hills as it is home to a section of Spain’s most affluent individuals with extensive mansions. The houses in this area are quite luxurious and pricey like the house discussed below.

9 million euro kitchenThis house is a villa and is located in La Moraleja, 28109 Alcobendas, Madrid, Spain. The villa is located on a plot whose total size 10.650 m2. It is on the Paseo del Conde de los Gaitanes, 13 street and approximately 600 meters from the Plaza de la Moraleja. The plot is very flat and has views of the sierra and consolidated trees. It has a lawn of 3.400 m2 and the landscape was designed by Jaime Juanes. The plot is fitted with a well with stainless steel pipes that are 350 meters deep and it has a daily water flow of more than 40,000 liters. This well also feeds a cistern of 20,000 liters with water for irrigation. There is a guard house that ensures 24 hours surveillance. The guard house is fitted with a full bathroom and surveillance facilities. The plot also has a swimming pool that is 20 meters long and 5 meters wide and it overflows on all four sides. The pool is heated and has a separate sewage treatment room.

Living Space in the 9 Million Euro Home

This house was designed by the award winning architect known as D. Francisco Javier Bellosillo Amunategui and was built in 2016. The house has 1.350 m2 and is constructed on two floors, with a garage and a small basement which contains the iron and laundry room, a cellar and several other rooms.

There are a total of 7 bedrooms, 8 bathrooms, 5 dressing rooms, a dining room, living room, office, family room, gym, 2 storage rooms, 2 wardrobes, kitchen, wine cellar, laundry room, an exterior kitchen and barbecue, covered porch, garden room, tool shed, and a covered garage for 9 cars and an indoor garage for 3 cars.

Facilities in the 9 Million Euro Home

Underground heating has been installed in the entire house and every room has individual temperature regulation. There is air conditioning throughout the house. The house also has 50KW of power that handles all the electricity needs of the house even garden lights. There is a boiler that is connected directly from the street to the farm counter.

All windows in the house have electric blinds. LED bulbs are used to provide lighting for the interior and exterior of the house.

The house also has surveillance cameras, centralized Wi-Fi systems, and a centralized digital television system in the entire house.

The interior kitchen is fitted with Gagennau appliances, a fryer, induction hobs, 2 dishwashers, 2 ovens, 2 dryers, 2 washing machines, 4 fridges, and a centralized smoke extraction point among other appliances. The outdoor kitchen is fitted with induction hobs, a refrigerator, a professional ice maker, a dishwasher, and a fryer just to mention a few.

Contact us at +34 616 531 988 to visit this property in la Moraleja, Madrid.

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Millionare homes in Spain, Madrid http://www.uuzzu.icu/content/multi-million-dollar-homes-spain-madrid/ http://www.uuzzu.icu/content/multi-million-dollar-homes-spain-madrid/#respond Tue, 26 Dec 2017 08:56:16 +0000 http://www.uuzzu.icu/content/?p=4360 If you are considering investing in or buying a luxurious house, either for self or for business, you should consider doing so in Madrid, Spain. The luxury real estate in the region is divided into numerous prime locations. One is the Austrian Madrid which was begun in the 16th century by Hapsburgs and it is […]

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If you are considering investing in or buying a luxurious house, either for self or for business, you should consider doing so in Madrid, Spain. The luxury real estate in the region is divided into numerous prime locations. One is the Austrian Madrid which was begun in the 16th century by Hapsburgs and it is characterized by the Opera, the Almudena Cathedral, the Palacio Real, and the Plaza Mayor. This prestigious location offers a lot in terms of exclusive apartments, green places, restaurants, shopping malls, and history. Another prestigious region is that of the Bourbons which was developed in the 18th and 19th centuries. This area boasts of luxurious projects such as the Parque del Retiro, Museo Prado, and other high-end properties located in Salamanca district which houses interesting museums, wide avenues, elegant shops, and the most exclusive and traditional neighborhoods in Madrid.? Another region you could consider is the modern residential district of Chamartin. You can also purchase a contemporary home in the north-west neighborhoods of Las Rozas, Majadahonda, and Pozuelo de Alarcon. You can also consider the luxurious homes of Moraleja in the north-east region. If you are one for the nightlife, you could buy house in Alonso Martinez.

Features of Spain’s millionare homes

The features in these millionare homes vary from one house to the other. Some houses are housed on three floors, others are apartments, villas, penthouses, lofts or condos but all are equally luxurious. The least number of bedrooms and bathrooms is three, and all the master bedrooms are en-suite. Some have heated floors via natural gas and solar panels, fireplaces, domotics, and kitchen appliances that have already been fixed. In some of the houses, you will find an office with a library, a wardrobe area, and lounges with orientations windows.

Most of the houses also have a dining/living room, a kitchen, pantry, a garden and porch, and an access to the latter two. Some of these homes have a swimming pool, a huge spa, sauna, Turkish bathes, showers, and changing rooms among other facilities. Some also have a service area which has a laundry room, an ironing room, and even a bedroom and a bathroom. Others have a very large playroom that can be used to entertain and relax with one’s visitors. They are also fitted with air conditioning which is mostly circuit pump cold and hot and it is independent from plants just like heating. The homes are of good style, with high ceilings and have adequate lighting in all the rooms. The houses also have adequate parking for cars.

The sizes of the houses are also different from one house to the other. Some cover an area of 750 m2, 790 m2, 385 m2, 1,050 m2 and so on. The size of the house entirely depends on your needs.

The prices start from as little as € 430,000 to more than € 8,000,000. For some houses, the prices are offered upon request.

The 9 Million Euro Home in La Moraleja

millionare home la moraleja madrid

A perfect example is this 9 million euro home in Madrid’s finest neighborhood, La Moraleja. The house, developed in 2016, has an award winning design and is made up of 1350m2 and sits on 10,650m2 of land. There are 7 bedrooms, 8 bathrooms, 5 dressing rooms, living room, dining room, family room, gym, office, kitchen, laundry room, wine cellar, covered terrace, exterior kitchen and barbecue, tool shed, 2 wardrobes, 2 storage rooms, garage and external parking area for a total of 12 parking spots.

This millionare home in Madrid is for sale. Contact us for more information.

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Property Inheritance Tax in Spain for Non-Residents http://www.uuzzu.icu/content/property-inheritance-tax-spain-non-residents/ http://www.uuzzu.icu/content/property-inheritance-tax-spain-non-residents/#respond Fri, 22 Dec 2017 09:38:59 +0000 http://www.uuzzu.icu/content/?p=4349 If you inherit property in Spain you will be subject to taxation, unfortunately. Since 2015 non-residents are treated the same as residents when it comes to property inheritance tax (Impuesto de Sucesiones y Donaciones, ISD). The amount taxed varies across regions. The amount you pay also depends on the relationship between the donor and the […]

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If you inherit property in Spain you will be subject to taxation, unfortunately. Since 2015 non-residents are treated the same as residents when it comes to property inheritance tax (Impuesto de Sucesiones y Donaciones, ISD).

The amount taxed varies across regions. The amount you pay also depends on the relationship between the donor and the beneficiary. Spouses and children pay less then un-married partners and step-children.

As a non-resident you would be subject the national law, not regional. If a foreigner living in Spain passes away without leaving a will then the law of where he spent the last 5 years is applied.

Under Spanish inheritance law one is forced to distribute their estate in percentages to different relatives.

  • 50% of the estate goes to the spouse
  • One-third of the remaining goes to each child in equal shares. If there is a will it can specify to which child goes how much. If the spouse is still alive he or she retains this amount until death.
  • One-third can be passed on freely with a will.
  • Surviving parents receive one-third if there is a spouse and 50% if no spouse.
  • If there are no children the money can be left to anyone by means of a will.

Tax Rates on Spanish Inheritance

Inheritance up to:

  • €7,993: 7.65%
  • €7,993–31,956: 7.65 to 10.2%
  • €31,956–79,881: 10.2 to 15.3%
  • €79,881–239,389: 15.3 to 21.25%
  • €239,389–398,778: 25.5%
  • €398,778–797,555: 29.75%
  • €797,555+: 34%

Some of these rates can be reduced with deductions:

  • Group 1: children under 21 ?(including adopted) years get an allowance of EUR 47,859.
  • Group 2:children older than 21 (including adopted), grandchildren, spouses and parents/grandparents (including adoptive) get an allowance of EUR 15,957.
  • Group 3: siblings, aunts and uncles, nieces and nephews, in-laws and their ascendants/descendants get an allowance of EUR 7,993.
  • Group 4: cousins, all other relatives, unmarried partners (unless the region allows it) and those unrelated get no allowance.
  • Those with disabilities are entitled to an allowance of either EUR 47,859 or EUR 50,253 depending on the extent of the disability.

If you are non-resident inheriting property in Spain then you don’t have much choice but to pay these burdensome taxes. As mentioned above, depending on your relationship to the donor, you can reduce the amount owed.

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Alternate Real Estate Investment Opportunities Popping Up in Spain http://www.uuzzu.icu/content/alternate-real-estate-investment-opportunities-popping-spain/ http://www.uuzzu.icu/content/alternate-real-estate-investment-opportunities-popping-spain/#respond Fri, 15 Dec 2017 11:20:14 +0000 http://www.uuzzu.icu/content/?p=4345 Alternative real estate assets have not only captured the eyes of investors this year thanks to their profitable returns, but will also increase the amount of real estate in the hands of SOCIMIS (Spanish REITS) currently listed on the stock exchange. There are already plans for the debut of a student residence. The real estate […]

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Alternative real estate assets have not only captured the eyes of investors this year thanks to their profitable returns, but will also increase the amount of real estate in the hands of SOCIMIS (Spanish REITS) currently listed on the stock exchange. There are already plans for the debut of a student residence.

The real estate investment company Student Properties Socimi already has the approval of the Alternative Stock Market (MAB) to debut. If there are no last minute changes, it will do so in the coming days at a price of 1.15 euros per share and with a market value of about 12.65 million euros.

According to official data, this SOCIMI has a single asset in its portfolio: it is a building that it bought in December 2016 for 13 million euros. The property is located in Don Ramón de la Cruz street in Madrid, in the Salamanca district, and although it has had different uses, it will reopen as a student residence.

The document of incorporation to the market explains that “the asset sits on a rectangular plot that occupies an area of ??577 m2, although the surface of the building exceeds 5,500 m2 built on seven floors plus ground floor and a basement. Additionally, the building has a walkable roof. It is a unique corner building, with two interior patios that allow use of the surface to maximize the number of rooms available for its intended use as a student residence. The building was built at the end of the 50s and at first its use was residential. However, it has undergone several transformations: its last use was a medical clinic.”

To be able to convert it, the investment vehicle has budgeted an investment of around 3 million euros, of which it has already spent a third part, in order to be able to open the doors of the residence in the first quarter of 2018. The property will be managed by Elcano Real Estate and its tenant will be HUBR.

The HUBR website is already advertising the residence, and already offers a reservation service with special prices ranging from 790 euros to 979 euros, depending on the type of accommodation. It is a chain of residences that promises to adapt to the needs of 21st century students.

Source: Idealista, Image: El Confidencial

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When Do You Pay ITP and When Do You Pay IVA When Buying Properties in Spain http://www.uuzzu.icu/content/pay-itp-pay-iva-buying-properties-spain/ http://www.uuzzu.icu/content/pay-itp-pay-iva-buying-properties-spain/#respond Wed, 13 Dec 2017 22:18:46 +0000 http://www.uuzzu.icu/content/?p=4332 Whenever you see a property for sale in Spain the purchase price is not the full amount you will have to pay as IVA and ITP are not included in the sale price. IVA is simply sales tax and it is set at 10% for new homes in Spain (as of 2017). IVA is paid […]

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Whenever you see a property for sale in Spain the purchase price is not the full amount you will have to pay as IVA and ITP are not included in the sale price.

IVA is simply sales tax and it is set at 10% for new homes in Spain (as of 2017). IVA is paid at 10% on any new property for personal use. IVA is also paid on new commercial properties but at the standard sales tax rate of 21%.

ITP is a property transfer tax. It is paid on any second hand property purchase, whether it be for personal use or commercial use. ITP can be significantly less then standard sales tax as the highest rate as of 2017 is 11% in Valencia, the only community surpassing 10%. The rate depends on the location in Spain an there special rates for special circumstances. For example, in Madrid the rate is 6% but it is only 4% for large families.

In the case of one business selling to another business, the purchasing business can choose to pay IVA instead of ITP on second hand properties. Why would you want to pay IVA instead of ITP? A business can get money back from the IVA it paid for products and services so it may deem it to be in their interest to pay IVA.

So when making the decision to purchase a property in Spain be sure to take into account those added expenses and what makes more financial sense.

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How to Rent to Own Property in Spain http://www.uuzzu.icu/content/how-to-rent-to-own-property-in-spain/ http://www.uuzzu.icu/content/how-to-rent-to-own-property-in-spain/#respond Fri, 08 Dec 2017 10:56:54 +0000 http://www.uuzzu.icu/content/?p=4326 The rent to own option is a formula that allows the tenant to rent a house for an agreed time, after that time, the tenant has the right to buy that house by discounting part of the price for the rents he has paid previously. How to make a rental contract with an option to […]

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The rent to own option is a formula that allows the tenant to rent a house for an agreed time, after that time, the tenant has the right to buy that house by discounting part of the price for the rents he has paid previously.

How to make a rental contract with an option to purchase in Spain

The rent with the right to purchase option works with a contract that integrates two subcontracts. The rental contract that works as a normal rental with the only difference in that it is agreed that the rents paid until the moment of purchase are discounted from the price and in what proportion. The rent to purchase option has no legal restrictions therefore it’s important to specify them in the contract.

The requirements that must be included in the rent to own contract in Spain

The agreement between the parties in which a party agrees to sell the property to another with an option to buy must include:

  • Price at which the purchase can be made.
  • Term in which the tenant can exercise his right to buy with a maximum of 5 years. If there is an extension of the lease, the new contract does not redirect the purchase option from the old to the new one by extending the initial plan.
  • If there is a fee for exercising the purchase option
  • The time that the tenant can remain renting the property
  • The monthly rent of the property and who will take care of the community expenses or possible reforms that are necessary to carry out.

Advantages of rent with option to purchase in Spain

  • The money paid for the rent will be used to pay part of the house. This way you can enjoy the house while saving to pay it.
  • When the tenant goes to the bank for a mortgage, the bank “will appreciate” that the tenant has already been “paying the mortgage”.
  • The tenant decides when he wants to buy the apartment and can wait until it suits him to make the purchase.
  • The owner receives a month-to-month monthly payment and can benefit from tax benefits for renting. You can even protect yourself against defaults with a clause stating that if the tenant is late on payments, he loses the option to purchase.

Disadvantages of rent with option to purchase in Spain

  • The owner does not receive the entire amount of money from the beginning nor can he sell it to third parties.
  • The sale price is frozen in the option, so if after the deadline, the tenant decides not to buy, the owner must adapt the price of the house to the current market value, on the other hand, the tenant cannot benefit from a possible fall in prices, during the term of the contract.
  • Tenant may be paying a higher rent because they have the option to buy.

Renting to own is a good intermediate solution for foreigners arriving to Spain to settle. If you have recently arrived and you want to buy a home in Spain but you need to first get your work or business income settled, you could consider this as a good option. Many home sellers in Spain may consider renting to own if you ask them for that option, even though they don’t advertise it.

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