In a bid to revive Spain’s lagging real estate market and to also protect property investors’, the Spanish government has recently drafted a new law that permits property developers convert to regulated Real Estate Investment Trust companies (REITs).
The REITs company establishments are supposed to help revive Spain’s real estate industry governed by strong rules to keep control.
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Amidst the gloomy conditions and depressing headlines surrounding the Spanish housing market, a recent FT report shows that high end real estate still appears to be holding strong. In the last six months, Savills’ Costa del Sol office have had two €7m sales, one to an Englishman and one to a Gibraltarian, a €5.5m sale to an Englishman and a €5m one to a Russian.
While the mass market is suffering from a glut of new properties, the high-end Spanish property sector is characterised by well-heeled, cash paying high net worth individuals unaffected by high interest rates and mortgage restrictions.
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British and other overseas expats who have lost their Spanish homes to a notorious and ridiculous ‘land grab’ law now have some hope in retrieving their properties. The European commission has now taken Madrid to the European Court of Justice over alleged infringements of European competition regulations governing the public works contracts in Spain.
The law allowed Spain’s developers to expropriate rural land from property owners if the developers’ could persuade local authorities that the rural land acquired were suitable for “urban development”.
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Spain has taken on a new meaning for the one million British investors who settled in the country over the last ten years. What was once a property investors dream has today become a nightmare for many. So what has happened in the land of tapas, afternoon siestas and endless sunshine? What could have possibly gone wrong to Brit expatriates in such big financial trouble they lose hundreds of thousands of pounds on their once rosy investments?
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The Spanish government has acted fast to counteract the worldwide property gloom that seems to have hit us like a storm in the last few weeks. A new law was passed on April 18th that cuts all workers and pensioners tax bill by 400 euro, taken from a budget surplus to help counteract the slumping housing market.
18 billion euros has been approved with immediate effect to be funnelled back to the Spanish residents. 10 billion for this year and the remaining 8 billion euros next year.
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Tuesday, November 11th, 2008 
Posted by OP-Mall in Real Estate Investment Trust (REIT), Spanish Property
