Election boost for spain investors?

Recent events in Spain could make the property buying process ‘simpler’…

With the re-election of the Spanish Socialist Party, Partido Socialista Obrero Espanol (PSOE), led by Jose Luis Rodriguez Zapatero, on March 9th, investors planning to buy property in Spain can look forward to a simpler, more buyer-friendly process, claims Kyero.com

Peter Esders, partner at The International Law Partnership commented: “As part of the pre-election promises, the PSOE vowed to make life easier for buy-to-let investors by allocating funding to better regulate the Spanish property market.

“Zapatero intends to encourage the purchase of properties for rental through mortgages, while improving security and guarantees for landlords and simultaneously boosting protection for tenants.

“The PSOE has promised to eliminate wealth tax. In addition, an increase in the tax-free allowance for Inheritance Tax of up to €60,000 will mean that approximately 80 per cent of beneficiaries will now pay nothing plus an exemption for main homes.

Regulation ‘long overdue’

Mr Esders continued: “Although there has been no Change in leadership, the proposals should prove very encouraging to potential investors and current owners of property.

“Regulation of the property market is long overdue and proceedings to action this will make trading in this market safer and thus improve confidence in the Spanish property market on a worldwide level.”

 â€œSpain has long been a favourite among British people buying a second home, indeed, the favourable lifestyle together with the great food, beautiful scenery and stable political climate will always make this destination a winner.

“The positive aspects of the manifesto, as detailed above should strengthen the decision to buy amongst those who are still in consideration.”