0808/2008 – Municipal tax collections 2008

Strapped for cash; Almuñecar town hall – like many local authorities in Spain – has begun to adapt it’s accounting methods and look at ways of recovering lost income. In the first instance, this year we were charged additional council contributions for rubbish collection (a set charge also based on the cadaster value of the property and calculated at 0.5%) but to compensate there was a reduction in the IBI values for 2008 in Almuñecar from 0.9% to 0.6%. Now it appears that having realised just how much revenue is being lost by town halls, essentially due to the delay in processing new build cadaster values at the provincial tax offices and consequently affecting the basis for IBI calculations for municipal taxes, then local authorities are now considering back dating the collections in order to recover lost funds.
This action is likely to affect owners on new developments in Almunecar and La Herradura that have, despite owning the property for 3 or more years, never paid municipal taxes on their homes. Homes, which nevertheless continue to contribute to the costs of the local authority, will now be asked to pay for the duration from when the cadaster was first submitted by the local authority to the provincial tax offices; and in some instances this can be 3 or more years.
IBI charges (local rates) are due annually, and usually in two parts. The  sum is calculated on the baseline figure assigned by the Spanish tax office for the land/property value. The value of the cadaster also incorporates the value of the building, its type, location, and use. Using this determined value, each municipal Town Hall then apportions the percentage to be charged in respect of local rates – and the formula is between 1 and 1.5% of the properties rateable value.
However do not worry too much - we are not talking about vast sums because the cadaster value is nearly always much less than the market value. For example a 3 bedroom apartment in La Herradura with a market value of 250,000 Euros paid in 2007 just 324 Euros in municipal taxes. This was based on a cadaster value of 35,850 Euros calculated at 0.90%. In the same year an independent 4 bedroom villa with 1,500m2 plot in Almunecar paid just under 450 Euros. The 2008 Almunecar municipal taxes are due now; and even allowing for the additional rubbish tax, this year contributions will increase by 0.2%. A sum that is well below Spanish inflation, currently running at 5.4%, and that remains considerably less than standard council tax rate contributions in the UK, Ireland, France or Denmark.

08/2008 –  Krisis – what crisis?

Looking around Almunecar and La Herradura in August one might think that there was really no signs of the credit crunch… beaches are full, hotels are busy  (if not fully occupied) and the supermarkets are filled to bursting. Yet if you look below the surface the signs are there that generally the visitors this summer are much more cautious.
Hotels are busy thanks to promotional all inclusive packages but report up to a 15% fall in occupancy compared to last year. Apartment and villa bookings are reported to be filling but with more than 50% being last-minute at reduced price. The bars and restaurants too complain that this is the worst trading summer they can remember. Just walking about the town at the moment it is clear that there are fewer foreign holidaymakers around; and many of the apartments seem to be filled with Spanish families either visiting relations or staying in their relatives holiday home. At weekends the number of visitors doubles as those living in Jaen and Granada come to the coast for a break. But even with such increased occupancy it is clear that from the sheer number of ice boxes being carried to the beach – the people are very careful how they spend. In addition the townsfolk are up in arms with their town council - who have extended the pay to park "blue zone" scheme along the promenades and now separately charge residents for their rubbish collection.
Yet, despite the KRISIS the town prepares for its annual fair (feria) which literally kicks off this weekend.  You can see the full programme of events here. From Saturday August 9 until Friday 15 (a local holiday) there are a range of activities, events, concerts and shows that not only take place around the town and beaches but at night centres in the main Feria ground where the Friday market is usually held. This year many of the events are free to enter, and if you have never been it is well worth the experience. Not only is there all the fun of traditional fairground attractions but there are various casetas to see, eat and drink in! Often until the very early hours of the next morning.
The fair culminates with the procession of the Virgin del Antigua (Almuñecar town’s patron saint) that leaves the church in the late afternoon, is carried to the sea at Playa San Cristobal and then transported around to Puerta del Mar. By 23.30 the Virgin returns from the sea to the town and in celebration a spectacular firework display is launched – a real must see for any visitor to Spain’s Costa Tropical.
Don’t forget too that with the local fiestas then many banks and administrative offices will close by 12 noon this week.

07/2008 –  Aquarium Almuñecar finally opens to the public…

Taking more than 3 years to build, and overcoming various technical and construction challenges this week the Almunecar Aquarium finally opened its doors to the public. Noon on Thursday July 17 saw the town’s major, Juan Carlos Benavides, together with the managing director of Bluedisplays, Xavier Aliart, receive various invited guests to the official opening ceremony.
Other attendants, apart from  various local councilors, included the Granada artist Miguel Moreno, the creator of the striking sculpture that stands at the entrance to this dramatic undersea world. Moreno's gigantic sea horse, in forged and welded steel, proudly presides over the entrance to the building in Plaza Kuwait set just behind the towns municipal market.
This new aquatic attraction provides Almunecar and the Costa Tropical with a major tourist attraction that is already proving to be very popular with locals and tourists alike. The two storey facility offers both an educational journey that shows the evolution of various Mediterranean species as well as a spectacular tunnel experience beneath the ocean filled with many local examples including octopus, sea horses, corrals, rays, breams and much, much more. In fact the exhibit offers between 2,500  to 3,000 fish with more 200 different species represented; occupying in excess of 2 million litres of water spread around 18 themed tanks.
The Acuario de Almuñécar opens daily from 10am until late (closing times vary according to the seasons -  in summer until 10pm and in winter 6pm) and entrance costs 12 Euros for adults & 9 Euros for children and pensioners. For information and advanced reservations call 902 109 835.

07/2008 – Almuñecar Jazz Festival makes 21

This year sees the 21st Almuñecar International Jazz Festival being opened on Friday July 11 by world renowned vocalist Dianne Reeves; and for the next nights highlights include Spyro Gyra, the Sergio Pamies Group with Antonio Serrano, Bettye Lavette and many others.
The Jazz on the Costa Tropical event is an established affair that attracts locals, tourists and many Granadino’s  who appreciate good, cool music in a heavenly Arabesque location – the event is centred in the Majuelo Park and Tropical gardens that are guarded by the Arab castle fortress walls of San Miguel and bordered by the ancient Phoenician ruins. No wonder that this magical setting, moving Jazz line up, and al fresco atmosphere attracts a great deal of interest and supporters each and every year.
 The concerts usually start at around 22.30 each night, and tickets on the door are usually limited so its best to get them in advance (see below).
The Almuñecar Jazz Festival now enjoys an international status attracting many well known names on the world circuit, and it is an important date in the Andalusian Jazz calendar. The event attracts not only Spanish veterans of Jazz, many of whom can be invited to "jam with the rest" - but over the years those represented have travelled as far afield as the Caribbean, Cuba and Brazil. From New Orleans to Cadiz, the stage of the Majuelo park has hosted such stars as Paquito D `Rivera, Danilo Perez, Rosa Passos, Branford Marsalis, Tete Montoliu, Kenny Barron, Joe Zawinul, Dave Holland, Chano Dominguez, Joshua Redman and Chucho Valdes among many others. And this year, the program has an equally magnificent line up that includes -
July 11: Dianne Reeves
July 12: Avishai Cohen Trio
July 13: SPYRO GYRA
July 14: Sergio Pamies Group with Antonio Serrano
July 15: Roberto Fonseca Group
July 16: Ivan Lins All Stars with Nnenna Freelon
July 17: Toto Bona Lokua - Gerald Toto, Richard Bona & Lokua Kanza
July 18: Betty Lavette
July 19: Terence Blanchard

From Friday 11 to Saturday July 19 at Park Majuelo in Almuñecar
Time: 22.30 pm
Price per concert: 12 Euros
Season ticket: 75 Euros + gift Cd
Ticket Sales: http://www.jazzgranada.es/jazz_enlacosta_entradas.html
Programme: http://www.jazzgranada.es/jazz_enlacosta_prg.html

7/2008 – You’re Fired…

Historically this weekend sees the start of the two month holiday period; with many holiday makers arriving to make the most of their 2, 3 or even 4 week vacations in the apartments, villas, hotels and camp sites available along Spain’s Costa Tropical. Not only is it the time to realise that a simple journey from one end of the La Herradura bay to the other will take four or five times longer, or that it will take up to an hour of queuing in the bank or post office if your not their when they open at 08.30 – but it is the time to be prudent when following visiting drivers too busy looking for a place to park or who remain unfamiliar with the traffic conditions at roundabouts. Who should give way?
In short we should all be a little more patient over these next weeks because these tourists who come to our towns and villages will leave by the end of August; and so we all need to be a bit more tolerant if we want to promote the area and let the tourists see why we love to live here so much.
Last month we reported the soaring local temperatures that were being recorded; and although most people believe that August is the hottest month on Spain’s Costas in truth, and by experience, it is more often than not that we have higher temperatures in July. Visitors forget the effect of the heat on the land and the senses; although much is known about the suns effect on the skin. Just these last 2 weeks we have seen local campo "bush style" fires been tackled by fire fighters in the Rio seco valley near Almunecar, the Cañada area on the outskirts of  La Herradura, and the Torrox mountains. So please be careful with your cigarette ends thrown out of your open car windows, your portable barbeques with their smouldering ashes, even a misplaced glass bottle near tinder dry vegetation can all ignite and cause severe damage to the hills and orchards of the Costa Tropical.
If you were here in Spring when the valley and mountains were green and lush; then today you will see the significantly russet-coloured landscape we have in summer – tinder dry; just a spark, an ash and a brief wind can cause quite serious damage. If you do see a fire around then please do report it to the local police (+ 34 958 639 430, or dial 112 for emergencias); and then keep moving away from it!
As temperatures, especially inland, reach the high 30s and even 40s then do make sure that if you are out either walking in the campo, or visiting historical sites (like the Alhambra in Granada city) that you drink plenty of water (avoid alcohol), keep a hat on your head (avoid midday sun light) and make your clothing as cool and damp as possible (avoid non-cotton clothes) -  if not your senses will be severely compromised – giddiness, black outs, passing out, short of breath and even over heating can make you very ill and worse upset your holiday for you, your family and friends.
Fired too last month in Almuñecar were employees at a further two real estate agents – Unicasa and La Ribera. This brings to date a total of 8 agencies that have closed since the start of 2008.

06/2008 - The Heat is on…

As Summer 2008 arrives with a vengeance and  recorded temperatures in the mid 30s in the cities of Granada, Seville and Cordoba – most people are rushing to the cooler coastal towns of Spain’s Costa Tropical to enjoy the more comfortable heat of the high 20s, the cooling seawater and the calm sea breezes.
At this time of the year we usually see a marked interest in property viewings, and once more its apartments at a good price that appear to be attracting buyers. Which for those who bothered to bathe 3 times in the sea on the mystical night of San Juan (night of June 23)  then this can bring fortune and happiness for the rest of the year!
While most areas  of Spain are continuing to report either a market that is stagnant (Mallorca) or one where the prices are falling (Costa Brava) for those wishing to study the twists and turns then the recently issued house price index from Kyero may be a useful tool. This document is released quarterly and is fast becoming recognized as the best way of assessing the Spanish property market. While Andalusian property is generally between 1 to 5% less than the national average in Spain; there are areas where this is definitely not the case and factors like motorways, airports, high speed trains, and other links make a startling impact. In Granada province the average house price has fallen just 2,000 Euros since the same time last year; which is a great deal less than the national average being reported.
Finally this month there has been much speculation and rumor concerning the Spanish Capital Gains Tax payments made between 2003 and 2006 by UK sellers. I do not wish to get involved in the full "ins and outs" at this point but if you think that you may have been affected and qualify for a refund of the capital gains tax paid then simply contact the following organisation - http://www.spanishtaxreclaim.co.uk/ 

06/2008 - Spain is to get rid of wealth tax ; or "Lost in Translation"

"We heard that Spain is scrapping capital gains tax..."
First we need to recognise the distinction between wealth tax (0.2% – 2.5%)* and capital gains tax. Thirty years ago, wealth tax was introduced by the government as a temporary measure, then four years ago the Socialist party made an election promise to abolish this tax.
In April 2008 the Spanish Council of Ministers supported the measure to do away with wealth tax in Spain as of 1st January 2008, once the scheme is approved by Parliament, the final assessment date for wealth tax will be 31st December 2007, with the final wealth tax bill due around now in 2008.
For  those moving to Spain in the future and being Spanish residents they will have one less tax to pay. With foreign residents owning property in Spain also receiving the advantage of no more wealth tax payable on their property.
This move to abolish wealth tax is tied in to an €18 billion plan of emergency tax cuts that were recently published by the Spanish government to be effective immediately. These cuts were given to support economic growth, counter the global credit crunch and assist the depressed housing market. In 2008, €10 billion will be allocated and one of the moves includes an immediate €400 tax rebate  to all Spanish workers and pensioners. The remaining €8 billion will be held over to 2009.
The loss of this revenue will almost certainly mean that the regional governments will be looking at other ways to make up the shortfall since it has historically been a fund that tops up the Autonomous counsels.
So what does this mean to me? Foreign residents (with no fiscal resident status) owning a Spanish property in Spain, and who have no other Spanish income, will still be accountable for Spanish tax on any earned rental income (Fixed rate of 24%) and also capital gains tax on sale or transfer of their Spanish property, currently charged at 18% (including 3% retention as provision of obligation) on exchange.  For more information see this section, or contact your Spanish accountant.
*NOTE: Spanish wealth tax is based on annual net assets held by the 31st December and the tax bands range over eight groups with rates applying from 0.2% to 2.5%. Spanish residents are liable for wealth tax on their worldwide assets and also benefit from various tax-free allowances, however a non-resident will be taxed on their Spanish assets only, and no allowances are given.

06/2008 – SpainCostaTropical features in this months Spanish Homes Magazine

Established since 1993, the Spanish Homes magazine is one of the UK’s leading Spanish property publications. Their writers approached SpainCostaTropical a few weeks ago to say that they were looking to write a piece not only about the Costa Tropical but to consider particularly those houses with gardens.  Together we introduced them to a few owners here in the area that are selling a property with a garden and the response was fantastic.
For those who live here finding a property with a garden is not only rare but can also be expensive; at this moment the lowest priced property in the area with a small garden is in Torrecuevas, just outside Almuñecar town, and it is on the market at 199,000 Euros.
There are two factors that influence the scarcity of gardens in Spain – economic and cultural. The huge variation in cost per m2 of rustic and urban land means that owners prefer to maximise their buildings on urban land rather than use part for a garden; after all most Spanish families will have access to a rural plot on which they can grow produce. Therefore land is more likely to be cultivated than landscaped.
In recent years, as more and more foreign buyers have settled here or made Spain their second home, then gardens have become more popular -  so much so that still many estate agents report a growing number of clients enquiring for a property with garden; even at the lowest budgets. It is no longer enough to have a terrace or patio which used to be one of the most popular "wants"; today "with garden" tops the list – even above "house with a pool." 

06/2008 - Home staging: Is this really a new thing?

When properties begin to take far too long to sell, even despite the regular stream of viewings, then what can vendors do to make their property "the buyer’s home of choice."
Already popular since the late 1970s in the US, the concept of staging a property is fast reaching the shores of Europe. In French, British and Spanish cities there are specialist agencies, decorators and designers that work with vendors to ensure that their properties are 'dressed' to be seen in their best light. In fact in some cities, the practice is so well established that those providing such advice and services also arrange to lease to their clients set pieces of decoration, furnishings and fabrics to help to transform the property. Tools which can collectively transform a property into a welcoming and appealing space and that can greatly reduce the flaws of a property by deliberately moving attention to more attractive features.
But for those still skeptical that this is yet another fad, then just consider the research claimed by real estate companies in the US: which suggests that despite a buyers market a property that has been 'home-staged' will sell half as quick as one that is not, and that it will also help to deliver between 10-15% more value to an offer than a property that is empty or not properly staged.
Here on Spain's Costa Tropical this practice is only just beginning to be taken on board; as foreign vendors try to shift capital from their second homes to their primary residence then owners are fast looking at these new ways of selling and property presentation. This service can cost from a few hundred Euros to several thousand, depending on the size and style required for the property. Alternatively if you want to see how you can do this yourself then simply read this…
Home staging consultants can assist with an independent appraisal, offer un-biased help and advice to make your property  more appealing to potential buyers, especially in areas where there is much similar choices on offer. They can help to ensure that your property is, and remains, as presentable as is possible when the buyers come to view. Home Staging consultant will ideally be locally based, have established links with local suppliers, have a knowledge of the market, and also be aware of what people are looking for; where you the vendor might not.
A good consultant will offer an initial objective opinion regarding the state and style of your property. This is especially useful if you have lived in your property for some length of time, it is too easy to become attached to a property; and therefore be critical. The consultant will not be so attached but will have one simple aim; to make YOUR property that much easier to sell. Nevertheless, using a consultancy will not guarantee a sale, but it can be an opportunity that gives you the best possible chance in today's market.
Local professional suppliers offering a home staging service include:
In the Lecrin area
The Finished Touch
Contact: Patsy and David Robinson in Murchas
Email: This email address is being protected from spam bots, you need JavaScript enabled to view it
Tel: + 34 677 612 373
In Almuñécar & La Herradura
annieSLOAN Interiors & INDIGO annieSLOAN
Contact: Jane Warnick
Email: This email address is being protected from spam bots, you need JavaScript enabled to view it
Tel: + 34 958 640 632
In Salobreña & Motril
swdesigns interiors
Contact: Shane Williams
Email: This email address is being protected from spam bots, you need JavaScript enabled to view it
Tel: + 34 958 617 061 / + 34 666 267 201
And for External facing & Gardens
www.granadagardens.blogspot.com
Contact: Nola Lyttle
Email: This email address is being protected from spam bots, you need JavaScript enabled to view it
Tel: + 34 958 788 252 

05/2008 - New regulations for Foreigners Bank accounts in Spain

Today, we find out from one of our local banks that there is now a new regulation concerning the official status of Spanish bank accounts held in the name of foreigners who remain non-resident.
In essence the requirement states that those foreigners who have funds in a Spanish bank account must also produce a certificate of non-residence; and which can be obtained from the nearest comisaría (police station). The certificate must be renewed at least every 2 years otherwise account holders risk their Spanish bank account be blocked and all transactions in or out withheld until such time as a certificate is presented. So, if you have not renewed this document then please do so when you are next in Spain.
We also learn, that for the moment, not all banks have began implementing this regulation but that it will not too long before all Spanish banks do require this certificate of non-resident in Spain; and remember too it needs to be renewed every 2 years. So my advice is to first call your Spanish bank now and check that your account is still open, and that your certificate of non-resident is within date - if not then ask the bank to help to renew it: there is usually a small charge for this (+/-20 Euros per application) or if in Spain simply renew the certificate at your nearest comisaría office.

05/2008 - Almuñecar’s Peña Escrita Natural Park remembers 11-M attack victims...

This weekend (May 23-25) Almunecar is hosting a reunion of more than twenty victims of the terrorist attack at the Atocha Station in Madrid.  March 11 2004 is remembered by the group with a visit to the natural park of Peña Escrita, above La Herradura, where since 2005 there has been sited an '11-M' Park. This park was created to commemorate the victims with trees planted in their memory; and is marked by a plaque that records the names of those who died at this sad moment in Spain’s more recent history.
The members of the association of the 11-M will stay a few days in the town and plan to meet at the Peña Escrita 11-M park for a service to remember their parents, children, friends and family planned for Sunday at noon.  The delegation will be led by its president, Pilar Manjon,  with Almunecar’s Culture councillor, Dolores Rull, guiding them during their stay.
 
05/2008 - Is this crash a Good thing...

Despite all the doom and gloom stories being bandied around it is important to remember just a few recent statistics that have been reported and yet also today, all too often ignored. First, is that the leading second home choice for European buyers is still Spain (37% in 2007-8). Second, that despite the strong Euro. Spain remains the most popular choice for holidaymakers and retirees. Third, that Spanish property continues to provide first time buyers a unique opportunity to access that first rung on the ladder. Fourth, that many Spanish real estate agents and portals are reporting a growth in new markets from the Eastern bloc countries. So despite the media reports then it would appear the established Spanish market is still attractive to investors.
According to a recent report by senior analysts at Lombard Street Research - a leading macroeconomic forecaster to banks and global corporations – the present market situation is expected to last for at least a year and a half in Spain. While the Spanish market is more established, according to most reports the end result of the present sub-prime (a term used to refer to those borrowers with a less than ideal credit history) and the credit crisis will worldwide reduce property values by larger percentages in many zones than previously considered. However given the strength of Spain’s property market then it is expected that "...there will always come a golden period of strong demand again during which time affordability levels will rise and the natural value of your property asset will re-float itself."
Therefore if you have not purchased a property in Spain then it is perhaps now a good time to start looking for something that you want to buy. A good guideline is look at those areas popular with re-locating expats, holiday makers and retirees – and here at SpainCostaTropical is such an opportunity. Here we offer not just property to suit the holiday maker looking for a rental villa or apartment with pool and/or other communal facilities like tennis; but also properties like town or village houses in breathtaking scenic locations ideal for the needs of the expat or retiring family. Another point to remember is that today the market IS favourable to the buyer so do not be afraid to look at property above your current funds and watch how the prices adjust over the next months. Then be prepared to move quickly; make an offer that can be realistically accepted, and as they say – strike while the iron is still hot.
Whether your buying for the first time or not, look as if you are a shopper who is not particularly emotionally involved in your property "assets" and view them simply as an investment. Taking this approach, then you as the investor are in  a better situation to profit and take the opportunity that the Spanish property market offers  for the duration of a market crash. While all around are despondent and miserable about this dead market - you wait, you notice and then you strike.
Do not be afraid to negotiate hard with vendors or developers  who are now more than eager to move their stock, to release capital or simply to curb their credit commitments. We have not to forget that here in Spain, there is a market for property that meets the exacting requirements of tourism , that offers still a product that is physically easily accessible from across Europe and where there is a mature mortgage market available. And so this CRASH should be considered as your chance to purchase low and take advantage of a medium to longer term venture.
Sources include: Lombard Street Research, International Property Investment Network, and the Association of International Property Professionals

05/2008 - Spanish Property Market’s early casualty... but is it all doom and gloom!

Don Piso, one of Spain’s leading estate agents, has announced this month that it will close more than 120 of its offices (70 alone in Cataluña) and with the loss of more than 350 jobs. The future of the franchise part of the business, of which there is more than 140 offices throughout the country, remains uncertain. Last year the company reported its first ever losses, and given its exposure to new developments and promotions, has suffered more than a 60% drop in sales for 2006-7. Most recently the president of UCI, Juan Carlos Sandoval, one of Spain’s leading lenders owned by the Santander and BNP Parisbas banks reported that at this moment there was too much supply for too little demand and that the fall in prices has been seen in both new and resale property. Many large real estate promoters were now using offers and promotions to try and move some of their stock, he said, underlining that now was a good moment to buy property in Spain.
The future of other large franchise real estate companies may also soon be under scrutiny; these include UniCasa with more than 149 offices in Spain,  Fincas Corral (which in 09/2007 reduced its network from 350 to 180 offices), Renovalia, and RE/MAX ESpaña  with 150 offices. Many of which have offices throughout the Costa Tropical.
Latest reports however suggest that there are still buyers around but that they seem to be delaying; and are waiting for the prices to fall. However with Spanish mortgages available to those with a deposit of 10% or 20% and who can actually provide proof of income 3 or 4 times of what is being borrowed. It is also worth noting that with the Spanish government encouraging tax concessions, offering residents the possibility to re-negotiate their mortgage and assist with the costs,  and introducing measures to encourage the rental market then this may stall the predicted price fall. Further, large developers and promoters are benefiting from this government intrusion and are now offering rent with an option to buy scheme to help stave off further market reductions. It is therefore not all doom and gloom! Perhaps as the Spanish Property Market begins to correct itself then the much acclaimed price collapse may not actually happen, or at worst will simply see prices hold for the next months.

05/2008 - Basura (rubbish charges) issued

As a reaction to last summers refuse workers strike in Almunecar and La Herradura, the town hall has since January 2008 decided that rubbish collections will be charged as additional to the usual municipal taxes (IBI). While there has been a slight reduction in this years IBI contributions to compensate the non-inclusion of the basura charge; already locals are receiving these new payments in the post since last month. While the IBI is paid twice annually, the basura charges will be sent every 2 months. Non-payment will carry the usual fines of 20% and will be required, as usual, to be paid prior to exchange of property ownership. Charges vary according to type and location of property, and on average appear to range from 8 to 20 Euros. The receipts can be paid in the usual ways either at designated banks or by standing order; so if you own a property here don’t be surprised that on your next visit you find these new charge receipts in your post box.

05/2008 - Bargains are still available

Despite the recent crisis in the property market in Spain, a recent ring-a-round local agents and promoter’s on the Costa Tropical reveals that there are still some good bargains around. Many new developments that are due to complete soon have available apartments at prices set in 2004 and 2005. In addition there are also offers to be found from those who purchased off-plan during the boom years that are now forced to sell on the option contracts at either the price originally paid (approx 20%) or even discount further to avoid loosing all their investment. Another side-effect is that the strong Euro against sterling allows for foreign buyers to make significant offers on properties where the vendor is from the UK and is planning to return their... however your offer may be refused if the vendor aims to re-use his Euros to purchase another property in the Eurozone.  

05/2008 - A7 Motorway - the Torrecuevas-Jete bridge

After almost 18 months of investigations and stoppages workers have returned to the construction of the A-7 bridge in Torrecuevas; one of the remaining elements of the La Herradura-Taramay section of the Mediterranean coastal motorway. The opening of this section has been delayed since November 2006 when a part of the bridge construction collapsed killing several workers. Now that work has resumed then the Taramay exit is expected to open in summer 2009.