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CASA Castle Asia

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Posted at 04/9/2018 14:45 by sarkasm
How do you save £22k a year? By moving to Spain

By Kate Saines in Household Bills September 4, 2018 0

If you are still dreaming of your summer holiday, take inspiration from new research which has revealed moving to Spain could save you £22,000 a year in living costs.

Despite the effects of Brexit, setting up home in this country will cost you less in accommodation, commuting, childcare, fuel and even entertainment according to the data released by thinkSPAIN.

Spanish utility bills are £400 cheaper on average than those in the UK, according to the study, and on the other end of the cost scale you can save 21p on every litre of milk you buy.
Buying a home

But it’s the price of a house which will ensure Brits moving abroad make big savings, with the cost of a one-bed apartment in a city centre being £216 cheaper in Spain. Or, if you want to invest in property, you will save £13,912 per square metre on the average house.

Public transport is nearly half the price in Spain and petrol prices come in at 12p per litre cheaper – which is a saving of £144 per year.
Education and childcare

There is also a vast difference when it comes to education and childcare. Indeed, private pre-school and day care per month would be £548 less in Spain and you could make savings of up to £6,909 per year on private primary school education.

Even luxuries like cinema trips and football tickets will set you back far less than in the UK. A cinema ticket costs, on average, £3 less in Spain and you can save a fiver on the cheapest football tickets.

And, of course, there is another major advantage to relocating to Spain. A spokesperson for thinkSpain said: “The Spanish climate may not come with a price tag, but can offer a better quality of life than in the UK.

“You can ditch the winter coat for shorts and sandals, with an average high temperature of 19.6 degrees Celsius in Spain, compared to a mere 14 degrees in the UK.”

There is more information about the comparisons in the costs of living in the UK versus Spain in thinkSPAIN’s guide, ‘What Price is Paradise?’
Posted at 17/6/2018 14:51 by sarkasm
How to avoid the pitfalls of buying a home abroad: From legal wrangles to currency worries, the eight key issues you need to consider

While Spain and France are popular spots, other countries are more affordable
Bulgaria and Brazil are among the most affordable places to buy a second home
Each country will have a different legal system so it's important to wise up

By Esther Shaw, Financial Mail On Sunday

Published: 23:30 BST, 16 June 2018 | Updated: 14:12 BST, 17 June 2018

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Buying a property overseas is a life-long dream for many people looking for sun, relaxation – and perhaps a place to retire.

Some will plan on basing themselves abroad for a few months of the year while others will want to relocate permanently. Many will pick spots on the Continent though some will venture further afield.

Whatever you decide, unless you plan carefully those dreams of owning a place in the sun could soon turn into a nightmare. Here are some of the potential problems and pitfalls you need to be aware of.
Popular: The South of France remains a favourite choice for Britons
+5

Popular: The South of France remains a favourite choice for Britons
1. Picking the wrong location

While Spain and France remain popular destinations for Brits, other countries are more affordable. Latest findings from currency specialist FairFX reveal that Bulgaria and Brazil are among the most affordable countries to buy a second home, based on property and living costs.

The company looks at the average cost of a two-bedroom apartment in specific countries, but also factors in a selection of everyday costs – including a car, utility bills, petrol, internet and mobile phone usage.
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Ian Strafford-Taylor, of FairFX, says: ‘When deciding where to buy, you need to look not only at the cost of property, but also how much it will cost you when you are out there.’

Also bear in mind that while it is easy to fall in love with an area when you are on holiday, it can be different when you are actually living there. Everything from access to local shops and public transport can become more important.

You must also consider how easy it will be to travel home. Good transport links to main cities and airports are essential. Crucially, you need to find out what the area is like in winter.

Tips:

Carry out exhaustive research. Attend international property shows and speak to experts. Subscribe to magazines and websites devoted to expats in your chosen country. Ask plenty of questions in the forums.
When you have narrowed down an area, take trips out there to get an understanding of what life is really like – and the costs involved.

Keith and Hilary Coombes bought a house in Spain 11 years ago. As a result, they now split their time between Moraira near Alicante and a retirement village situated between Oxford and Swindon (see case study box at bottom for their story)
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Keith and Hilary Coombes bought a house in Spain 11 years ago. As a result, they now split their time between Moraira near Alicante and a retirement village situated between Oxford and Swindon (see case study box at bottom for their story)
2. Legal lapses

When it comes to purchasing a property each country will have a different legal system so you need to wise up. Many will use the notarial system where the buyer and seller need to be present with a legal representative at the same time to check and sign legal documents to transfer property.

David Reith, of financial adviser Hargreaves Lansdown, says: ‘In France, the notaire overseeing the sale of the property acts on behalf of both the buyer and seller so it is vital to get independent advice.

‘In Spain, larger developers will tend to employ a lawyer and offer you their services, but it is essential to have your own advice. In Portugal, you need to be registered in the country for tax purposes before any purchase takes place.’
CASE STUDY: 'We hate the cold so go Down Under in winter'
Escape: Phil and Bryanna Whitaker bought a flat in Queenstown
+5

Escape: Phil and Bryanna Whitaker bought a flat in Queenstown

Phil and Bryanna Whitaker bought a property in New Zealand after retiring from running a car dealership.

The couple, both in their 60s, purchased a five-bed apartment on the shore of Lake Wakatipu, a mile from the centre of Queenstown. This cost just under £500,000 back in April 2016.

They now split their time between New Zealand and Gerrards Cross in Buckinghamshire.

Phil says: ‘We both hate the cold. As the days shorten in the UK, we escape Down Under to spend the British winter in Kiwi sunshine.’

When the couple were house-hunting they looked at dozens of properties around Queenstown. They chose their apartment because of the views over the lake and the mountain range – and the fact they can easily walk or cycle into town from there along the lake shore. The couple funded their purchase by downsizing their UK home to an apartment.

Phil says: ‘We knew we had to consider the impact of currency movements when buying so we used forex specialist TransferWise to send funds to New Zealand. This meant we got a fair exchange rate – and saved ourselves thousands of pounds in charges.’

The couple are extremely happy with their decision to buy in Queenstown.

Phil says: ‘It has some excellent restaurants and sports facilities and a village-like atmosphere where everyone knows everyone.

‘We also see our three boys regularly as we encouraged them to emigrate a few years ago and they now all live in New Zealand or Australia. We FaceTime as often as we can.’

Tips:

Before you buy, find a good, local, independent, bilingual lawyer with no ties to the vendor – or to the estate agent or property developer. You must find someone who will act in your interests.
Never sign paperwork in a foreign language.
Note that lawyers perform different functions in different countries, so do not assume they will do all the necessary background checks. Get to grips with their responsibilities – and yours.

3. Mortgage mistakes

Most British banks have become less willing to lend on foreign properties since the 2008 financial crisis. So, the two main options are either remortgaging your UK home to release equity or taking out a foreign mortgage.

In some markets, a local mortgage makes more sense. In France, for example, you may get lower rates and find some mortgages geared specifically towards non-residents. But do not assume that just because you have a mortgage in the UK you will automatically qualify for one overseas.

Miranda John is international manager at mortgage broker SPF Private Clients. She says: ‘Research is key to establish whether lending locally is available and if so, on what terms, as there is a surprising difference between countries within the Eurozone in terms of mortgage interest rates.’

Tips:

When budgeting for your deposit and mortgage, be sure to set aside sufficient money to cover agents’ fees, legal costs, survey fees, property registration, moving costs and insurance. Also factor in any tax on property transactions.
Speak to a specialist overseas mortgage broker who can help you devise the best buying approach. They can also explain any tax implications.
If you are buying a property with the aim of letting it, make sure you have done all the financial sums.

If you are considering buying in Europe, you need to think about the implications of Brexit, especially on currency issues
+5

If you are considering buying in Europe, you need to think about the implications of Brexit, especially on currency issues
4. Currency calamity

At some point, you will need to transfer money into your chosen currency to pay for the property. At times of currency volatility, timing can make a difference.

Strafford-Taylor says: ‘Taking advantage of rates when they move in your favour could save you hundreds of pounds when it comes to making payments abroad or sending money to your overseas bank.’

Tips:

Do not make the mistake of going straight to your bank for currency. Try a specialist such as TransferWise, FairFX, Caxton FX, Moneycorp or Fexco, as they often offer lower charges and better exchange rates.
Look beyond any upfront fee. Nilan Peiris, from TransferWise, says: ‘While most people concentrate on the upfront fee – with many banks advertising zero per cent commission to send money abroad – the crucial issue is the exchange rate.’
Look at fixing an exchange rate in advance. That way, regardless of how the market moves, you can be certain of the price of the property. With a ‘forward contract’ you can lock in a competitive exchange rate for up to 12 months – so you will not lose out if the pound weakens.
Check out tools such as the real time currency rate tracker from TransferWise. This sends live updates to your inbox when the rate for your chosen currency is favourable.

5. Forgetting ongoing costs

Once you have purchased a property there will be ongoing costs to consider – such as annual service charges or maintenance fees. Also, ongoing local taxes.

Tips:

Research all likely future costs related to a property purchase before you sign on the dotted line.
When paying for ongoing costs, try to ensure you convert your pounds at the best possible exchange rate.

6. Underestimating how hard it is to move

Moving abroad can be more complicated than you think. Anthony Ward is boss of Ward Thomas Removals which specialises in relocating people overseas. He says: ‘Make sure you have the right visas or permits to live in the country you are moving to.

‘Note that some countries impose taxes which must be paid locally when your goods arrive – so check out all these costs before you start the moving process.

‘If your move is by road within Europe make sure the access to the house is big enough for a large truck. Do not take your best Chippendale furniture and oil paintings to hot countries – the air conditioning dries them out.’

Tips:

Make sure you use reputable destination agents.
Do your research to avoid being faced with unexpected bills as you go through the process.

7. Pension pitfalls

If you make the decision to move overseas, your state pension will continue to be paid.

Reith says: ‘If you become resident in the new country, you will only benefit from annual rises in the state pension and the triple-lock guarantee if you live in the European Economic Area, Gibraltar, Switzerland or a country with a social security agreement with the UK. If you move to a country such as Australia or New Zealand, your income will be frozen at the rate when you left the UK.’

Tips:

If the state pension is a significant part of your income, think carefully about any overseas move as you could see its value eroded.
Remember to factor in any personal pensions. Patrick Connolly, of Bath-based adviser Chase de Vere, says: ‘You can leave this money in the UK or potentially transfer it to an overseas pension scheme. But you need to be careful because pension rules vary across countries.
‘Overseas pensions can be more expensive or less flexible than your UK pension and if you do not transfer to the right type of scheme, you could face a stiff initial penalty – in some cases 40 per cent or more.’

8. Brexit

If you are considering buying in Europe, you need to think about the implications of Brexit, especially on currency issues.

Tips:

Consider putting off your purchase until the position on Brexit is clear.
If you are set on pushing ahead, keep abreast of all political developments.
If you are worried about the impact on currency values, a forex specialist can help you reduce any risks.

CASE STUDY: 'Arm yourself with knowledge and don’t rush into buying'

Keith and Hilary Coombes bought a house in Spain 11 years ago. As a result, they now split their time between Moraira near Alicante and a retirement village situated between Oxford and Swindon.

Keith, 71, says: ‘We knew there were horror stories about buying in Spain such as corrupt town officials and the selling of bogus planning permission.

‘We also saw many unfinished buildings when we were out there looking to buy. But we were not put off.’

The couple looked at lots of properties with different estate agents in various parts of Spain.
Care: The Coombes’ two-storey home near Alicante
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Care: The Coombes’ two-storey home near Alicante

Keith says: ‘This helped us build up a picture of exactly what we wanted – and the pitfalls to avoid. We ended up using a well-qualified local estate agent who ran a longstanding family business. He showed us the house we fell in love with – a three-bed, two-storey detached house. It was in need of a lot of tender loving care, but had some lovely features.’

Once their offer was accepted, Keith and Hilary paid 10 per cent of the house price to a third party. Keith says: ‘As the sellers were British who were moving back, we agreed to make all our payments in sterling.

‘We agreed a rate of exchange between us.’

They then went on to pay the full amount in front of a senior lawyer. Both the seller and vendor were present at this meeting where all the relevant documents were signed.

Keith says: ‘We are glad we pursued our dream as we have had a lot of wonderful life experiences in Spain.

‘But our advice to wannabe buyers is not to rush into it – you need to arm yourself with as much knowledge as you can.’
Posted at 01/1/2012 12:29 by maxk
Spanish Mortgages Decline for the 18th Straight Month as Bad Loans Surged

By Angeline Benoit - Dec 28, 2011 8:00 AM GMT




Spanish residential mortgages decreased for an 18th month in October as banks reined in lending amid a surge in borrowing costs and bad loans.

The number of home loans fell 43.6 percent from a year earlier after a 42 percent drop in September, the Madrid-based National Statistics Institute said in an e-mailed statement today. Total capital lent on all mortgages fell 40.6 percent, it said.

Spain is struggling to digest a glut of 700,000 unsold new homes since the collapse of the building boom that has pushed the unemployment rate to 23 percent. Prime Minister Mariano Rajoy, who holds his second cabinet meeting on Dec. 30, has pledged to bring back tax rebates for mortgage holders and clean up an estimated 176 billion euros ($230 billion) of soured assets linked to real estate from the books of the country's banks.

Bad loans as a proportion of total loans by Spanish lenders jumped to a 17-year high 7.42 percent in October, the Bank of Spain said on Dec. 19.

The average price of Spanish houses and apartments declined 7.4 percent in the third quarter from a year earlier, the National Statistics Institute said on Dec. 15.
Posted at 16/7/2011 15:41 by waldron
Mallorca is the biggest of the four islands in the Balearic Isles that offers everything you could wish for in a holiday. From long, golden beaches, tiny coves, mountains and remote villages to windmill-dotted plains; all year round enjoyment. Palma is the capital and occupies a seafront location. The old town has a cathedral and a maze of narrow streets. The views from Bellver Castle are breathtaking. There is a wide variety of bars, restaurants and nightlife in Palma. The Bay of Palma is the playground and consists of a crescent of white sand. On the western side of the island is Magaluf the place to party, where clubs are open all night and parties don't stop. As a resort it also offers an outstanding sandy bay with water sports. Ample shops line the tightly-knit streets and a wide selection of bars and restaurants will keep everyone happy.



Mallorca Package Holidays



Mountains in Mallorca


On the west coast are the resorts of Valdemossa, famous for its monastery and Deya, a picturesque village renowned for its music festivals and as a retreat of Robert Graves, the poet. The wonderful views in the area comprise of sheer cliffs and wooded mountains, characteristics familiar with the northwest of Mallorca.



It's totally amazing how each part of this small island is so different.



Traditional costume in Mallorca




Mallorca guide

A-Z of places in Mallorca

Holiday rentals in Mallorca

Hire a car in Mallorca

Golf in Mallorca

Hotels in Mallorca

Plan a holiday to Spain

See the airports of Spain

National Holidays of Spain

Explore Hotels in this area



Videos of Mallorca



Explore Balearic Islands

Explore Formentera

Explore Minorca

Explore Ibiza






More relevant features

Getting married in Mallorca

Mallorca weather

Palma International Airport

Geography of Spain

A-Z of places in Spain





Property related

Buying property guide

Insure property in Mallorca


Moving to Mallorca

Moving to Spain guide

The cost of living in Spain

Mortgages in Spain


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Cala San Vicente is one of the most peaceful resorts, a small village with superb, sandy coves, separated with a rocky headland. There are only a few bars and restaurants here although they are very lively. 11km away is Puerto Pollensa. At the north of the island, it is formed around a large, natural bay with a small marina and long, sandy beach. An ideal resort for families. Just below here is Alcudia, where you will find one of the most beautiful and largest sandy beaches on Mallorca. Alcudia has grown around a thriving fishing port and has now developed into a bustling family resort with restaurants, bars, shops and an aqua park. In total contrast, a few miles inland is the old walled town, steeped in history.
Alcudia


In the southeast is a former fishing village by the name of Cala d'or. It now hosts Mallorca's largest holiday community. Here you will see typical, white Spanish buildings set amid greenery, pedestrianised lanes and an elegant yacht marina, surrounded by numerous beaches. Ca'n Pastilla , east of Palma is one of the most heavily built-up resort areas. It lies close to the Son San Juan Airport. The yacht harbour here can house over 500 vessels. The two mile long stretch of beach between here and El Arenal has more than its fair share of the island's hotels and attracts record numbers of bathers to the beach. Here you will find holiday makers of every nationality and as the night falls, the parties begin - right through till daybreak.
Palma Cathedral



When on the island of Mallorca, you must see the world famous Caves of Drach (Caves of the Dragon). Here you will trek underground through over a mile of giant caverns. At the bottom is the highlight - a massive underground lake, lit up with coloured lights. take your seat in the purpose built auditorium as a string orchestra floats by on tiny, illuminated boats. Part of the journey back to the top is by boat. The caves attract hundreds of thousands of visitors every year and can be very crowded in the summer months. The caves are located on the east coast of the island, near Porto Cristo, a wonderful fishing resort. The ruins of the hilltop Santueri Castle is worthy of a mention, dating back to Roman times.
The beach at Soller



When to visit the island of Mallorca
Like the other Balearic Islands, Mallorca enjoys a moderate climate all year round. A wall of mountains running along its northern coast protects it from cold winds. Although cooler than summer, in winter the weather is quite acceptable. The island boasts about 300 sunny days per year with an average of 5 hours sunshine each day in the winter and 10 hours in the summer.

Getting to Mallorca
By air from major European cities there are daily non-stop flights. There is an enormous choice of package holidays arranged by tour operators which include flights and accommodation. By car, there are many ferry links to France and Santander in Spain. During peak season you are advised to make firm reservations.
Posted at 26/4/2011 19:40 by maxk
90-100% mortgages attract Nu mugs to a sinking market....all bank approved, cos the banks are holding the paper, try it on a re-sale.




By Sarah Kendell | April 26, 2011 8:19 PM GMT




A steady supply of cut-priced homes in high-yielding tourist areas has sparked British buyers' interest in purchasing a Spanish property once more, says international property portal Rightmove Overseas.

According to the UK-based website's latest traffic figures, the number of users enquiring on homes in Spain has risen for the second month in a row. Spanish property enquiries increased 1.2% between February and March, with the region of Valencia proving a particular success with a whopping 166% rise.

"Buyers looking for reduced price properties in traditional lifestyle and holiday hotspots have been notable during March", said Rightmove's head of overseas sales, Shameem Golamy. The 90-100% finance offered by leading developers in a bid to entice skittish buyers back to the market is presenting an unmissable opportunity for many, and with the spring holiday season now in full swing, buy to let investors are realising just how lucrative their investment could be.

Properties situated within golf resorts are also proving a particular drawcard amongst the renewed surge of buyer interest, says locally based agent Taylor Wimpey de Espana. The firm has seen a 121% increase in enquiries for its range of new-build golfing properties in popular holiday destinations such as Mallorca, 57% of which were Brits. "Without doubt in a holiday home destination such as Spain, properties on golf resorts offer more for the buyer", said sales director Ignacio Osle. "You tend to find a greater range and quality of facilities such as the club house, restaurants, shops and leisure amenities, and of course the golf courses themselves."
Posted at 20/3/2011 19:49 by miata
One example of price movements in coastal Spain:

3 bedroom apartment in Manilva,

2003, Off plan price: €112,000, After taxes: €122,000

2005, Completion. Valuation: €198,000

2009, Friend sells his 3 bedroom apartment for just €115,000.
Possible Sale Price 2009: €120,000
Estate Agent Commission: €6,000
Proceeds from Sale: €114,000

2011,
Selling Price 2011: €85,000
Estate Agent Commission: €4,250
Proceeds From Sale: €80,750

Currency effect
2005 €1.42 per pound sterling. 2011 €1.17 per pound sterling. 20% increase
Posted at 25/1/2011 12:36 by miata
From RBS note on Spain:

"Growth prospects remain poor and asset price declines in the real estate sector are likely to accelerate in the short term due to a rising cost of carry of properties on banks' balance sheets and the fiscal policy stance turning more restrictive."
Posted at 14/10/2010 08:33 by praipus
Noticed the recent volume, price action and Weiss investment.



Seeks long term capital appreciation through investment in a diversified multi-manager, multi-strategy portfolio of hedge funds investing in Asia.
Posted at 26/9/2009 07:57 by miata
The online property company, whitehotproperty.co.uk, is currently marketing around 4,000 distressed properties in the popular Spanish tourist destinations with – in some cases – sizeable discounts. In one example, a four-bed, two-bathroom duplex apartment in Torrevieja has been reduced to €118.400 (£102,068), a 27 per cent discount on the original asking price.

Similarly, a three-bedroom villa with a pool in a tourist hotspot such as the Costas can be bought for €400,000. It would have cost around €650,000 at the height of the market three years ago.
Posted at 23/9/2009 10:04 by grupo
UPDATE: Cement Cos In Spain Face Antitrust Probe (Holcim Ltd)





(Adds company name.)

BRUSSELS -(Dow Jones)- European Union antitrust officials carried out surprise inspections at the premises of companies producing cement and related building products in Spain, the European Commission, the E.U.'s executive arm, said Wednesday.

The commission said the companies are suspected of having taken part in price fixing cartels or of using their dominant position in the market to squeeze out competitors.

The inspections are the first step in an E.U. antitrust investigation.

Swiss cement company Holcim Ltd. (HOLN.VX) Wednesday confirmed its offices in Spain have been searched, adding it is fully cooperating with authorities.

-By Carolyn Henson, Dow Jones Newswires; +32 2 741 1481; carolyn.henson@dowjones.com (Martin Gelnar in Zurich contributed to the article.)
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