The debate over Britain’s status in the European Union is not just a matter for the British people living in the country, or British citizens living and working within Europe, it is also of concern to the other member countries too.
The EU is threatening Spain with action unless it improves protection for the public when taking out a mortgage with a Spanish bank. In a formal notice sent out last week, the European Commission said it “is requesting Spain to bring its national laws on civil procedure regulating mortgage enforcement and payment orders in line with EU consumer law… to ensure that consumers are fully protected against unfair contract terms.” The Commission says that Spain has two months to reply to the notice.
The property market in Spain saw an improvement at the end of 2015, although this was patchy, with some areas faring better than others. Since the beginning of 2016, the market has had ups and downs, with a drop in sales in January, but a rebound in February, and a very strong comeback in Madrid and Barcelona with high end property selling well.
Many holiday home buyers factor into their calculations the likely income from renting out the property when they’re not using it, but are not aware that you need the correct licence to do so. That’s an increasingly dangerous game in Spain, as local authorities – in an effort to protect hotels and other official tourist accommodation providers – go to war against private individuals offering holiday rental.
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