Sunday, May 13, 2007
BTLers getting burnt in Spain
Telegraph: Counting the Costa
Buy-to-let Britons are learning a painful lesson from their investment in the holiday rentals market.
"There are strict conditions before properties are approved for rental to holidaymakers," says a spokesperson for the Spanish Ministry for Tourism. "Nearly all are not licensed, which means letting them to tourists is illegal."
Londoner Tania Osbourne is appealing against a £20,000 fine for letting out her £200,000, two-bedroom flat on a complex in a popular Majorca resort. Tania, 63 explains: "I wanted the flat as a buy-to-let investment and the developer's sales director told me it had excellent holiday rental potential of up to £800 a week in high season. Now I've been hit by a £20,000 fine - far more than I ever made from the lettings.
5 Comments
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1. Scott said...
Serves you right you greedy b*tch. Invest in something ethical instead!
2. japanese uncle said...
Nothing short of an internationally-coordinated bubble-pricking exercise! These 'unlicensed' BTL flats have long been existent, then why now? They could have done something to dampen the overheated market much earlier. The recent sequence of events in UK/Spain reminds me of Mohammad Ali vs Goerge Foreman bout in 1974, in which Ali's combination blows in just a second completely reversed Foreman's one-sided dominance over the preceding seven rounds, to register another KO-win for Ali.
3. Cheekie Charlie said...
If the rise in property as well as low interest rates supply and demand etc. was a global phenomena, then surely it will surely work just as well in reverse. I have a work colleague who has just purchased a property in Cape Verdi and thinking of buying another, thinks he cannot lose. Surely if you can pick up an appartment in Spain in a year or two for a song this will have a huge effect on all properties in the sun.
4. tyrellcorporation said...
LOL! oh my ribs...no stop it! :)
5. Orwell said...
Great blame your 'professional advisers then?
They didn't tell me that I was a moron. Can I sue them?
Unnnngh!!!