Sunday, May 13, 2007
BTLers getting burnt in Spain
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.