Spanish rentals under threat
23/05/2007 - Unlicensed holiday homes can not be rented
Previous Article - Article Index - Following Article
The over supply of properties in Spain has already caused headaches for homeowners struggling to resell their homes. The added complication of being unable to rent out villas and apartments may come as a shock to some people who have planned on some extra income to suppliment their incomes. Many of the 300,000 British investors in Spainish properties have been seduced by the prospect of rental incomes of up to £1,000 per week and the news of this being under threat due to a lack of permission from the authorities to do so will be a blow.
There are strict conditions to abide by before properties can be approved for the rental market and any breach of these conditions will result in large fines totaling, in some cases, of thousands of pounds. Landlords will also be faced with further action if they fail to declare income generated to the British or Spanish authorities. Prospective buyers are being advised to check the terms and conditions regarding renting out their property before they buy or post a property on holiday rental web sites.
