Overseas investors in the Spanish buy-to-let property market are suffering a double blow, as not only are property prices plummeting in Spain, but now

In spite of the ‘hard times’ currently faced by the Spanish property market, with much talk of over inflated property prices, combined with increasing interest rates; new and established Spanish property owners are being offered a helping hand, to support them through increasing problems with affordability.

Several key mortgage products have been developed, offering high loan to values and interest only periods, some even with no early redemption penalties. - 21st August 2007 11:01
Spain's property prices show no signs of cooling -

In spite of Spain’s reputedly ‘cooling’ property market, statistics show that property prices in Spain are not coming down.
Spain's Little Britain -

The influx of British tourists and holiday homeowners in Spain is now putting investors off Spanish property according to research conductred by GE Money Home Lending. Spaniards succeed in campaign to prevent local development -

Spain’s large-scale property development has not only been criticised by environmental agencies for destroying its coastline, but has also caused tension between Spanish councils and residents, who claim that excessive construction is spoiling their villages and towns.Spain's overdevelopment causes irreversible environmental damage - Spanish coastlines are being destroyed by overbuilding, announces a report by Greenpeace on Tuesday, which blamed local councils in Spain for failing to protect the environment. Supply outstrips demand in Spain's property market -

According to a report by property consultants R.R de Acuña & Asociados, house price inflation will dive next year as Spain’s already struggling property market is swamped by an excess of one million properties.

Over the last 3 years the Spanish construction industry has been busy producing 300,000 properties more than the required number. Spain's tourism suffers threat of ETA terrorism -

Spanish police have been on high alert following the threat of a resurgence of violence from the militant Basque separatist group, ETA. Spanish mortgage broker arrested for illegal applications -

The Spanish property market has suffered another blow as mortgages for overseas property buyers have been suspended following the discovery of illegal broker practices. - Property owners in Spain face legal action -

Overseas investors in the Spanish buy-to-let property market are suffering a double blow, as not only are property prices plummeting in Spain, but now Spanish tourism and tax authorities are coming down hard on unlicensed properties and undeclared rental earnings.

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new wireless Internet-access networks

Mijas Mayor Agustín Moreno last week officially launched the town’s new wireless Internet-access networks. A series of WiFi networks provides high-speed wireless access to the rural Osunillas, Valtocado and Entrerríos zones, while a WiMAX network links some 20 municipal offices throughout the town.
There are currently 70 pilot users of the rural-areas WiFi networks. The networks have a capacity for up to 60 users in each of the three zones. “This service represents a revolution for the rural areas of Mijas, and will be extended further, with increased capacity,” said the Town Hall in an official statement.
The 322,000-euro project for the newly launched wireless networks is part of the Town Hall’s ‘Mijas Digital’ programme for the promotion of new technologies. Other projects under the programme include the creation of a new Citizen Services Portal on the Town Hall’s Web site (www.mijas.es), which is already partially functioning. It currently allows users to access certain documents and make tax payments, and in the future will allow the online handling of a variety of Town Hall paperwork or transactions, say officials.
At the launch of the new wireless Internet networks last week, Mayor Moreno also announced that Mijas Pueblo’s Virgen de la Peña Plaza is now a WiFi ‘hotspot’, meaning anyone with a WiFi-equipped laptop can access the Internet free of charge from the plaza.

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Pedro Román

The former deputy mayor of Malaga, Pedro Román, may soon get out of jail, if he comes up with the million-euro bail stipulated by the Provincial Court last week. Román was Jesus Gil’s right hand man during two terms in Marbella Town Hall. Earlier in the week, the Attorney General had refused to let out Román or Juan Antonio Roca - the alleged mastermind behind Marbella’s Malaya case because of the risk of flight and destruction of evidence. However, the Malaga court took into account the fact that Román had returned voluntarily from Switzerland to face the charges of corruption brought against him. It also said there was little evidence not already in the hands of the police and courts and therefore there was nothing left to destroy. It is the highest bail imposed so far in the Malaya case.

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case regarded by many as the most significant of its kind in Spanish legal history

THE massive sum of 600,000 euros has been demanded in return for the temporary freedom of Fernando del Valle in the Marbella money-laundering case which occurred last March. The family of the Chilean-born lawyer, accused of being the mastermind behind the 250 million euro fraud, are now attempting to secure the bond which will lead to his release from the prison in Albolote, Granada. His lawyer, Javier Núñez, admitted that it would not be easy raising the money, a previous attempt to win bail through presentation of his assets having been rejected. In a case regarded by many as the most significant of its kind in Spanish legal history, 50 arrests have so far been made, including a large number of multi-national, high-profile individuals, many of whom are lawyers

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List of developments affected by compensations in Marbella area

Playa de Río Verde. 21 inhabitated dwellings in street Carlos Ponsac. Must hand over 26% of it’s land.

Hacienda Los Caballeros. Residential dwellings. Must hand over 30% of its plot of land.

Urb. La Trinidad. 116 inhabitated dwellings. Must contribute 37% of it’s land.

Villa Parra Palomera. 119 inhabitated dwellings. Must contribute 46% of it’s land.

Los Manchones Altos. Detached inhabitated dwellings. Must contribute 37% of its land.

Hotel NH Alanda. Must contribute its own plot of land.

Llanos de Nagüeles. Detached inhabitated dwellings. Must contribute 38% of it’s plot of land.

Cascada de Camoján. 14 inhabitated dwellings. Must contribute 47% of it’s land.

Monte Paraíso. Arroyo Guadalpín. Residential gated complex. Must contribute 51% of its land.

Viña del Marfil. Detached dwellings. Must contribute 33% of its land.

Lomas del Río Verde. Residential buildings. Must contribute 50% of its land.

Hotel Senator. Hotel and residential. Must contribute 50% of its land.

Molding Clinic. Must contribute 50% of its land.

Las Cañas Beach. 186 inhabitated dwellings. Must contribute its own plot of land plus 25.000 m2 of a plot in street Margarita next to the Carolina Park as well as a plot of land next to street Goya.

Las Jacarandas. In Boulevard King Fahd. 104 inhabitated dwellings. Must contribute its own plot of land plus 6.300 m2 from a plot located in street Carlos Ponsac beside the beach.

Conjunto Costa Nagüeles. 798 dwellings, hotel NH Nagüeles and commercial centre. Must contribute it’s own plot of land plus 63.300 m2 of a plot wedged between Camino de Camoján and street Santa Ana.

Los Pinos de Nagüeles. 239 dwellings and a school. Must contribute 27% of its land as well as 63.000 m2 of a plot wedged between Camino de Camoján and street Santa Ana.

Mansion Club. Rocío de Nagüeles next to the Büchinger clinic. 114 dwellings, clinic and social club. Must contribute 28% of its land as well as 23.500 m2 of a plot in Avenue Büchinger.

Cascada de Camoján. 14 occupied dwellings. Must contribute 47% of its land.

Monte Paraíso. Arroyo Guadalpín. Residential gated complex. Must contribute 51% of its land.

Viña del Marfil. Detached dwellings. Must contribute 33% of its land.

Lomas del Río Verde. Residential buildings. Must contribute 50% of its land.

Hotel Senator. Hotel and residential. Must contribute 50% of its land.

Molding Clinic. Must contribute 50% of its land.

Arroyo de las Piedras. Altavista de Marbella. 55 dwellings. Must grant 17.066 m2 of El Batatal.

Sierra Blanca. Commercial centre. Must grant 1.313 m2 of a plot on corner street Wagner with St Rossini and another plot next to St Litz.

Lagos de Sierra Blanca. Must grant 9.261 m2 of a plot on corner street Wagner with St Rossini and another plot next to St Litz.

Büchinger Avenue. Residential complex. Must grant 2.504 m2 of a plot in Büchinger Avenue.

Miramar. Residential complex. Must grant 1.502 m2 of a plot in Büchinger Avenue.

Hotel Guadalpin. Must grant 3.590 m2 of plots in St Velázquez next to the sea as well as another plot in Guadalpins’ riverbed.

María de Salamanca. Residential complex. Must grant 7% of a plot next to the sea opposite Gil’s building which is a commercial centre.



RÍO REAL

Cristo de los Molinos. 6 dwellings. Must grant 23% of its land.

Bellavista Phase 1 and Bellohorizonte Phase II. Residential complex. Must grant 36% of its land.

Lindasol and Bellohorizonte. 300 dwellings. Must grant 2 plots of their own as well as 12.000 m2 of a plot next to the Cristo de los Molinos.

Incosol. 73 dwellings. Must grant 52% of its land.

Río Real Playa. 9 blocks and a restaurant. Will be able to legalize blocks 1 to 4 granting blocks 5 to 9.

Pueblo Río Real Playa. 60 dwellings. Must grant its own plot of land.

La Morena. 45 dwellings. Must grant 58% of its land and 2.800 m2 of a plot opposite Río Real Golf

Los Monteros St Ciervo. 21 dwellings. Must grant a dwelling.

Golf Río Real in Ave. de la Alcudia. Residential complex. Must grant its own plot.

Vista Golf. 24 dwellings. Must grant 50% of its land.

Above Río Real. 56 dwellings. Must grant 6.331 m2 of a plot located in Río Real.

Mansion located in Ave. Balcón. 1 dwelling. Must grant 2.228 m2 of a plot next to Golf Garden.

Las Mimosas in St Cipreses and St Mimosas. 42 dwellings. Must grant 1.922 m2 of a plot in St Buganvilla.

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developments in Marbella, more than 100, affected by town hall compensations due to planning illegalities.MARBELLA AREA

La Concha. 376 inhabitated dwellings. Must contribute to the town hall with 6.645 m2 of a plot of land north of the bull ring with industrial warehouses in use.

Parque Miraflores. 576 inhabitated dwellings. Must contribute over 9.406 m2 of a plot of land north of the bull ring with industrial warehouses in use.

Edificio Belmonsa. 110 inhabitated dwellings. Must contribute 1.774 m2 of a plot of land north of the bull ring with industrial warehouses in use.

Edificio Plaza. 335 inhabitated dwellings. Must contribute it’s own land plus 5.003 m2 of a plot of land north of the bull ring with industrial warehouses in use.

Edificios Puerta Grande. 190 inhabitated dwellings. Must hand over 60% of this land to the town hall plus 13.300 m2 of a plot of land where the McDonald’s in road to Ojén is located as well as a plot of land located close to the bull ring.

Jardines de la Represa. 153 inhabitated dwellings. Must grant 36% of its land plus 13.300 m2 of a plot of land where the McDonald’s in the road to Ojén is located as well as a plot of land located close to the bull ring.

Terrazas de Marina Marbella. 551 inhabitated dwellings. Must contribute 11.930 m2 of banana Beach where 300 families already live.

Plot of land opposite Don Miguel. 221 dwellings under construction. Must hand over 47% of this plot of land.

Urb. La Montua. Various inhabitated dwellings. Must hand over 67% of this plot of land.

Blue Crystal building in Marina Marbella. Inhabitated. Must hand over 78% of this plot of land.

Los Olivos phase V in street José Iturbi. Inhabitated. Must hand over 72% of its plot of land.

La Cañada. Mall. Must hand over 50% of its plot of land.

Mirador de Guadalpín in camino del Pinar. Inhabitated dwelling. Must hand over 47% of it’s plot of land.

Conjunto Valle Azul in Avenue José Manuel Valles. 140 inhabitated dwellings. Must hand over 38% of it’s plot of land.

Urb. La Torecilla. Inhabitated urbanization behind La Cañada mall. Must obtain 20% of it’s land.

Edificio Independencia in Miraflores. 36 inhabitated dwellings. Must obtain 396 m2 from an inhabitated building opposite the Mediterranean building on Marbella’s Paseo Marítimo .

Edificio Parquesol (right across the Marbell Center). 132 inhabitated dwellings. Must obtain 3.269 m2 from the old building where the old post office used to be located in Marbella, from the Radio Nacional building in Marbella centre and from a plot of land north of the bull ring.

Edificio Portillo. 80 inhabitated dwellings. Must obtain 1.035 m2 from the old building where the old post office used to be in, from the Radio Nacional building in Marbella centre and from a plot of land north located in the road to Ojén.

Edificio de Correos (Post office’s new building) located in street Jacinto Benavente. 114 inhabitated dwellings. Must obtain 4.654 m2 from the Siebla petrol station and froma plot of land north of the road to Ojén.

Huerta Belón: 6 inhabitated dwellings. Must obtain 3.576 m2 from a plot in street Hnos Belón Lima.

Buildings in street “Acera de la marina” next to Marbella’s yacht marina (“Puerto Deportivo”). 123 inhabitated dwellings. Must obtain 1.125 m2 from the building where the old Marbella post office used to be, from the Radio Nacional building and from a plot of land located in the road to Ojén.

Edificio Antonio Herrero. 68 inhabitated dwellings. Must obtain 1.487 m2 from the building where the old Marbella post office used to be, from the Radio Nacional building and from a plot of land located in the road to Ojén.

Edificio antiguo Povisa. 48 inhabitated dwellings. Must obtain 3.938 m2 from the Siebla petrol station and from a plot of land north of the road to Ojén.

Urb. Jardines de la Represa in front of the Police Station. 150 inhabitated dwellings. Must obtain 6.491 m2 from Siebla petrol station and from a plot of land north of the road to Ojén.

Industrial warehouses located in the Polígono la Ermita. Must obtain other warehouses from the same polígono.

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tornadoes have been reported out to sea

An English woman thought to be in her thirties died earlier today when she was swept away by a wall of flood water after stepping out of the car she was travelling in. The incident occurred at around midday on the Son Serralta residential estate in Puipunyent on Mallorca. The victim's boyfriend and their baby were rescued uninjured from inside the vehicle.

With torrential rains affecting all the Balearic Islands since last night, the regional government has informed that tornadoes have been reported out to sea. Consequently, orange level alerts have been issued for Mallorca, Ibiza, and Formentera while Menorca is on yellow alert.

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arrested the director of a Gibraltar-based bank

National Police officers have arrested the director of a Gibraltar-based banking agency for his alleged involvement in the Marbella money laundering scam. He is accused of chanelling money into the south of Spain from Russia via Holland. According to a police source, the man, who used to manage a banking office in Marbella, was arrested on the La Alcaidesa residential estate located between Concepción and San Roque, which is one of 251 properties confiscated by police in the first phase of the operation. So far, a total of 48 people have been arrested in the investigation which is code-named "Operation White Whale."

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A British man, Harvey Jeffrey L, arrested last Saturday as part of the "White Whale" money laundering investigation

A British man, Harvey Jeffrey L, arrested last Saturday as part of the "White Whale" money laundering investigation, has been jailed by judge Miguel Angel Torres after an appearance this afternoon at Marbella municipal court. His wife, who was also arrested at the weekend, was allowed to go and no charges were brought against her. Both are suspected of swindling fellow Brits out of hundreds of thousands of euros since setting up a business at the end of 2001, which is being investigated as part of a wider investigation into a money laundering operation thought to be run from the Del Valle law firm based in Marbella.

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dramatic drop in the amount of building going on in the province

Malaga’s Official College of Architects has revealed that there’s been a dramatic drop in the amount of building going on in the province. The College approves the architectural plans for new buildings, so sees first-hand the volume of building work to be undertaken. In the first six months of last year, plans for 25,175 new homes were approved; this year that figure slumped by 34.5% to 16,477. The western end of the province has seen the biggest drop, with house approvals down by over 50%. Apartment building is also affected, with all areas on the eastern Costa del Sol showing a drop in the number of plans approved. In inland Malaga, the number of approved plans is rising.

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