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| Andalucia to subsidise home buyers |
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The government of Andalucia, or Junta, announced yesterday a subsidy of 1 billion Euros to help liquidate the region’s property glut estimated at around 70,000 newly-built homes. Like the ‘cash-for-clunkers’ programme used to subsidise car sales, public money will now be showered on house-hunters in Andalucia. But second home buyers can stay in their seats as the scheme only applies to local residents buying main homes. Even so, it could benefit foreigners living in Andalucia, and help lift the market out of its slump, which might lift prices for all types of property. How it works? The way it works is developers participating in the scheme have to offer their property for sale at mortgage cost, wiping out their margins and giving a discount of 20%. Participating banks, for their part, will loan 100% interest only for the first 3 years. Starting in the fourth year the Junta will offer loans to subsidise mortgage payments for up to 5 years and a maximum of 15,000 Euros. As a result, buyers will save as much as 40% over 8 years, according to calculations by the Junta. More conditions: The offer stands until the end of 2010, the properties must be newly- built, and the mortgage no greater than 245,000 Euros, the price limit for social housing. Mortgages must be 100% LTV, up to 30 years, charging an interest rate of Euribor +1. Read the fine print, though, and the Junta isn’t being so generous. In year 9 mortgage lenders have to reimburse the subsidy to the Junta and add it onto the outstanding mortgage, so the borrower pays in the end. Nevertheless, thanks to inflation, buyers will probably have to pay back less, in real terms, than they borrow. Many people expect inflation to take off in the next few years. Criticisms? You could argue that it is morally questionable for the government to be spending 1 billion Euros subsidising home buyers when there are so many other more needy causes. And isn’t this is just a wheeze to get buyers to pay inflated prices for homes today whilst transferring the burden of payment onto tax payers in the future? Wouldn’t it be cheaper, and cause less economic distortion, just to drop prices today to a level that people can afford without crucifying themselves on a 30 year mortgage subsidised by the government? |
Spain still most popular
Spain is still the most popular destination for overseas property seekers, new research has revealed.Property portal Prime Location has said that 30 per cent of all searches in November were for Spain, with France in second place on 29 per cent and the US in third with 21 per cent.The overall tally of
Markets
There are markets along the Costa del Sol every day except Sundays and these usually operate from about 9/10am until about 2pm. They tend to be manned by the same stall holders who set up their stalls somewhere different every day and then pack them away about 2pm only to start all over again the next morning.
You will find a wide range of goods on sale such as clothes, shoes, towels and blankets, ceramic pots and dishes to mention just a few. The prices tend to be fixed but if you think they are too high you may managed to barter with a few of the sellers - they may claim not to speak English but most of them have some knowledge of the language.Below we have created a complete list of markets on the Costa del Sol by day. There are also flea markets on some days which sell some old Spanish items which you may find interesting.
Costa Del Sol Markets
What do the markets offer?
Vegetable and fruit: If you are a lover of fresh fruits, nuts, olives, vegetables, herbs and flowers then the weekly town and village markets are the best places to buy it. You can’t find it cheaper anywhere or better quality else.
Ceramic and Pottery: Andalucía produces a lot of ceramic and pottery. Every region