Poland and Polish Discussion Group and Forum

Welcome to the original English language Poland and Polish discussion group board. This message forum is a place where English-speaking Poles, foreigners (expats) living in Poland, and anyone with a genuine interest in Poland can discuss and read the views of others concerning Poland. Subjects include: Polish news and current affairs; Life in Poland; politics; genealogy research; Polish culture and history; advice and tips on visiting Poland; Polish property and investment issues. The aim of our group is to increase awareness of wonderful Poland using the English language and allow and foster the honest debate and exchange of opinions on anything vaguely related to Poland and Polish - positive, negative and/or neutral! To state the obvious: all opinions and views expressed on this site are solely those of their respective authors and are not necessarily those of anyone else! Messages consisting of ads will be deleted.

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Poland and Polish Discussion Group and Forum
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Buy-to-let in Spain

Buy-to-let Britons are learning a painful lesson from their investment in the holiday rentals market.

Already reeling from news that their properties' values are under threat, British homeowners in Spain are facing a double whammy that could plunge thousands into huge debt.

A fresh crackdown by Spanish tourism and tax authorities over unlicensed apartments and villas that are let to holidaymakers threatens to trap countless Britons, anxious to maximise their investment in homes on the Costas and the Balearic Islands.

The news comes two weeks after shares in major Spanish property companies slumped by up to 22 per cent - due to the oversupply of houses - and soon after the euro interest base rate's rise to 3.75 per cent, which has added to buyers' mortgage burden.

Many of the 300,000 British investors in Spain's overheated property market have already turned to the lucrative holiday rentals sector and many more are considering doing so to ease their mounting financial strain.

But, seduced by the prospect of netting £1,000 a week in high season for a two-bedroom flat with a sea view, few realise that they face swingeing fines of up to £20,000 (€30,000) because they are breaking tourism laws.

The expanding opportunities for buy-to-let investments, which generate income to repay mortgages, have acted as a hefty inducement in luring thousands of British people into snapping up properties in the Spanish sun.

However, the vast majority of flats and villas cannot be offered for holiday rental, because the tourism authorities do not license them. And, even if official permission is sought, it is rarely granted.

[Oh dear, says me, I'll have to think about another idea]