Spanish property investors reminded to take care when renting out for holidays
Investors in Spanish property have been urged to take care when renting out their home for holiday purposes by a Spanish property legal expert.
While the practice can be very profitable, holiday rental regulations can vary significantly between regions - something that property investors need to be aware of, the Daily Telegraph reports
Under Spanish law, properties need to be authorised for tourist-related usage and even though very few properties actually attain authorised status, the rules in the most popular tourist areas - such as the Costas and Majorca - can be very stringent.
Sebastian Stalter, a Palma-based lawyer, told the newspaper: "British buyers must be extremely careful if they seek properties for buy-to-let investments, because the experience can be a painful one if they have not checked out the pitfalls in advance."
He added that investors should seek accurate information from developers about what properties can be used for.
The Spanish property market has recently been the focus of attention since the share price collapse of some Spanish-listed property firms, although the Spanish government has said it not concerned by the prospects for the future.
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