Valencia Land Grab Link to SIPPs Warning
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Valencia Land Grab and SIPPs Warning
Overview
British property buyers eyeing Spain's Valencia province remain cautious despite EU involvement addressing the "land grab" controversy. This hesitance is linked to the anticipated launch of new SIPPs property pensions in April 2006, following UK taxation changes.
Key Points
British investors?"accounting for a third of property sales in Valencia?"are linking the land grab issue with the upcoming SIPPs (Self-Invested Personal Pensions). Although EU regulations have curtailed land grab practices, skepticism persists about buying properties in the Costa Blanca, Costa Azahar, and Costa Valencia areas, despite the region hosting events like the Americas Cup.
Concerns Raised
During the four-day Feria Valencia Urbe Desarrollo 2005, UK delegates emphasized that potential buyers using their pensions demand rigorous safeguards. Terry Walker from PropertyInSpain.Net highlighted that both individual buyers and institutional trustees prioritizing SIPPs trust will scrutinize investments in the wake of the land grab scandal.
Developer Responses
Jose Luis Miguel Belanguer, President of Feria Valencia, asserted that efforts are underway to provide legal assurances to British buyers, encouraging them to embrace the Valencia lifestyle.
Some developers are promoting their properties with Independent Legal Surety?"a system by PropertyInSpain.Net?"where Anglo-Spanish legal firms verify the legality of projects. This assurance, offered at no cost to buyers, ensures that disputes can be resolved in the UK, a crucial aspect for SIPPs investors.
New Developments
Blauverd-Habitat has introduced their largest project, Cerezos de Finestrat, featuring 400 units with Legal Security accreditation. Jose Ivars, their UK director, stated that the sales contracts have been revised to accommodate SIPPs buyers, positioning the development as SIPPs-friendly.
Conclusion
PropertyInSpain.Net reports significant interest from British buyers, some eager to transition contracts into SIPPs purchases. Enhanced legal frameworks and transparent practices are drawing attention from other developers, promising a more secure investment climate in Valencia.
Spanish Property News
You can find the original non-AI version of this article here: Valencia Land Grab Link to SIPPs Warning.
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