The cost of owning property in Spain

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Rising cost of owning property in SpainI’m afraid to say that the cost of both owning property in Spain and living here is rising in several important ways. If you own a property here but do not live here full-time you need to be aware of these increases so you can put more aside for when the bills come in.

Below are the key increases that you can expect to see reflected in your next bill.

1. Mortgages – Mortgage payments have been slowly increasing over the last few months to reflect the increasing Euribor rate and experts forecast a year of  moderate increases in 2011. In January this represented a 0.28% increase in mortgage payments.

2. Water – In May, there will be a charge applied to those living in Andalucia to finance hydraulic works which will see an increase of 7% of the cost of water rates.

3. Gas – If you use the orange gas bottles you may have noticed the fluctuating costs per bottle during 2010. In January 2011 there was an increase of 3.9% making a bottle cost 13.19€

4. Electricity – As we mentioned in our last post, there has been a record rise in electricity charges of 9.8% increasing the average cost for a family by around 5€ per month

If you are renting Spanish property you need to be aware that your tenants are also experiencing rises in their living costs including an increase in the cost of food, petrol, clothing and footwear and tobacco. The Sur in English calculates that all these increases will cost an average family an extra 67.50€ each month, so this may be a difficult time to discuss rental increases.

If you have questions about renting out your property, we have a useful Spanish property rental FAQ on our website.

Source Sur in English

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