The improvement in the spanish real estate market is on the rise in the stock market, growing at a good pace both values linked to the property market as the sale of homes highlighting the surge in national and foreign investments.

Is clear that the Spanish real estate activity arouses a big interest between international investors. So much so that some of the SOCIMIs listed on the continuous market are among the companies with the best prospects for the Spanish market for this new year. Such companies have become fundamental pieces for the real estate sector in Spain, even to have a presence on the Ibex 35 from December 2015 through Merlin Properties.

The evolution experienced different forms of Socimi in Europe and the United States in recent years we foreshadow changes in the investment strategy of these vehicles in Spain ahead of the coming years, although they have not yet managed to match international figure REIT (Real Estate Investment Trust), fully consolidated in the European and North American markets. While we expect the legal reforms that allow the emergence of similar vehicles to Mortage-Reit and Hibrid-Reit, which will help to consolidate the revitalization of the debt market and provide greater flexibility to investors, raises the question of what the expected to grow in the coming years as traditional SOCIMI trend.

The forecasts for the year just released indicate that the Socimi to specialize in a single type of real estate assets, compared to current born with a vocation for diversification to exploit a situation of cyclical market in our country.This change in trend will not only greater sectoral specialization, it also bring about more uniform returns based on each type of real estate asset. All this generates a great interest from international investors, most often choose to channel their investments in the Spanish real estate sector through these companies, allowing them to assess the level of exposure to risks affecting each type of property assets independently.

At Ripoll & Mateu Solicitors Mallorca  we advise, defend and represent our clients at all levels using for this our greatest asset, an infrastructure of professional leaders in each field of action, highlighting the most powerful Real Estate like our specialty as well as our international vocation and multilingual capacity. With 30 years of experience in the development of legal practice in Mallorca and thanks to a constant process of renovation, internationalization and specialization Ripoll & Mateu has become a clear example of quality of service and ability to work.

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In date 12.01.2016 the Government of the Balearic Islands has approved the new Decree on urgent measures in Urban, which revokes the developers of the land laws, tourist and agricultural aspects.

This new decree implies the suspension of articles of sectoral and territorial regulations of the previous legislature, allowing amnesty for offenders. Law 2/2014 established the general legal regime regulating the administrative activity in urban planning in the Balearic Islands, and defined the legal regime of urban land ownership according to their social function. In this extraordinary standard procedures and transitional measure were introduced in some cases led to legalize what has been built or built without authorization.

Against this, regulatory intervention by way of urgency with the adoption of the new Law Decree of the principle of equality is justified by the principle of sustainable territorial development, as well as the need to preserve, among others, between owners seeking licenses urban. Regarding the Law 2/2014, Article 24 is amended, in line with the suspension of the figure of the settlements in rural areas, by additional provision one, along with the suspension of the sixth additional provision, and transient tenth, motivated to prevent the legalization of illegal constructions and developments. Paragraph d of section 3 of Article 32 is also changed, recovering the transfer rate of 15% within permitted by the basic state legislation margins.

The second article establishes the matrix modification management uses in Annex 1 of Law 6/1999 of April 3, guidelines for spatial planning and tax measures, and recovered much of the life I had before the entry into force of the Land Law with some modification in the regulation of uses. The third article provides a series of amendments to various articles of the Law 8/2012, of July 19, tourism in the Balearic Islands, as Article 25 for which urgent change is considered excessive degree of administrative prerogativeIt contains; or removing the exemption maximum buildable volume provided for in point 2a of Article 44 for the rural tourism. Regarding the fourth additional provision of Law 8/2012, it is considered urgent to modify certain sections and suspend the validity of others, for reasons of consistency of the urban and regional planning as well as protection of the territory or legal security.

Finally the fourth and fifth items, establish a series of amendments to various articles and provisions of Law 12/2014, of 16 December, land of the Balearic Islands and the Law 6/1997, of July 8, about the Balearic Islands rural land. Prudential regulation that has approved the Government suspends the possibility of single-family homes built on rural land, which had not been exhausted at the time the edificatory possibilities can be expanded even today over employment rates and buildable established rural land law. The maximum buildable area in rustic, may not exceed 3% in Mallorca and Menorca and 4% in Ibiza and Formentera. Building and other construction elements may occupy only 4% of the land in Mallorca and Menorca and 5% in Ibiza and Formentera.

Similarly, a second transitory provision is to clarify that after the repeal of the sixth additional provision of Law 2/2014, of 25 March, of ordering and land use, the municipalities that already have processing planning alterations to classify these new urban, can’t continue with the records.

If you want to build a house in Mallorca and has doubts about the current situation on urban planning regulations of the Balearic Islands contact Ripoll & Mateu Solicitors Mallorca. We specialize in real estate and urban administrative law, we advise on the legal aspects of building house of your dreams.

 

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