I’m Laura Leyshon and I’m Las Palmas’ resident property expert. I work for RE/MAX Cony Overseas, one of the city’s oldest estate agencies and the first RE/MAX office to open in Europe. Cony Overseas has an excellent local reputation and has helped hundreds of foreign buyers and sellers in Las Palmas and all over Gran […]
The clausula suelo and how it affects Gran Canaria property owners
Spanish banks have long included a minimum interest rate clause in their mortgage contracts. It guaranteed their profits even during periods of low interest rates.
It also left lots of people paying high rates when the EURIBOR is at a record low.
In 2013, the Spanish Supreme Court said the clauses were illegal in these circumstances… [Read more…]