People who have invested in the Spanish property market could be set to receive a substantial tax rebate, it has emerged.

Authorities in the European country were recently alerted to an error which was made when foreign property sellers were taxed on their capital gains.

Whereas they should actually have been charged for 15 per cent of their returns, they were actually forced to hand over 35 per cent because they are not Spanish nationals.

However, such a practice is illegal under European Union rules and means that the government must now return the extra money it has taken.

Lawyer Emilio Alvarez, who helped expose the mistake, commented: “This tax trap is thought to have affected hundreds of thousands of people across Europe and in the UK.”

It is thought that British investors were overtaxed by about £37 million, which works out to £11,000 for each sale.

According to Holiday-Rentals, Spain is currently the most popular country in the world among British property buyers.

People who are keen to invest in Spanish property are being encouraged to look at an area which was immortalised in a James Bond movie.

The legendary spy was played by Pierce Brosnan when he visited Costa del la Luz in 2002’s Die Another Day.

In fact, it was here that the famous scene with a bikini-clad Halle Berry was filmed, deliberately echoing a similar scene featuring Ursula Andress 40 years earlier.

Whereas the sequence in 1962’s Dr No was filmed in Jamaica, its modern-day equivalent was shot in Cadiz - the oldest city in Europe.

According to the Telegraph, this has helped bring “new-found glamour” to a region that has so far been largely overlooked by foreign property buyers.

The newspaper commented: “Locations that were considered exotically remote while Bond was causing mayhem in them now read like a list of overseas hotspots.”

Tourists from the UK are increasingly allowing their culinary tastes determine their choice of holiday destination, new research has revealed.

According to travel website Expedia.co.uk, about one in ten British leisure travellers plan their trip around areas which are famous for certain delicacies.

This could help to explain the continuing popularity of Spain among British tourists, as it is famous across the world for dishes such as paella, tapas and gazpacho soup.

Commenting on the findings, Alison Couper of Expedia.co.uk said they show that many stereotypes about holidaymakers from the UK are not true.

She remarked: “Brits are becoming more dedicated to immersing themselves in the home-grown local cuisine.”

Ms Couper added that the research underlines the fact that UK citizens are becoming more and more adventurous with their culinary choices while overseas.

Spain’s popularity among tourists from the UK was recently highlighted by the Association of British Travel Agents, which described it as their “outright favourite”.

Overseas property investors could be set to benefit from new opportunities in Spain, it has been revealed.

According to a study by estate agency Engel & Volkers, Malaga is currently seeing high levels of investment by local authorities and developers, reports Homes Worldwide.

Money is being pumped into a number of projects across the region, including the creation of new facilities and buildings.

Furthermore, new jobs are also being created due to the recent influx of international businesses.

This has resulted in positive economic growth across Malaga and the Costa Sol, thereby enhancing its appeal to foreign property buyers.

Commenting on the state of the market, Engel & Volkers said it currently offers plenty of potential for property buyers.

This comes after Homes Worldwide stated that the Spanish Costas are currently benefiting from the so-called “Ryanair Effect”, which means that areas serviced by low-cost airlines tend to have relatively high rates of house price inflation.

The introduction of new flights to the Spanish Costas is pushing up house prices in the region, according to industry analysts.

Homes Worldwide stated that popular resorts such as the Costa Tropical are benefiting from the so-called “Ryanair Effect”, as it is now a convenient and affordable place to visist.

This was said to have helped boost both tourism and house prices, which in turn has made the Costas an attractive market for overseas property investors.

Commenting on current market conditions, the website said they contrast sharply with those in Spain as a whole.

The online portal added that properties within ten miles of an airport served by low-cost airlines tend to more valuable than those which are located further away.

Earlier this week, Jet2holidays.com highlighted the Spanish coastline as a very popular location for British tourists, in particular the Costa Dorada and Costa Brava.

Holidaymakers from the UK are apparently spending most of their break lying by the pool within their hotel complex, according to experts.

Research by Halifax found that the average British tourist spends the vast majority of their holiday lazing about and sleeping.

The financial provider added that by the time evening comes around, visitors stay in the same complex and drink in the hotel bar.

However, the findings have been met with criticism by one of the leading organisations within the UK travel industry.

Speaking to the Independent, Sean Tipton of the Association of British Travel Agents (Abta) said Britons are not “unadventurous” when on holiday.

He commented: “Britons have been going abroad for about 40 years and our holidaying habits are incredibly varied.”

Abta recently identified Spain as a hotspot for British tourists, describing it as the “outright favourite” among those who went abroad during Easter.

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Britons who are planning to visit Spain this summer have been advised to get their currency sooner rather than later.

The pound has now fallen to an all-time low against the euro, which has made purchasing the currency more expensive.

Since European countries such as Spain are among the most popular holiday destinations for British tourists, travel industry officials have urged people to try to minimise the impact of the exchange rate movements.

Kevin Mountford, spokesperson for Moneysupermarket.com, commented: “This is having quite an impact.

“Tourists now have to be careful not to leave their currency exchange until the last minute.”

A similar opinion was expressed by David Kuo of The Motley Fool, who told the Metro that consumers should get their money now and put it to one side.

Speaking to the newspaper, he said the pound is likely to have fallen further by the time summer comes around.

Overseas property buyers have been advised to consider purchasing a residence in the Costa del Sol.

Sean Collins, managing director of Pure International, stated that growing competition from emerging markets have made some people turn their backs on Spain.

Speaking to the Telegraph, he said this has resulted in lots of people missing out on potential opportunities within the country.

Mr Collins praised the “great value” of some properties in areas such as the Costa del Sol, as well as the fact that it is a safe place in which to invest.

This, he said, gives it a distinct edge over less-established locations such as those in eastern Europe.

He commented: “Values in emerging markets have accelerated at such a pace that there’s no real reward compared with the risk.”

Mr Collins added that whereas some emerging markets lack modern infrastructure and direct flights, the Costa del Sol has “excellent” facilities and is easy to reach.

The Telegraph recently described the Costa del Sol as a “hugely popular location” for British property buyers.

Holidaymakers have been advised to see past myths surrounding certain parts of Spain by industry analysts.

Go2Spain said the Costa del Sol is widely perceived by leisure travellers as being “too touristy”.

However, the organisation has stated that this is not the case in every part of the region, as there are still peaceful and unspoiled locations in the vicinity.

The resort of Nerja was highlighted as one such place, as it has remained relatively unchanged in the last few decades and is just 30 minutes away from Malaga Airport.

Furthermore, the Costa del Sol was said to have a large number of villages with traditional buildings among the “fragrant” countryside of Andalucia.

Go2Spain commented: “There is plenty of Spanish-style accommodation on offer, all the better to enjoy the glorious sandy beaches and a mixture of Baroque and Moorish architecture.”

This comes after UK newspaper the Telegraph described the Costa del Sol as a “huge popular location” for British property buyers.