Taxation on two properties

Hi,  I have been residing in Spain now for 18 months, had a few teething problems but things seem to be running smoothly at the moment.

Can anybody give me advise on what the tax issues are with owning two properties in Spain. I am thinking of buying a new house, the house is off plan not ready for at least 4 years. I cant sell my house till the new one is ready, so there may be an overlap,It could take a year to sell my house, so in the eyes of the law i will own two properties in Spain.

Can anybody advise what the law states.?

Thanks

If you are officially recorded as resident and it is your principal residence and reinvest any proceeds into the second property within 2 years you do not incur CGT as it is your principal residence - if you aint then you subject to CGT like all the rest as it is considered an investment property.