Spain ranks third as the preferred destination for global investors looking to relocate out of the UK and into other European countries, according to a new survey released on Tuesday by EY. The audit firm (formerly Ernst & Young) asked senior business executives representing firms with foreign investments in Europe about the impact of Brexit on their operations. And 14% of respondents said ...continue reading "Spain ranks third as Plan B for foreign investors fleeing Brexit"
Currency exchange rates are encouraging even more foreign buyers back to the Spanish property market and this is reflected in increased sales, especially in popular areas.
New legislation to relax the requirements for Spain’s golden visa which allows non-European Union buyers to gain citizenship if they invest in the real estate market is also set to encourage more buyers from overseas.
The golden visa, which was introduced in September 2013, has seen 530 foreigners granted a visa so far with the majority, some 490 people, doing this through putting at least the minimum of €500,000 into property. Most of the property investors have been Chinese, Russian or Arab with business entrepreneurs coming largely from the United States and it has earned the Spanish economy an estimated €700 million so far.
...continue reading "Exchange rates and golden visa benefit the purchase of properties in Spain"
Thousands of non-European Union high-net-worth individuals are expected soon to invest in luxury Spanish properties, in return for being granted permanent residency in Spain, according to international real estate experts.
In a bid to revitalise the property sector, and therefore the wider economy, the Spanish government announced last October that those who invest more than 500,000 euros in real estate will be allowed to stay indefinitely in Spain, and therefore the entire Schengen Area, which consists of a group of 26 European countries.
“The law is due to be passed any day, but it is now more likely to come into force in September, after the summer break. We will not know the exact process until the law is enacted but it is expected to be an administrative one involving checking the applicant has all of the necessary documentation.” Explains Alex Vaughan, a partner at an estate agency specialising in high-end properties.
...continue reading "Millionaire foreign investors to buy property in exchange for visas"
They demand banks not to lower house pricing, instead, lower fiscal pression on foreign house buyers
President of Spanish Real Estate Agents and Constructors Association (APCE), José Manuel Galindo, demands not to lower construction assets to "excessively low levels" due to consequences on Real Estate. Instead, he asks of banks to act according to interest rate or installment plans.
Looking abroad would only benefit Spain according to Mr. Galindo. For that reason, he propose "tax incentives not only to resisdents but also foreigners".
Turns out there are more factors than house pricing to persuade house hunters. Last Tuesday we read on El Mundo newspaper how mortgages would go down even more during 2012.
"No matter how much we lower prices when there's no financing available to buyers".- added Mr. Galindo.