In 2013, the Spanish government introduced legislation offering residency permits to large investors and highly-qualified professionals. Three years on, 2,236 investors have benefited from the proposal, bringing in €2.16 billion, of which 72% has gone into property. The total number of people granted residency in Spain under the so-called Entrepreneur’s Law is ...continue reading "Spain’s “golden visa” scheme brings in €2.16 billion in first three years"
If we go to early 2.000, during the years before the housing bubble burst in 2007, in Spain were being built in the vicinity of the 700,000 homes year, with a large speculative component, driven by low interest rates and ever-rising property prices, what homeownership turned into a very interesting investment option.
As of August 2007, there was a slowdown in demand has meant that much of the housing stock built and not sold, has become a major burden on the balance sheet of banks and savings banks, main financing actors of the projects.
Currently a new scenario is opened for visionary overseas profitable hunters
From a investor point of view, there are three benefits this situation bring in.
• Large brand new finished housing stock with high quality construction level
• Deep prices repositioning
• Favorable financing conditions
First, according to the Ministry of Fomento in its report of January 2012 stated an excess of 676,038 new homes in our country available for sale, where Andalusia, Valencia and Catalonia represent over 50% of the total. ...continue reading "Spain: a land of opportunities for overseas investors?"
In Alicante, the euros are flowing in from Moscow. Russians have become the saviors of the Mediterranean province's property market and tourism sector, and now that Cyprus - their former Eden - has been bailed out by the EU, Russians are turning to Alicante to lay down their money. First they come on vacation for a few days to check out the beaches and the climate on the Costa Blanca, and later they return to purchase a holiday home, cash in hand - no down payments, no mortgages necessary.
Clients from Russia have overtaken the British in the foreign home-buyer ranking. Half of the 7,000 residences sold to non-Spaniards in Alicante province last year went to Russian families, a market that represented less than five percent of the total just four years ago.
What with the Russians buying and the British selling, the area of La Vega Baja is experiencing a new property boom that places Alicante at the top of the Spanish list of existing home transactions. According to Public Works Ministry figures, the province topped the list of home sales to foreigners during the first nine months of 2012. Most of the total of 2,501 transactions involved Russian buyers. Málaga was a distant second on 1,111.
...continue reading "Alicante’s property market is finding salvation in Russian investors"