According to the latest “2012 Real Estate Registry Statistics Report”, released by the Official Real Estate Register Bureau, Russian buyers rank third position in number of properties acquired in 2012, shifting place with Germany which moves to fourth place.
Russian demand in our country starts just before the Real Estate bubble began in 2007 in Spain. From that date it has been steadily growing 135% with 1.008 units in 2007 to 2.399 in 2012.
At the moment it’s nothing more than a declaration of intention by the government.
Nevertheless, since the announcement of the plan, three weeks ago, to give residency to non-EU foreigners who buy a home in Spain for more than 160,000 euros, the stagnant property market on the Costa del Sol has started to move a little.
There’s no such thing as an illegal immigrant with money. At least not in Spain thanks to the Government’s new strategy to revive the real estate market. The proposal is to change the immigration law to grant legal residence to non-EU citizens who buy a property in Spain for more than 160,000 euros.
Secretary of State for Commerce Jaime García-Legaz announced the project on Monday although later Prime Minister Rajoy stressed that as yet “no decision had been taken”.
There was an immediate response from other political parties, unions and immigrants’ associations, who described the plans as “strange” and “implausible”.
García-Legaz explained that the reform process would be set in motion within a few weeks and that he considered the 160,000 threshold to be “balanced” with respect to the government’s objectives.
“We can’t establish a lower price limit, because that would generate a massive demand for residence permits using a property as an excuse to get one,” he stressed. ...continue reading "Spain to give legal residence to non-EU property buyers"
A Spanish developer has come up with a novel way of increasing property sales by building a new project with Chinese style buildings aimed specifically at Asian buyers.
Grupo MAIN has unveiled its development of 22 homes in Fuenlabrada, an industrial suburb 17 miles south of Madrid, that is built in a Chinese style courtyard with pavilion, ponds and an entrance gate topped with a roof reminiscent of a Far Eastern temple.
‘The Chinese have a saying; crisis is synonymous with opportunity. We’re building for the Chinese because they are a very wealthy community in Spain and the rest of the world,’ explained Jose Parra, chief executive of the Spanish developer.
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