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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.

House in SpainSecretary 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"

In September, the last month analyzed by the ‘Instituto Nacional de Estadística’ (national institute for statistics), 1287 properties were sold in Malaga province, according to a report issued earlier this week.

Apartments MarbellaWhile this figure is fractionally smaller than at the same time last year (by a mere 11 sales), Malaga has seen twice as many properties sold as in Aragón and as many as in Galicia, Castile and Leon and Castile and La Mancha put together. The province has the most house sales in the whole of Andalucía and is only overtaken nationwide by those in Madrid, Barcelona, Valencia and Alicante.

This positive figure, when added to the growth in sales of the previous two months compared to the same time last year, is a great relief in the current harsh economic climate.

One of the deciding factors involved in buying a property this year, apart from falling prices, is the fact that next year tax relief on mortgages is to be removed. Additionally VAT is set to rise significantly in January, from four per cent up to 10 per cent.
...continue reading "Property Sales in Málaga Province Increase in September"

Swedish property buyers have become the target of a new property sales drive on Spain’s Costa del Sol after a conference headed up by Malaga real estate representatives in Stockholm earlier this month decided they would push to sell 40,000 properties to the Swedish market.

FrigilianaTourism director Elias Bendodo and tourist board manager Arturo Bernal liaised with Swedish promoters at the Living Costa del Sol conference in Stockholm drawing up a new deal to encourage Swedish, Norwegian, Finnish and Danish property buyers to purchase holiday or second homes on the Costa del Sol.

On the other hand, plans were recently unveiled by health chiefs to turn the Andalucian city of Malaga into a prominent destination for global healthcare by drawing patients to clinics and hospitals where some of the best surgeons reside.
...continue reading "Spain is looking for Norwegians property buyers"

Around 56% of British people enquiring about the Spanish property market are actively interested in purchasing opportunities according to a study by Spanish real estate agent Inmoaction with 27% of respondents commenting that they would buy a second home in the country.

680121_619762_1Results from the survey of more than 1,500 people highlights that the decline in prices in the Spanish property market is increasingly attracting British buyers looking for a well priced dream home.

‘While the data shows that Brits seem to be showing a great deal of interest in Spanish property, we are seeing this interest translate into action,’ said Marc Pritchard sales and marketing manager of Spanish house builder Taylor Wimpey España.

‘While enquiries by Brits have increased by 5.5% in August this year compared to the same time in 2011, last month saw 53% of all our property sales in August made to British clients,  the strongest sales month to British buyers since September 2010,’ he explained.
...continue reading "British buyers willing to purchase a second home in Spain"


Buying a property in Spain is a more attractive proposition now than it ever has been

So says Marc Pritchard, sales and marketing director of Taylor Wimpey de Espana, who stressed potential buyers should look at the merits of the market at present and "strike while the iron is hot".


Flat for sale in Marbella (Málaga)

"A favourable exchange rate between sterling and the euro combined with Spain's dip in real estate prices have meant that Spanish property is more attractive to buyers than ever before," he asserted.

Mr Pritchard also highlighted another reason to make a purchase now, rather than waiting - a potential tax increase which could come into force from next January.

He revealed value-added tax on real estate transactions, which currently stands at four per cent, may rise to ten per cent at the start of 2013.

Last month, director of international mortgage specialist Conti Clare Nessling told This is Money that Spanish property is a good long-term investment because the market is at its bottom and is expected to improve in the coming years.