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"
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.
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.
Tourism 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.
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.
Results 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.
"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.