Luxury Spanish homes are expected to become hot property when a new investment visa granting residency to non-EU residents who invest €500,000-plus in property is passed by government this year, expected to go live next year.
Article written by the Overseas Guides Company
Spain’s new ‘golden visa’ is part of the Government’s efforts to stimulate the country’s struggling property market and attract more money to its shores from overseas. It is especially appealing to wealthy Russians and Chinese, many of whom have been waiting in the sidelines for the regulation to be approved. There are already reports of Spanish property being promoted in Shanghai and Beijing, and a Chinese delegation of investors recently visited Barcelona and Ibiza to inspect real estate opportunities.
“Spain is following other Eurozone nations, such as Portugal, Greece and Cyprus, by introducing its version of a golden visa,” said Richard Way, Editor of the Overseas Guides Company. “Like in other countries, it will benefit not only the foreign investors applying for the scheme but also vendors of luxury homes up and down the Costas, including Brits, who have been struggling to find a buyer.”
In today’s climate, €500,000 goes a long way in Spain’s property market. Near Marbella on Spain’s Costa del Sol, estate agent Crystal Shore Properties is selling a very desirable four-bedroom villa in the El Paraiso Alto area for €550,000, reduced from €995,000.
Or in Mallorca, Mallorca Sotherby’s International is selling a charming four-bedroom village house in the desirable resort of Andratx, with stunning views of the town and mountains for €525,000.
For details of more property for sale all over Spain, visit the listings on Rightmove Overseas.
One way to save money when buying in Spain is to use a currency exchange specialist when transferring your pounds into euros to complete the purchase of your property. For more information on this, download Smart Currency Exchange’s free report or visit the Currency Zone.
For more information on property in Spain safely, download the Overseas Guides Company’s free Spain Buying Guide.
