In a bid to stimulate property sales in the Costa Blanca, the regional government of Valencia is taking direct action to help encourage more foreigners to buy homes there.

The Valencia regional government is setting up a new commission which will analyse the region’s property market and create ways to stimulate foreign demand for property, both for purchasing and renting. Made up of government officials and representatives from local notaries, registrars, and chamber of commerce, it will also promote property with a website, information points and marketing activities.

In recent years, 23 per cent of homes sold in the region have been bought by foreigners, whilst “the purchase of homes by Spaniards is going down,” the Valencian minister responsible for housing, Isabel Bonig, told the Spanish press.

Reaction to the new committee has been mixed, which is understandable given the Valencian government still has controversial land grab law issues to resolve. The website www.SpanishPropertyInsight.com summed up saying: “The overarching goal [of the Valencian government] is to stimulate the economy and create jobs in the construction sector by selling and then building more homes. But over-reliance on construction during the boom is one reason why Valencia is in such a big hole today, even by Spanish standards.”
For details of properties for sale in the Costa Blanca, and across all of Spain, visit the listings on Rightmove Overseas. One way to save money when buying in Spain is to use a currency specialist when transferring your pounds into euros to complete the purchase of your property. For more information on this, contact Smart Currency Exchange.

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