Foreign Real Estate Investment in Spain Expected to Grow
Previously we have reported on a new Spanish law coming into effect which makes buying real estate in Spain for holiday purposes a lot easier. In short, anyone who purchases a property worth 500,000 or more is eligible to receive a residency permit which allows permanent residence in Spain. This means the home owner can reside in Spain with his or her family whenever he or she wishes. And the best thing is that obtaining it should require very little paperwork. This is good news for people from outside of the EU who want to own a luxury holiday home in Marbella or elsewhere in Spain, as the law reduces the red tape for application of residency in Spain considerably.
Although the law has not yet come into effect, a lot of interest has been shown already by foreigners. Most of these come from the United States, India and China, with the latter two countries hosting most of the interested buyers. The arrangement is especially interesting for these groups because it provides an easy way into Europe. (SUR, 9 August 2013) If they are allowed to live permanently in Spain, they and their family also have travel rights to move freely across the Schengen zone. It will save them a huge amount of time and red tape. On top of that, real estate investment in Spain is a way of lessening the risk from investing in just their own country. It can be a wise insurance against economical instability in the future. But pure business is not the only reason for investing in Spanish real estate. A lot of Indian and Chinese families also want to own a luxury property in Spain because of their lifestyle, and for education reasons – something they share with most owners of luxury property in Spain.
Areas that are expected to be affected by the new law are mainly the ones that have high concentrations of high-value property already, case in point being Marbella. This traditional hotspot for the rich and famous has an abundant range of luxury property available, as well as many other facilities and attractions in the immediate area that can entertain even the most demanding pleasure seekers. Not surprisingly, many celebrities have recently been spotted in and near the places to be in Marbella: at the Golden Mile and Puerto Banús.
So if you have been thinking about buying real estate in Spain, now might be a good moment to do a scan of the luxury properties available. Whether it’s for business reasons or holiday comfort, you can join many others in making a move to one of the most beautiful and striking places in Spain.
Image courtesy of 401(K)