Spain – Investing in Spanish Property – Costa del Sol
Over the last six years property prices in Spain have fallen in some cases by almost 60% and property prices in certain areas are now back to levels not seen since 2002! Experts confirm we are at the very bottom of the property crash – the only way now is UP!
The Spanish government has just passed a new law granting permanent residency permits to foreign investors buying Spanish property at 500,000 Euros and over.
Residency in Spain will also be granted for spouses and children of the non-EU citizens and the Spanish Foreign ministry have been inundated with enquiries from Chinese, Russian, Arabian, Asian and American investors.
Under a similar scheme Portugal has seen Chinese buyers flocking to buy property and according to one Portuguese real estate agent they have seen Chinese buyers generate €25 million in just two and a half months that would otherwise not have existed.
UK, Irish, French and Swedish buyers are also showing signs of returning to the Spanish Property Market and Marbella has become the number one destination for Russian families many of whom are relocating permanently.