New interest in Spanish property.

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Middle Eastern buyers are the newest investors in Spanish property with an increase in interest of 2,500% in 2013 so far, compared with the same period in 2012, thanks to Spain’s “Golden Visa”.

Already showing interest since the new residency law came into practice are the Russian and Chinese investors as Spain’s property prices are much lower than their respective countries which makes for a much better investment.

The low prices in Spain are due to the credit crisis of recent years, with many houses being left half built and many more being repossessed because of high unemployment levels.

Tourism in Spain has seen a massive increase in the last few months as non EU residents flood into Spain to search for their properties and property portfolios to secure their EU residency. Eight million people came to Spain as a tourist this year and the biggest increase was Russian tourists of whom 30% more visited this year compared to 2012.

Top Spanish house builders Taylor Wimpey España say “The ‘Golden Visa’ is clearly of high appeal to non-EU residents, especially those in Russia, China the Middle and Far East, keen to access the EU and enjoy visa-free travel in the 26-country Schengen zone”.

The Balearic Islands are still very popular with tourists, as well as the obvious choices of Barcelona, Madrid and Malaga on the mainland (see our “Barcelona, Madrid and Malaga” pages) and it seems the trend is set to continue with people purchasing their property and setting up their new life in Spain on their “Golden Visa”.

Article originally posted in the Telegraph.

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