In an article lamenting the closing of the offer to Chinese clients, by Canada, to allow residency, the South China Morning Post has said that the Spanish Residency project could...
Spanish property prices still low.
Bank repossessions in particular are still selling for peanuts, an average of 72% less than their original value according to statistics compiled by Fitch Ratings for the first half of 2013.
It is estimated that the supply of housing more than outweighs the demand at the current time, there is still a glut of new build houses and repossessed houses on the market, left because of the crisis, but how long will this last?
The “Golden Visa” law has opened up the Spanish market to the possibility of “bulk buying” from foreign investors, the property is there for anyone with the cash to spare and with the added incentive of Spanish residency for those who spend over €500,000.
House prices in Spain have dropped by 40% nationally since the boom of 2007 but is the market now showing signs of recovery?
Those investors who are interested in Spanish residency can buy a luxury property for themselves or a property portfolio as an investment for the future. Property is being snapped up now and in huge amounts.
Blackstone Group from the US are the largest owner of family homes in America, they are now in the process of spending €125.5 million on apartment buildings in the city of Madrid to recreate that investment model in Spain.