Spanish Property Investment Visa
China & Russia, some of the countries showing interest in the Spanish Property Investment visa
A new property investment visa, which may become legal in July, has raised interest within Chinese & Russian real estate investors looking to buy a property in Spain. Foreigners, non-EU interested in this visa will need to invest a minimum of E500,000 in a real estate in order to qualify for this visa during the period he owns the property.
So far Spain grants tourist visas to Non-EU for no longer than 90 days. The new “property” residency visa will be granted to children and partners but no backdated. This new visa hopes to increase tourism and demand for Spanish properties.
Northern Europeans have invested over E5billion in the last year in properties in Spain. An increase in interest on buying properties by Russians and Chinese has been noticed by estate agents more recently and with the new visa estate agents they hoped the number will increase. Property prices in Spain have reduced considerably in the last few years and there have been reductions of 40% to 55%. These reductions have called the attention of international investors.
The New investors are people with a definite capital to invest in a property and are very serious to invest as they now that low property prices in Spain is not going to last for good. Last Year at to 80% of Spanish properties were purchase by non Spanish customers, a surge in Asian people wanting to buy properties in cities like Barcelona and Ibiza have been noticed and is due to the interest raised by the new property visa.
Asian investors are interested to buy in Spain because apart from investing in a property they are gaining a Spanish residency. Buyers from China have showed special interest in properties in Cataluña and the Balearic Island.
Asians have in the past invested in real estate in many places in the world but now Spanish realtors have come to realize the interest they shown in the Balearic islands i.e. Ibiza. Realtors are hoping that the new investment visa will bring more interest from Americans and Russians.
Some Spanish realtors have given a lot of effort and time to develop marketing campaigns in countries like India, China and Russia to impulse the sales of properties in Spain. This hard work is expected to pay off once the new law comes in place.