According to property developers, Taylor Wimpey, there has been a 1,400 percent increase in interest for property in Spain from Middle Eastern buyers. The Costa del Sol and Costa Blanca are both proving to be popular areas for buyers from the Middle East to own a second home.
Foreign buyers are attracted to Spain because property prices are currently very low. Prices of Spanish property have dropped by over 10 percent in the first quarter of 2013 compared to 2012 according to the latest Global Property Guide house price survey and the property market in Spain has seen a drop of up to 50 percent since the height of the boom in the third quarter of 2007.
Middle Eastern buyer numbers are increasing following new rules laid out by the Spanish Government which are due to come into effect in 2014 which enables non-EU nationals who invest more than €500,000 (£424,000) to earn automatic right to a “golden visa” and residency in Spain.
“The sale of Spanish properties to Middle Eastern buyers who are able to obtain residency could bring in untold additional revenue to the country. Our neighbors in Portugal have seen a genuine lift in the property market thanks to the government initiative and we expect areas like Marbella, ideal for high end buyers, to profit from the added migration,” said Marc Pritchard, responsible for sales and marketing at Taylor Wimpey.
Things are changing fast in Spain. Previously most buyers were from the UK, Germany, and Northern European countries but, now, buyers are coming from all over the world including Saudi Arabia, Kuwait, Jordan, Morocco in North Africa, and Russia.
Filed under: http://www.theleader.info/article/39678/
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