Foreign buyers keep buying homes in Spain as regulations change in 2013
Wednesday, January 16, 2013 @ 1:13 AM
Foreign buyers are increasingly more attracted to houses on the market in Spain because of the possibility of having a second home in a warmer area that will only cost more or less half or even a third of the original asking prices that were seen in 2008. Spanish Property investment also suppose to be a reason for those who believe that buying when prices are at the bottom is always an opportunity for the future.
The Public Works Ministry stated that 8,803 houses were purchased by foreigners in the third quarter, a jump of 18 percent from a year ago. This is consistent with the growth in this area in the last five quarters.
In the first and second quarters of 2012 we saw an increase of 16.2 and 15.3 percent consecutively. This is great for the market because of the vast quantity of homes sitting around unsold since the crash in 2008, and the government is taking advantage of the situation by promoting sales and tax improvements to non-residents and foreign buyers.
Resident cards for foreign buyers seem to be working
To target the Chinese and Russian markets, mainly, the government is considering giving residence cards on a temporary basis to non-residents that buy homes worth more than 160,000 euros. Read the full article about homes for sale in Spain for foreign buyers