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Golden Visa law for Non EU property buyers in Spain

Posted on June 3, 2013 in Property News by

Mariano Rajoy, the Spanish Prime Minister has announced that Spain “will” offer residency from non-European home buyers in the country above the purchase price of 500,000€, plans last year were put forward offering the so called “Golden Visa” to property buyers from outside the European Union where the threshold was initially thought to be as little as 160,000€. With the new law set to come into effect in July of this year, the prospect of an influx of foreign investment from countries such as Russia, China, South America and the United States – Estate Agents, Banking Intuitions and Property Developers have the possibility of expanding their market further afield giving fresh hope to the Spanish property market for the years to come.

Interest has been especially active in China and Russia where the middle and upper classes have grown ten fold in the past decade. The Golden Visa law now puts Spain behind Greece and Cyprus which has set the investment minimum at 250,000€ and 300,000€ respectively, but on even terms with neighbours Portugal.

Details have yet to be fully announced however the visa requirements are most likely to be given to those looking to purchase outright without the need to finance property. This will most probably give the owners close family the opportunity to apply for visas through the same loophole.

Critics emerged when the initial threshold of 160,000€ was first announced, however with this now set three times the limit local Estate Agents do not feel that it will directly effect the Costa Blanca. Terry Watts, managing director of the Resale Centre states “This will only effect a few of the urbanisations, if any, on the Costa Blanca south as property prices in the area are not at that level here. Also, looking today at locations such as Cabo Roig and La Zenia where you’ll find beach front villas at that price when they come on to the market, there simply aren’t those type of properties available for sale at the moment, so I can’t see this new law having any sort of affect here what so ever.”

What are your thoughts on the new law soon to be introduced? Would it affect your decision to purchase being outside of Europe? And do you think this is a good move by Spain? Post your comments below.

Spanish Property 2012 – Buy in Gloom and Sell in Boom

Posted on August 15, 2012 in General Posts by

As Warren Buffet once said – “Buy in Gloom – Sell in Boom”, which pretty much hits the nail on the head for savvy investors looking to make a REAL investment in the property market.

You are probably sick and tired of reading exactly the same type of articles and news stories saying “Now is the time to buy a property in Spain“, because believe me there isn’t much to write home about if you are living in Spain. Unemployment is at alarming levels to say the least, economy is on its knees which has lead to unrest throughout the country and dozens of other bad media stories appearing left right and centre about Spain. Nice isn’t it! But it’s the same where ever you go, just Spain seems to bare the brunt of bad media publicity.

But what is true is that the property market in Spain is at rock bottom, especially here on the Costa Blanca. Prices here have bottomed out, if you search through the properties for sale on our website you will see hundreds of unbelievable bargains from 25,000 euros. At the height of the boom in the hugely popular seaside town of Torrevieja in 2006, finding a two bedroom apartment for under 100,000 euros was a hard find, now in 2012 you can find exactly the same property at half the price. And the knowledgable investors have spotted the chance to pounce and these same properties are being snapped up in cut price deals.

It is a completely different story on the Costa del Sol, where properties remain unsold and prices have still not fallen inline with their real market value. Popular as the Costa del Sol is, the Costa Blanca is the best location to find an investment opportunity and at a low price. Two bedroom apartments are still marketed for 100,000 euros in many of the popular locations, where as here on the Costa Blanca you could buy two apartments for the same price!

For those interested in buying a property in Spain, please be aware that banks will NOT give out 100% mortgages to non residents - in very rare cases they might but if it is true good to be true – it usually is, most banks will lend up to 70% maximum, you stand a much better chance of securing your investment if you have more capital behind you. If there is a property that you like then definitely put in an offer, the owner can only say yes or no! Come over and see the properties as soon as you can, bargains don’t hang around for long, there are a lot of intelligent investors out there just like you.

For non residents from overseas countries like the UK, Ireland, France, Norway and Sweden – this is the perfect opportunity to take advantage of Spain’s woes and buy in the gloom and sell in the next boom. If you don’t do it now then in the next couple of years you might live to regret doing so!

If you would like to find out more over a friendly and open chat, then feel free to call either Terry or Lee at the Resale Centre in Torrevieja on (+34) 965 714 031. Alternatively, click here to view our Spanish Properties.

Eurozone Currency Update

Posted on May 29, 2012 in General Posts by

If you have savings held in Euros, and are concerned about the uncertainty surrounding Greece and the current Eurozone situation, there are options for you.

You could convert your euros into a stronger currency, on a temporary basis, to give you peace of mind.

You can convert your Euros into sterling or USD for a week or two, until things stabilise in the Eurozone, and then convert your funds back to Euros.
In simple terms:

  • • Move your money out of the Euro into a more secure currency to keep them safe in a Barclays holding account.
  • • When you are happy to, move them back into Euros

There are no charges or fees to do this with GCEN.

Please do not hesitate to contact me should you wish to discuss your options in more detail.

(Please quote reference number 280-100 to receive special our introductory rates)

Kind regards,

Marie Etherington
Global Currency Exchange Network Ltd
UK: 0845 671 8404
Spain: 966 733 479

Alhama de Murcia gets Paramount Theme Park go ahead!

Posted on April 26, 2012 in Area News by

The signing of the contracts which sees the future Paramount Theme Park due to be developed in Murcia has officially been signed. Work is due to begin in May 2012 which is a welcome boost the the regional economy and of course, to the thousands of home owners nearby that will benefit hugely by the increase in property value in the area.

The completion of the Theme Park is expected in 2015, so if you are looking for an excellent and viable investment opportunity, then look no further!

For more information on properties for sale in the local area, please call the Resale Centre on (+34) 965 714 031 or visit - the number one Estate Agent for properties in Spain.

Buy Spanish Property with Resale Centre – FREE 20 Yr Insurance Guarantee!

Posted on February 23, 2011 in General Posts by

New offer from the Resale Centre in Torrevieja.

Wanting to purchase a property in Spain? Worried about protection of your investment? Now there is no need!

When you purchase a property through the Resale Centre in Torrevieja, not only do you get a property at a bargain price, but we will also now guarantee your property for 20 years with Caser Insurance. Find out more about this new offer for Spanish Property Safe Purchase!

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