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Residency to be offered to foreign property buyers in Spain
Spain to announce incentives to foreign buyers if they buy a property costing more than €160,000
The Spanish Government are considering offering incentives to foreign buyers in order to get the property market moving again. This includes offering residency to those who can afford to buy a property valued at over €160,000.
In the whole of Spain there are around 700,000 unsold properties on the market. The new residency plans are mainly aimed at the Russian and Chinese markets who have shown interest in Spanish property in recent months.
The regions of Spain that have suffered the most from poor property sales are those which have the most holiday homes. The Balearic Islands, including Mallorca, are ranked as the 5th most repossessed region in Spain with the Valencia region having the most repossessed properties and the Basque Country having the least.
The plans have been announced in a similar fashion to two other bail-out countries. Ireland and Portugal also offer residency for foreign buyers buying property worth more than €400,000 and €500,000 respectively.
The total number of repossessed properties in Spain since 2007 is around 329,000 which equates to almost 7 per thousand inhabitants. 8,969 of these are in the Balears, this equates to 8 repossessions per 1000 inhabitants.
