New Residency Laws May Affect Spain’s Luxury Property Market

Spain has confirmed the enforcement of automatic residency rights on the 1st of January 2014 to foreigners who spend €500,000 or over on property anywhere in the country.

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Spanish residency gives buyers the ability to move freely around 25 European nations, already proving an attractive proposition to Asian, Russian and Middle Eastern buyers. The law adds a new stimulus to the global market place. A change of pace is expected as demand from those who might have been. Some market analysts are predicting a €100 million property investment in Spain over the next 24 months. Portugal’s ‘Golden Visa’ scheme last year similarly targeted high net worth buyers. Market surveys from the Royal Institution of Chartered Surveyors (RICS) highlight the wave of new buyer enquiries after the law was introduced, allowing Portugal’s housing market to stabilise.

Source: www.watchlistnews.com

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