Spain wants to attract foreign investment to improve real estate market

Spain wants to attract foreign investment to improve real estate market

Russian investors are already keen on Spain but EU members and China will also be targeted.

In summary:

  • Foreign investment could aid the real estate market
  • Investors from the EU, China and Russia are aimed for
  • The system is hoped to be simplified to aid investors

Britain has definitely endured a blink-and-you-missed-it summer which has encouraged some people to invest abroad where they are likely to get better weather.

The latest figures have highlighted Spain as a popular destination for overseas investors and the country has always been a favourite for Brits, with a recent survey highlighting that it was voted the best retirement location for British pensioners.

The fact that property in Spain is so cheap at the moment means that recent suggestions from the Spanish Property Developers Association are unsurprising with the company wanting to compile a plan with the government that will see it targeting foreign buyers to reduce the amount of stock available on the real estate market.

President of the organisation, Jose Manuel Galindo said that the first part of the process is to identify the most active markets whilst citing that China and Russia were two important locations to focus on as well as the other members of the European Union.

He added: “We are working with the foreign ministry to simplify the bureaucracy involved in buying a home in Spain.”

Suggestions to simplify the property buying process in the country include making it simpler for people to transfer the funds to their country of origin for a real estate transaction as well as making it more straightforward for buyers to obtain entry visas.

Whether investors are looking for a holiday home or a villa to rent out to workers or those holidaying, Spain is set to be a prime location with recent reports already highlighting the fact that Russian investors are keen on the Spanish market.