Spain Lures Foreign Buyers with Promise of Residence

Spain’s government is considering granting residence cards to foreigners who purchase a home valued at over 160,000 euros. Secretary of State for Trade, Jaime García-Legaz, stated that the measure is meant to alleviate the vast stock of unsold property built up during the country’s real estate boom which has unfortunately been on a perilous decline.

“We have proposed to other ministries that non-residents who acquire a home in Spain valued at over 160,000 euros should automatically be granted a residence permit,” said García-Legaz. “We are thinking of markets such as China and Russia, where there is growing demand for housing in Spain.

“In a few weeks’ time, a reform of the law regarding foreigners will be put in place to reactivate overseas demand and contribute toward reducing the stock of housing,” the official said. He added the arrangement would mirror similar agreements established in Portugal, Ireland and the United States.

Last August Portugal passed a similar measure, granting residence rights to foreigners who buy a property valued at over 500,000 euros.

Sparked by the measure’s news, Spanish property portal idealista.com has already selected the 20 best homes situated in the most interesting areas for foreigner buyers, to further entice potential foreign buyers.

The list of properties was provided to us directly form idealista.com but, we wonder when/if the measure is passed, if the portal will designate a special section on its site for these types of properties and if others portals will follow suit?

Madrid

In the salamanca district, the most expensive in madrid, €160,000 can buy a 2-bedroom flat measuring around 60m². they are not located on the most elegant streets in the district, but they are very near them and perfectly linked to the rest of the city:

http://www.idealista.com/en/inmueble/25171526/

http://www.idealista.com/en/inmueble/25171122/

Barcelona

In barcelona’s most exclusive district, the product we have found at this price is very similar, although it is somewhat smaller in size (around 40m²):

http://www.idealista.com/en/inmueble/2050030/

http://www.idealista.com/en/inmueble/2067433/

The type of property one can buy at this price improves the cheaper the sq.m. is in each city:

Valencia

In valencia we could obtain a flat measuring 89m²in one of the city’s newer areas or a 60m² loft apartment in the centre

http://www.idealista.com/en/inmueble/25459155/

http://www.idealista.com/en/inmueble/860713/

Andalusia

Marbella offers 2-bedroom apartments of over 100m² looking out over the sea, even with a private garden and golf course

http://www.idealista.com/en/inmueble/908387/

http://www.idealista.com/en/inmueble/1016726/

costa de la luz