Spain Offers Sweet Deal to Foreign Property Buyers
Prospective homeowners disillusioned by the costs of real estate in Australia will find plenty of solace in Spain.
With the intent of easing the debt that cripples Spain’s Banks, the nation’s government is offering residency rights to foreign property buyers who spend more than $A197,000 on real estate.
This amount is more than enough to purchase a luxury home in an upmarket part of Spain, including beachfront.
Spain’s unemployment rate is skyrocketing, and many people are unable to make their mortgage repayments and are being forced to leave their homes.
Bad debt in Spanish banks is at a record high of 10.7 % of the loan total, which equates to about $A225.8 billion. This is leaving institutions desperate to offload crippling assets.
While buyers in Russia and China are being targeted the most, the real estate scheme is expected to become available to all foreigners. It may also come to include residency for the entire European Union.