Real property in Spain

Real property in Spain

Recently, the prices for real property in Spain have increased by 100 %, i.e. doubled. According to the expert, it can be explained by the subprime crisis in the USA, which got to the Iberian Peninsula. During spring and summer 2007, we noted the decline in the number of building permits: in May and June the data on this indicator fell by 20 %. And July became a real apogee of the real estate crisis in Spain: this indicator fell by 38%. Since 1990s, the researches and calculations were carried out on how long an average Spaniard has to work to buy a house. Thus, even 10 years ago the house would have cost the Spanish family 42 monthly income (in other words, three and a half year). According to this study from a year ago, the Spaniards had to work at least 6 years to buy the own house.

In recent years, Spain was considered a perfect place for investing and increasing your capital. Excellent geographical conditions, quality of the built environment, reasonable price for the real property in Spain has always attracted wealthy people. They especially appreciate the simplicity and availability of the terms of living in Spain after buying the property. If you’re a foreigner that bought real property in Spain, having previously registered it in a special document, called “property registry”, the Spanish embassy will give you the Schengen reusable multivisas. Using them, you can stay in Spain and some other European Shenghen Countries 6 month a year (2 three-month periods). Such visa can be renewed once a year. However, if you want to stay in Spain on an ongoing basis and receive the residence permit, only buying a property in Spain won’t be enough. You will have to present the Spanish migration service your income sources that allowed you to buy a real property in this country and live in Spain. There are many options: you can invest in securities of the local companies and their deposits (at that, the sum must be very significant), and then your income will act as dividends. We advise you to register your own Spain and start your business in Spain. You should take into account on the size of minimum wage in Spain, whose size is €1100 per month. According to the local laws, this sum is considered enough for one person to reside in the country.