Spain Offers Residency To Anyone Buying A Home Worth More Than 160 Thousand Euro
Source: http://www.dailymail.co.uk
#house #spain #realestate #economy
Spain plans to offer foreigners residency permits if they buy houses worth more than 160 thousand euros - to try and reduce the country's bloated stock of unsold homes. Spain currently has more than 700 thousand unsold houses following the collapse of its real estate market in 2008.
Trade Ministry secretary Jaime Garcia-Legaz said the plan, expected to be approved in the coming weeks, would be aimed principally at the Chinese and Russian markets as the domestic demand was stagnant and showed no sign of improving. He also added that the high prices for the purchase in amount of 160 thousand euros are to limit the granting of residence permits for foreigners who buy apartments and houses at lower prices.
The country's economy is still struggling and is currently in recession with 25 percent unemployment. Thousands of houses have been repossessed by banks and their owners evicted because they cannot pay their mortgages. In this way Spain tries to alleviate the effects of economic crisis.
Trade Ministry secretary Jaime Garcia-Legaz said the plan, expected to be approved in the coming weeks, would be aimed principally at the Chinese and Russian markets as the domestic demand was stagnant and showed no sign of improving. He also added that the high prices for the purchase in amount of 160 thousand euros are to limit the granting of residence permits for foreigners who buy apartments and houses at lower prices.
The country's economy is still struggling and is currently in recession with 25 percent unemployment. Thousands of houses have been repossessed by banks and their owners evicted because they cannot pay their mortgages. In this way Spain tries to alleviate the effects of economic crisis.
