In previous posts we have talked about the so-called real estate visa approved in 2013 by the law of entrepreneurs in order to equate the rights of community residents against those from other countries outside the EU
In the same way to overcome bureaucratic obstacles to encourage investment in debt or housing or an entrepreneur started a business or formalize the transfer of its company to Spain. Since the launch of the program, have captured 1,048 million euros in two years. Of these, 86.9% of the total were for the purchase of real estate, 75 million capital investment and 62 million in new business projects. Investors in real estate assets that have benefited from this initiative have been from Russia and China. Of the approximately 1200 made purchases, with an average purchase price amounts to 765,000 euros, 36% were Russian investors followed by Chinese investors, with 363 operations and 268 million. Foreign investors have massively opted for homes located in the coast and the average amount per transaction was 786,000 euros in the case of Russian investors and 749,000 euro for Chinese investors considering that the law set a minimum of 500,000 euros.
In the fourth quarter of last year, foreigners were responsible for about 15% of home purchases, leading this classification 6 countries: United Kingdom, France, Germany, Sweden, Belgium and Italy. Mallorca is one of the most sought after areas of Spain for the purchase of luxury homes by foreigners having areas of the island where prices are reached 12,000 euros per square meter. The most sought after areas by foreign nationals mainly German, British and Scandinavians are Port d’Andratx , Bendinat, Portals and Santa Ponsa, following by populations of northern Majorca, as Pollença, and in the case of Palma, Son Vida and Old Town. Mallorca has become an area in which the purchase and sale of real estate find highly concentrated in the luxury product.
As a specialist in Real Estate Law in Mallorca, we offer comprehensive advice in the process of buying and selling property. For foreign investment, we offer legal assistance regarding funds from other countries for investment in real estate and business. Our team has extensive international experience and cooperation agreements with international firms. We are also members of the Association of International Property Professionals (AIPP).