The apartments that Russians and Chinese are looking for in Spain: new homes

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Report from the bank to the Government on whether or not to grant them a residence permit The Government commissioned a report from the bank before announcing its intention to grant residence permits to foreigners who buy apartments in Spain for more than 160,000 euros. He wanted to know what the real interest of Russian and Chinese investors was. The document shows in detail the 'bargains' that these potential buyers are looking for in the Spanish real estate market. Sell ​​apartments to Russians, Chinese and Arabs with price reductions of 50%, a 'solution' for the real estate bubble. Banks on the Costa del Sol and Levante are applying it Bankia, Novagalicia and Catalunya Caixa will have to 'drop' the prices of their apartments with discounts of up to 70%. Brussels imposes this condition to prevent the 'bad bank' from going bankrupt Auction houses in the United States will sell the million apartments accumulated by Spanish banks at bargain prices. Discounts can reach 80% The Government is working on legal modifications so that foreigners who purchase a home worth more than 160,000 euros automatically receive a residence permit. In an informative meeting, the Secretary of State for Commerce, Jaime García Legaz , announced this Monday that several ministries are already studying a reform of the Immigration Law.


This would seek, he said, to reduce the housing stock in Spain . However, the President of the Government, Mariano Rajoy , clarified a day later that the Executive has not yet made any decision in this regard. Well then. As El Confidencial Digital has learned from financial sources, the Government previously commissioned a report from Spanish banks to find out the real interest of Russian and Chinese investors in the Spanish real estate market. And the conclusions have been Middle East Mobile Number List very positive , which has prompted the Executive to move forward with its plans, and direct them above all to those two markets. The conclusions of the banks to the Government -- Russian and Chinese citizens have been attracted by the continuous fall in the price of apartments in Spain , which are now up to 60% lower than a year ago. -- This growing interest has meant that Spanish banks have begun to close agreements with real estate agencies in Moscow and Beijing to channel and expedite sales . -- The prototype of apartments that Chinese and Russian investors are looking for are new homes for less than 400,000 euros, especially on the Spanish coast, although the Chinese also request information about properties in large cities such as Madrid , Barcelona or Valencia .



Specifically, they are interested in new , mid-segment apartments on the Costa del Sol with a reference price of around 300,000 euros . -- They are also requesting new homes in other parts of the Mediterranean coast, such as the Costa Brava, Alicante and Murcia, which cost around 70,000 euros . exp-player-logo see more Convicted of sexual abuse of a seven-year-old girl, daughter of a friend who welcomed him into his home, in Palma The profile of Chinese and Russian investors -- The profile of the Chinese buyer is that of a citizen who comes to Spain for work reasons , while the Russian invests in housing for tourism purposes , not specifically to settle in the country. -- Russians ranked fourth in terms of property purchases by foreigners in only below the United Kingdom, France and Germany. -- They are attracted by the climate , gastronomy and infrastructure of the Spanish coast. -These types of investors are moving from renting to buying to take advantage of the 'bargains' that the Spanish real estate market offers right now. They are citizens with a very high spending capacity .