In recent overseas property news: After her reassurances across the UK and Europe earlier this year, Spanish Housing Minister Beatriz Corredor has kept her promise and delivered a new suite of tools and safeguards for overseas residents interested in property for sale in Spain.
1. European Roadshow raised interest in property for sale in Spain
In April and May this year, Corredor and her colleague Spanish Minister for Development, Jose Blanco, held roadshow promotional tours in the UK, France, Germany, Sweden, and Russia to encourage Spanish property investment opportunities by promoting the Spanish property buying process.
In a direct response to the lowered confidence in some segments of foreign investors, Corredor and Blanco listed the gamut of advantages to buying property for sale in Spain from the climate and the local hospitality to the reinforced safeguards and regulatory protections now being introduced. At the time, Corredor promised in overseas property news media that new Spain real estate measures would be introduced to prevent some of the administrative entanglements property buyers had entered with imperfect information from local governments, disreputable developers and opportunistic go-betweens.
Now, Corredor has made good on her promise in May, with changes to the Spanish property buying process including the availability of an English-language land registry database and new regulations to protect buyers from unorganized local governments and unethical developers.
2. Reforms to the Spanish property buying process
The land registry allows users to download a full report on a property for sale in Spain (for €29). This overseas property news is a great bonus for potential investors who need a more comprehensive picture of their possible purchase. Other regulatory reforms introduced ensure there must be reference to any legal proceedings involving the property. This new requirement reduces the risk of buying properties that have been marked for demolition or have ongoing buildings codes violations, for example. Other regulatory measures introduced include:
- Stricter requirements for current constructions and off-plan developments before being eligible for listing as a property for sale in Spain
- A longer list of essential requirements that must be documented in the land registry
- Stricter and time-managed requirements for local governments to respond to their submission of paperwork and certifications associated with the Spanish property buying process.
Despite the database being a significant advance in information available for English-speakers across Europe and the globe, and the extensive overseas property news promotion undertaken as part of the Government’s roadshow tour, after its first month in operation there has yet to be an increase in traffic to the government site. Data is limited at present as the site only became operational in July 2011, but users are predominantly from Spain at present. Higher educated men aged 35 – 54 looking at the site at work are the predominant users. This could indicate that it is being used predominantly as a real estate industry tool.
3. Global reaction to the tools to assist the Spanish property buying process
Across the globe, a handful of German, UK and Russian investors are accessing the site while Brazilians are flocking to the database and overall government site where the database is situated. This reflects the observations made in the Lucas Fox Barcelona real estate market reports), suggesting that Brazilian, Chinese and Middle East investors could soon replicate the levels of interest seen amongst Russian affluent investors who have doubled in number this year as both tourists and property buyers.
The following graphs are constantly updated with the latest data from internet tool SEMRush, so you can bookmark this blog post and return monthly to see how well the Housing and Development Ministers are doing at promoting its availability as a resource for English-speaking buyers in overseas property news.
4. Spanish Property Buying Process Resources
The new English-language land registry is available at:
The new guide to the Spanish property buying process is available at:
With overseas property news analysts calculating foreign interest in property for sale in Spain up by 6% this year and with the government’s push for greater global awareness of – and interest in – the Spanish property buying process, the new land registry should become an essential tool during Spain real estate enquiries.