“Obtaining the right visa permits and documents for Spanish residency in China and Russia is known to give anyone a bureaucratic headache,” Alex Vaughan, partner at luxury Barcelona-based estate agency Lucas Fox, told The Local.

“Although the new law hasn’t been passed yet, it’s likely to make it a lot more straightforward to obtain a permanent residency permit, rather than the temporary one that non-EU nationals have found so difficult to get up to now.”

Back in November, the Spanish government set the property investment hurdle at €160,000, a figure many believed made Spain look cheap when compared to the €400,000 sum demanded by Portugal and Ireland for non-EU residency permits.

They have since been drafting new legislation which, according to inside sources, will set the bar at half a million euros for prospective buyers looking to gain official Spanish residency.

“The only strings attached are, to our knowledge, no criminal record, proof of your ability to support yourself financially and private health insurance,” says Vaughan.

Approximately 90 percent of Lucas Fox sales come from foreign buyers, 40 percent of whom are either Russian or Chinese.

“We’ve had increasing interest from prospective homeowners from South East Asia, but also from Australia, the US, South Africa.

“People from overseas are attracted by the quality of life over here, and Spain has far better infrastructure, health care and transport than countries like Cyprus and Portugal that have introduced similar legislation.”

Vaughan told The Local that once the new law is put in place in June, it could only be beneficial for Spain’s ailing property market, despite the fact that demand for luxury homes like the ones Lucas Fox sells has continued growing throughout the crisis.

Thanks to The Local and Alex Dunham (alex.dunham@thelocal.com)

For more information Residency in Spain

he Spanish Government is reported to have prepared a new draft law granting qualified residency permits (with strings attached) to non-EU nationals who spend half a million Euros or more a home in Spain, according the Spanish press (elEconomista.es). The draft could become law as early as this summer.

This means the Government is finally doing something about the residency-permits-in-return-for-property-investments idea it floated last November, which met with stiff criticism. Back then the investment hurdle for a residency permit was just €160,000, which some said was too low and made Spain look cheap.

Under the latest draft, non-EU nationals – predominantly Russians and Chinese – would get a residency permit (with strings attached) for them, their spouses and children, upon spending €500,000 or more on a property in Spain. That would bring Spain in line with countries that have introduced similar incentives, like Portugal and Ireland.

Investments tied to residency permits will no longer be limited just to property. Permits will also be obtained with investments that create at least 2 jobs, or by investing in financial assets like Spanish government debt, say press reports.

The news will go down well with affluent buyers from outside the EU, particularly the Russians, who have already flocked to Spain as house prices dropped, and are now the third biggest group of foreign buyers by nationality.

Lucas Fox, an upmarket, Barcelona-based estate agency, reports a sustained increase in Russian, Chinese and Asian buyers in the last few years. In 2012, approximately 90% of sales at Lucas Fox came via foreign buyers, around 40% of those who were either Russian or Chinese, say the company.

An increase in the residency-permit investment threshold to half a million Euros will be good for upmarket property segments in Spain, say Lucas Fox.

“We are very excited about the potential impact of the proposed law change on our business,” says Alex Vaughan, a Director. “For the last 12 months we have dedicated a lot of time to business development in key regions such as China, Russia and India. We now have a large number of investors ready to buy as soon as the law is introduced.”

In anticipation of the surge in demand from non-EU nationals, Lucas Fox have set up a division called Residency in Spain to provide advice and support to clients who want to get residency permits in Spain through local investments.

But press reports suggest the law will not be retroactive, which would be a big disappointment to the many Russians who have already spent more than €500,000 on a home in Spain.

To read the full article on Spanish Property Insight

In collaboration with leading Asian property consultancy SQFT, the Barcelona-based enterprise will showcase some of its most exciting residential and commercial opportunities in Cataluña and the Balearics to a delegation representing nine groups of Chinese and Korean investors.

The Spanish property market, in particular in Barcelona and Ibiza, has become increasingly attractive to investors from the Asia-Pacific region, thanks to a proposed change in Spanish residency law allowing non-EU citizens who buy a property upwards of 500 000 euros to automatically receive Spanish residency. The initiative has primarily been aimed at Chinese, Russian and American investors who otherwise would need a European visa. The new law is expected to come into force by July 2013.

SQFT director Han Bin comments “Most Chinese investors want to buy a property in Barcelona because, not only are they getting a good investment, but there is now the opportunity to acquire Spanish residency at the same time. What’s more, the market is particularly attractive given the historic low prices”

Lucas Fox’s business development manager Jason Ham began working on the collaboration in September 2012. In less than a year, this former commercial property lawyer has attracted a huge amount of interest in both Catalunya and the Balearics.
The delegation will arrive in Barcelona towards the end of May. The group will then travel to Ibiza where the Lucas Fox Ibiza team will showcase some of its most attractive properties on the island.

Jason Ham, who is based in Ibiza, comments “We have seen Chinese investment in many corners of the world but this is the first time that we have seen interest in Ibiza. Thanks to the proposed changes in residency laws for property investors outside of the European Union, we expect to see increasingly more interest from the Asia-Pacific region as well as Russia and the US”

Besides being presented with unique investment opportunities, the Chinese delegation’s visit will coincide with many of Ibiza’s opening season parties and events. The group will be attending the ‘International Music Summit’, one of Ibiza’s most important music festivals, celebrated in the Old Town (Dalt Vila) and hosted by some of the world’s leading DJs.

Facts & Figures:
Foreigners accounted for more than 80% of sales at Lucas Fox in 2012, the majority from Northern Europe and Switzerland, and approximately 5% from Russia and the Asia-Pacific regions
Overall foreign investment in Spanish real estate increased by 17% in 2012, to the highest level since 2004, according to the latest figures from the Bank of Spain.
Foreigners spent 5.54 billion Euros on Spanish property last year, up from 4.7 billion in 2011, and a 52 percent increase compared to the total of 3.6 billion in 2009
7 billion Euros was spent by foreign investors in 2003 in the midst of the Spanish property boom

For more information on this press release, quotes or high resolution images please contact Carrie Frais by phone on +34 620586655 or by email carrie@lucasfox.com

This exceptional bright and spacious penthouse for sale in Eixample is located in the very heart of Barcelona in Plaza Catalunya.

Occupying the eighth floor of a magnificent building that was completely renovated in 1998 the property offers amazing views over the entire city of Barcelona, from the sea and the mountain of Montjuic to the mountain of Tibidabo.

The penthouse measures 281,48 sqm with a 35 sqm terrace, kitchen, pantry, spacious living/dining room, 5 bedrooms, 3 bathrooms with shower or bath and a service area.

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This superb property has a very spacious 55 sqm living/dining room with fireplace, as well as an exceptional Mezzanine above the living room with telephone connection and TV. Guest bathroom; spacious, fully-equipped 30 sqm kitchen with views of the city, including an everyday dining area and separate pantry; five bright bedrooms, with separate access to bathrooms.
All rooms have large fitted wardrobes and the Master bedroom has a walk-in closet. It also has a 16 sqm fully equipped service area.

If you are interesting in more information of Barcelona Duplex Penthouse in Plaza Catalunya, ref. number : LFS5057 please contact the Lucas Fox Office on (+34) 933 562 989 or via email info@lucasfox.com for more information about the above property or any other Ibiza property on the Lucas Fox website.

Este excepcional ático luminoso y espacioso en venta en el Eixample (Ensanche) está situado en el corazón de Barcelona: en la Plaza Catalunya.

El piso está situado en la octavo planta de un magnífico edificio que fue totalmente reformado en 1998 y ofrece unas vistas impresionantes de toda la ciudad de Barcelona, del mar y de la montaña de Montjuïc y de la montaña del Tibidabo.

El ático mide 281,48 m² con una terraza de 35 m², cocina, despensa, amplio salón / comedor, 5 dormitorios, 3 cuartos de baño con ducha o bañera y una zona del servicio

Photoset:

This superb property has a very spacious 55 sqm living/dining room with fireplace, as well as an exceptional Mezzanine above the living room with telephone connection and TV. Guest bathroom; spacious, fully-equipped 30 sqm kitchen with views of the city, including an everyday dining area and separate pantry; five bright bedrooms, with separate access to bathrooms.
All rooms have large fitted wardrobes and the Master bedroom has a walk-in closet. It also has a 16 sqm fully equipped service area.

Si desea más información sobre este ático dúplex en venta en la Plaza Catalunya de Barcelona, núm. ref.: LFS5057 póngase en contacto con la oficina de Lucas Fox al (+34) 933 562 989 o escriba un email info@lucasfox.com, así como si desea más información sobre cualquier otra propiedad de la web de Lucas Fox.

The Lucas Fox real estate market reports highlight the higher number of property sales transactions in 2012, the competitive international rental yields for Barcelona apartments, and the slowing down in quarterly property price drops.

International investors are now buying luxury properties that they see as having a good potential for medium to long term value. 2013 is expected to see a greater level of competition amongst these investors, especially if new Spanish laws providing residency permits for foreign buyers take effect.

Lucas Fox releases half-yearly market reports covering Barcelona, Costa Brava, Ibiza and Mallorca. These reports collect together the latest national property prices data as well as summarise recent property market research.

Speaking on the release of the latest market reports, Lucas Fox Director Alex Vaughan said: “The Barcelona property market is a particularly good investment choice for the medium term. We have collected research that shows the rental yields in Barcelona city are now comparable with other key European city markets. Figures show an increase in property trading, a sign that buyers are not willing to wait before purchasing any longer. We are receiving greater numbers of foreign investor interest from new markets like China, India and Latin America while still maintaining our traditional levels of interest from buyers across the UK and Northern Europe.”

Lucas Fox market reports show the average Barcelona property price was €3,217 per square metre at the end of 2012. This ranged from €4,077 per square metre in the districts of Pedralbes and Les Corts, to €2,046 per square metre in Nou Barris.

Rental yields in Barcelona were reported at 4.1% – higher than in London (3.4%) and Paris (3%). Investors looking to buy apartments for tourist use have a particularly well-suited level of demand: the Barcelona airport saw monthly increases in passenger arrivals throughout the year, with a 2.2% annual increase.

You can download the Barcelona property market report and similar analyses for Costa Brava, Mallorca and Ibiza from the Lucas Fox website.

Currently under construction, this ultra contemporary property comprises of 6 bedrooms, 7 bathrooms, stunning glass-fronted living area, Bulthaup kitchen with state-of-the-art appliances, infinity pool, garden and chill-out area.

All finishes are of the highest quality and features include a Domotica system, handmade oak wardrobes, solar panelling, stone floors, stone façade and LED lighting.

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If you are interesting in more information of Ibiza Real Estate, ref. number : LFB421 please contact the Lucas Fox Office on (+34) 933 562 989 or via email info@lucasfox.com for more information about the above property or any other Ibiza property on the Lucas Fox website.

Actualmente en construcción, esta casa ultra moderna consta de 6 dormitorios, 7 baños, un impresionante salón con fachada de cristal, una cocina Bulthaup con electrodomésticos de última generación, piscina infinita, jardín y zona chill-out.

Todos los acabados son de la mejor calidad y las características incluyen un sistema de Domótica, armarios de roble hechos a mano, paneles solares, suelos de piedra, fachada de piedra e iluminación LED.

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Para más información sobre esta propiedad con núm. ref.: LFB421 póngase en contacto con la oficina de Lucas Fox (+34) 933 562 989 o envíenos un email a info@lucasfox.com.