Common site... For Sale signs |
The is certainly a glut of properties all over the country and unfortunately many bank repossessions since the beginning of the financial crisis. Banks have millions of euros worth of properties on their books which they need to liquidate, and this measure is one way of reducing this excess of housing stock.
The Secretary of State for Trade, Jaime Garcia Legaz said the aim is to boost foreign demand for housing, specifically targeted at the Russian and Chinese markets - the ones which appear to have liquidity obviously! Figures show that these markets only make up 4.1% of all foreigners living in Spain.... but you´d be forgiven thinking its more when it comes to the Chinese with the amount of Wok and Chinese restaurants in every town and "Bazar Chino" on almost every High Street.
Local agent advertising to Russians |
The new law, if passed will not automatically give them the right to live here permanently, but will have limitations, allowing them to be here no more than 90 days in any 6 month period. With a new annex of a Benidorm tourist office in Moscow there is bound to be many more Russians walking up and down the promenade next summer.