Non-EU nationals buying property in Spain to be granted residency08/05/2013
Demand among Britons seeking a home overseas is growing, reflected by a rise in enquiries for information about buying overseas property, according to the most recent Overseas Guides Company (OGC) Quarterly Index, which measures interest in destinations popular with British second home owners and expats.
The OGC, a free resource for overseas property buyers, attracted 9,685 direct requests for information, in the form of downloads of its free Buying Guides, in the first quarter of this year, up 50% on the same quarter last year.
“There’s been a very noticeable resurgence in interest in European destinations, in particular France and Spain , during the first three months of the year,” said Richard Way , editor of The Overseas Guides Company.
Mr Way reports that January was by far the strongest month of the quarter in terms of enquiries into OGC, owed partly to the effect the crisis in Cyprus.
“Ironically, while the situation may have knocked confidence in the euro, Cyprus was the only OGC destination that received more enquiries in March than both January and February, suggesting vulture buyers have begun circling for bargains on the island – this echoes the results of our partner Rightmove’s March report,” said Way.
He added: “Interestingly, the long-haul emigration destinations of Australia, New Zealand and Canada all saw year-on-year falls, albeit small ones, in enquiries. This could be due to a combination of the weaker pound, fewer employment opportunities and reports of inflated living costs, in particular in Australia.”
The first quarter of 2013 also saw the launch of the OGC Ireland Buying Guide, which has been well received and indicates a definite interest for property in Ireland, where the market is deemed to be turning, according to commentators.
Ireland generated more enquiries for the period than Turkey, New Zealand, Greece and Cyprus.
The total number of enquiries received by OGC during 2012 was 28,099, a year-on-year increase of 41 per cent on 19,916 in 2011. These, combined with leads generated in Q1, mean that today OGC has a quality database of more than 66,300 people interested in buying overseas property and/or moving abroad.
For every euro the Spanish invested in real estate abroad, some nine euros came into Spain from foreign investors. Thus, cash flows to abroad declined by 3.5% in 2012 compared to 2011, with 596 million euros, a much more moderate drop than that experienced in 2011, of 23.4%.
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