Investors who look to Spain for a lifestyle choice or as an investment will be met with considerable reductions on an already below market value properties.
Whatever the economic condition in Spain, the fact remains that tourists and investors will always be attracted to the country for the same reasons. The year- round sunshine, easy going lifestyle, and the comparatively lower cost of living are strong factors which will continue to attract foreign investors.
The Spanish property market may well still have some way to fall, but recovery from 2011 onwards looks likely. Measures to stimulate the economy are being taken through a package to create thousands of jobs, package for mortgage relief, tax cuts and credit lines for new business.
Foreigners have the right to buy and re-sell all kinds of property (residential, commercial or land) with no legal limitations whilst European Union nationals have the right to live permanently in Spain.
Residents who reinvest all of the proceeds of sale to purchase another principal residence can get capital gains tax relief, provided they have lived in the property for 3 or more years.
Spain has been at the forefront of the overseas property market for a long time, so has very strong foundations. It has a lot to offer, and investors can still buy in confidence, as long as they buy sensibly and treat their property as an investment over a long term.
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