One out of every five luxury homes is acquired by a non resident foreigner.

2,2% of the sales of homes in 2012 (12.016 operations) were of properties with a value over 500.000 Euros, according to figures from public notaries. 2366 homes were acquired by non resident foreigners, that is, one out of every five luxury homes sold in Spain are acquired by this type of investors.

One of the measures of the Law for Entrepreneurs approved by the cabinet meeting at the end of May included the granting of the permanent residence to those foreigners acquiring a property for more than 500.000 Euros.

Carlos Smerdou, managing director of Foro Consultores, believes that Russian and South American citizens with a high purchasing power are the foreigners that will benefit the most of this measure. Although Chinese citizens are a market with possibilities, the volume of transactions is still quite low.

These investors look for big properties by the sea. They value features such as location, privacy and services such as security and good transport connections. The number of foreigners that look for a second home in the best areas of the big Spanish cities is also increasing.

Souce: El Idealista