Spain Takes Advantage of Low RE Prices & Promotes Houses in Paris

24/03/2014 – El Economista

Developers and banks will do what it takes to attract attention of French investors at the upcoming fair trade in Paris called SITEP (El Salón Inmobiliario y de Turismo Español en París – the Spanish Real Estate and Tourism Trade Show in Paris) organized by the Spanish Chamber of Commerce in France (Cocef, abbreviated from Cámara de Comercio de España en Francia). The event´s aim is to present real estate opportunities in Spain, backed by rock-bottom prices.

The fair will take place between 19th and 21st of September and will promote Spain with special focus on its weather conditions, living quality and more affordable prices in comparison to those in France. (…).

Co-organizators of the event are CIC Iberbanco (Credit Mutuel´s branch) and Expo 21. Participation of the bank provides an option of purchase financing.

SITEP is targeted at three types of buyers: the experts in the sector, the regular tourists that already know where they wish to buy and the general public that finds Spain appealing and wants to benefit from the low prices.

In case of the first, the fair organizators offer individual business-to-business meetings between Spanish real estate sellers and investors or funds that are looking for offices in Madrid and Barcelona that could bring high yields.

When it comes to the second group, the French tourists visiting Spain each year (their number exceeds 10 million) will be advised professionally and consulted about the choice of place and housing unit type to acquire.

Finally, the fair is supposed to attract the general public that sees an opportunity in the Spanish property and wishes to invest without any specific preference. Thus, both infrastructural and legal facilities on investment in the country will be explained.

Last year, the French (residents and non-residents) acquired 7.012 non-subsidized dwellings in Spain. This is by 52% units more than a year before. (…).

Apart from more affordable prices, also other fiscal benefits are foreseen for potential buyers. For example, the Property Tax (IBI in Spain) drops by 30% if compared to the French tax rate. Additionally, the municipal waste collection, community fees and insurance cost much less than in France.

The fair is believed to host millions of visitors so the organizators are preparing an over 2.000 square meter area where 70 stands will appear. Financial institutions, property developers, brokerage agencies and state and individual tourist offices will exhibit their products and services. (…).



Original article: El Economista

Translation: AURA REE