DESPITE the COVID pandemic, house prices, sales transactions and rentals are all skyrocketing in Valencia, with international buyers driving the market.
The city has seen a growing demand from international buyers in recent years, especially from Asia, many of whom aspire to live a Mediterranean lifestyle characterized by gorgeous architecture and a high quality of life at an affordable rate.
However, Asian interest in Spanish properties is primarily fueled by the Golden Visa Program, which allows non-EU nationals to gain permanent residency by buying property worth €500,000 or more.
From January to June 2019, 848 residency visas were granted – 132 more approvals compared with the same period in 2018.
Introduced in 2013, the scheme aims at attracting entrepreneurs, encouraging foreign investments in Spanish real estate and job creation. Investors are eligible for permanent residency after five years and Spanish nationality after 10 years.
The scheme does not have minimum stay requirements, which means that investors can remain tax residents outside of Spain, while simultaneously benefiting from the Spanish residency and enjoying the freedom of stay within the EU. However, to apply for permanent residency or citizenship, the investor and their family must reside in Spain.
After years of austerity measures and property prices hitting rock bottom, the Spanish housing market is poised for a rebound, offering substantial capital gains potential in the coming years. Singaporean buyers are discovering the investment opportunities that Spanish properties have to offer, as well as the gateway to earn permanent EU residency.
“The inquiries we have received from Singapore have tripled in recent months. Many are interested in the Golden Visa Program and the local property-buying process,” said Conor Wilde, CEO of Found Valencia Property, an award-winning agency specialised in assisting international home buyers in Valencia. “At Found Valencia, we have solid experience helping foreign buyers