Spain Local & Foreign Buyers Seek Luxury Homes

by investing in real estate. With an investment of €500,000, non-European Union residents can establish residency for not only themselves, but for family members.

This financial commitment allows the investor and their family residency and work in Spain for two years with the ability to extend for up to five years as long as the investment is maintained. It also enables the investor free mobility within the 27 countries that comprise the Schengen Area.

With Spanish banks well versed and ready to offer mortgages to foreign buyers, with a loan to value rate of up to 60 percent, and a processing time of approximately 20 business days, Spain’s Golden Visa program is indeed a popular option for those looking to make Europe home.

Rabassa reports an active luxury market across the country, buoyed by the strength of high demand from both local and foreign buyers. The challenge of limited luxe inventory, he said, started during the pandemic and is anticipated to continue as the demand for prime properties in Spain remains high.

Bruno

Berkshire Hathaway HomeServices Gulf Properties has been assisting buyers and sellers with their real estate needs in Dubai since launching in April 2019.

The most populous city in the UAE, Dubai has expanded rapidly in recent years, establishing itself as a global financial powerhouse, luxury tourism hotspot, and popular destination for expats and second-home buyers.

The city has the second-highest number of five-star hotels in the world, and currently holds the title for being home to the tallest building in the world—the Burj Khalifa.

“Not a week goes by without a US realtor visiting Dubai, calling and asking for more information on Dubai real estate,” said Phil Sheridan, CEO Berkshire Hathaway HomeServices Gulf Properties.

“If you invest $200,000 you can apply for an Investor Visa,” Sheridan explained. “While a $540,000 investment can potentially secure a Golden Visa—both of which enable you to live, work, and operate in the UAE without the need for an employer to sponsor you.

“UAE residency may also provide significant tax advantages, in addition to a safe environment, high standards of living, global connectivity, great weather, plenty of recreation, shopping… the UAE has it all.”

One area of Dubai that has received ample spotlight since its inception is Palm Jumeirah, an archipelago of artificial islands constructed in the early 21st century that resembles a palm tree with a crescent surrounding it.

Detailing the make-up of the archipelago, Sheridan explained, “You have the trunk which consists of apartments, the fronds which is made up of villas, and 10-mile-long outer crescent which is where you will find hotels and brand residences.

“Palm Jumeirah is attracting many high-net-worth individuals which has positively driven up property prices in the past 12 months.”