Golden Visas and selling Costa del Sol property

EWN talks with property expert Peter Bowerman about the Costa del Sol property market and the Golden Visa.

We are currently helping lots of British and other non-Europeans buy property to obtain the coveted Spanish Golden Visa (residency visa). Spain began offering residency visas to non-EU. nationals at the end of 2013 to encourage investment in Spain. A buyer must spend a minimum of €500,000 on purchasing Spanish property, it could be on single property or a number of smaller apartments as long as the total invested was over €500k. However, surprisingly the initial take-up was slow, so in summer 2015, the Spanish government announced that the visa would now additionally cover married partner and children of the visa holder. Non-Europeans looking to move to Spain also have the option of applying for a non-lucrative visa.

If on the other hand you’re thinking about selling a property, now could be a good time with all the renewed interest in the Costa del Sol. After 25 years helping people buy and sell, I can confidently say that after choosing the right agent, the next most important decision is choosing the correct initial marketing price. This is because the first 3 months of marketing usually offer the best selling opportunity, due to sales staff being excited about calling their clients and the surge of marketing that follows a new listing. If priced competitively, it should sell reasonably quickly. Any normal person left to value their own assets, are naturally going to want as high a price as possible. Many weak or inexperienced agents will take on properties at any price set by the vendor, for fear that the vendor may be disappointed with the truth and call another agent. This is not actually helping the seller at all and nearly always leads to no sale. An experienced and professional agent will share his knowledge and give honest advice, even if it’s not what the vendor wants to hear. We discuss what price similar properties have sold for in the area and show comparable properties currently on the market, so the vendors can themselves understand the true value and agree the correct marketing price.

Peter is a frequent contributor to the UK / Spanish press and was one of the panel of experts for Overseas Property Professional magazine, having spent most of his working life as a professional real estate agent and valuer. He is also the Managing Director of one of the coast’s top Master Real Estate Agencies “Overseas Dreams” with registered offices in both Marbella and Mijas Costa.

For more information on buying or selling your property on the Costa del Sol, contact Peter or any of his team on Tel: (0034) 951 551 444 or email: info@OverseasDreams.com

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