Tancrede de Pola (OP Columnist)
LAST week I packed my bags and headed east for Dubai.
A gala dinner with Sheik Mohammed Al Maktoum in the Burj Khalifa – the world’s tallest skyscraper – and a luxury dinner in the middle of the desert were just a couple of personal highlights.
But the real reason I was there was for the International Property Show.
Hosted at the impressive World Trade Centre, property experts from across Europe and Asia were in attendance… and the word from the East is that things look promising for Spain’s property market.
In particular, Marbella and the Costa del Sol have piqued the interest of buyers looking to invest in overseas property.
With most of the attendees coming from the UAE, Kuwait, Bahrain and Saudi Arabia, it’s fair to say that money from the Middle East will soon be making its way up the Golden Mile and beyond.
A lot of chatter focussed on the Golden Visas scheme. Designed to attract investors from beyond Europe, the scheme provides residency visas to non-EU nationals buying property in Spain.
A €500,000 investment qualifies the client for a visa, offering travel and educational opportunities for their family too.
We have already seen a number of Russian and American investors making the most of this scheme. Now it appears those in the Middle East are set for their piece of the action.
There were also a great number of enquiries about ‘investment yields’ as word of Marbella’s ‘bounce in demand’ spreads.
(That’s property jargon for ‘enquires about property with profit potential as interest in
Marbella grows’.)
In real speak, it’s good news for the Costa del Sol’s new build market.
At the Finance Bureau, we have been working with clients from the Middle East for the last two years.
In partnership with our banks we have been developing specifically tailored mortgage products for these clients in order to give best loans-to-value and competitive rates.
And this year’s trip proved to me that interest will only grow in the year ahead.
