Property investment in Spain is expected to receive a tremendous boost as Gulf Cooperation Council (GCC) member citizens are granted easier access to the market, according to real estate consultancy Cluttons.
Faisal Durrani, Cluttons’ international research manager explains ”There is no doubt that visa free travel to the Schengen area for Emiratis has unlocked the door for a significant potential upturn in cross-border property investment. The added benefit of the weakness of the euro means that dirham buyers are now about 23% richer than this time last year, in euro terms. This clearly makes an EU based property investment particularly attractive.
Joanna Leverett, head of international residential markets at the agency, adds: “Our new office in Andalucia, in southern Spain has been a run-away success. British buyers in particular have been quick to sense the bottoming out of the Spanish property market and with sterling retaining its edge over the euro, UK buyers are rapidly snapping up second homes across the sun-drenched Spanish coast. And this is a pattern we are seeing echoed across southern Europe. The rich Islamic heritage of southern Spain is likely to add to the overall appeal to GCC buyers.”