All News

Efforts by the Valencian government in Spain to promote homes sales to foreigners is proving successful. The 2011 report of the Valencian Observatory of Housing regarding the statistics of the General Council of Notaries found that more than 10,730 housing transactions were made by foreigners during the year, exceeding the number of transactions in 2010 and 2009, with about 9,300 and 7,400 homes sold to foreigners, respectively. The estimated total value of these transactions amounted to 1.515 billion euros in 2011, an amount also exceeding that achieved in previous years, with 1.431 million in 2010 and 1,225 million in 2009.

The data was reported in Inmodiario News, an online industry newsletter sponsored by Asociación Empresarial de Gestión Inmobiliaria  (AEGI), ICREA’s member association in Spain.

Vicente Domine, director general of public works, housing and urban projects of Valencia, says the government is taking action to promote homes sales to foreigners, including the streamlining of procedures for obtaining a residence permit. Further, Domine says the government is taking steps to assist foreigners obtain an identity number (NIE) with the aim of promoting the sale of homes.

Valencia leads the country’s regions in foreign homes sales. The 10,730 homes sold in 2011 represents 30.6% of real estate sales to foreigners in Spain, far ahead of other regions known for sales to foreign buyers, including Andalusia with 19.2% and Catalonia with 14.9%.