Dubai Firm Set to Make Major Investments in Spanish Property Market

Dubai Firm Set to Make Major Investments in Spanish Property Market

Investment is arriving from all corners of the world

It wasn’t all that long ago when thinking of Dubai made you think of a futuristic metropol

is, coming forth from the desert and offering affordable, luxurious property to all those who could take a trip to the UAE.

Times have certainly changed. What used to be considered the main rival for Spain in terms of investment property has now become little more than a shadow of what it once was – at least as far as expats are concerned.

Dubai was more reckless than even Spain during the property wave that peaked at the turn of the millennium, and the crash of that wave was much more spectacular. There are entire sections of the city that remain undeveloped as thousands of people lost their credit.

Dubai still retained its appeal to people with their own capital though, and the Emirates is managing to recover quite well these days. It might be a while yet before it starts rivalling the real estate recovery of Spain, but there is always opportunity whenever there is money – and Dubai certainly has money.

The opportunity appears to lie in Spain. Dubai-based holding company Imperio Group announced this week that they plan to invest €50 million in the Spanish real estate market through 2017, and are likely to invest even more in 2018.

The group has a penchant for investing in old properties and renovating them, and they’ve found an ample hunting ground in Barcelona. They spent €6.5 million this month alone investing in the Vinçon Building on Pau Claris street.

The Vinçon building overlooks La Pedrea and Imperio Group have plans to create a range of luxurious dwellings within the building.

Imperio is looking to create 19 apartments within the Eixample district which, if you’ll pardon the pun, is another fine example of the appeal Barcelona has to foreigners.

If you’re a regular reader then you won’t be that surprised to learn about the Emirates investing in northern and southern Spain, but there’s a bigger picture you might be missing. Given that US heavyweight Lone Star has announced plans to invest in Spanish property, and all of the good news streaming in from the real estate sector during the last two years, there is plenty of reason to celebrate that wealthy Dubai investors are now joining the investment bonanza. It’s also something that would have seemed impossible a decade ago.

How to Recover Lost Deposits on Spanish Property Investments

How to Recover Lost Deposits on Spanish Property Investments

Roughly 20,000 Irish investors could be able to claim a refund from an unfinished property development following the Spanish Supreme court ruling that banks are liable to repay these missing deposits.

The court chose on December 21, 2015 to uphold an earlier finding that investors who put money in unfinished off-plan developments were entitled to have their money protected through a Spanish bank guarantee. As such it was decided by the judges that it was up to the developers and financial institutions to return the lost investments.

Investors are able to make use of this guarantee even if they didn’t ask for one or the developer didn’t provide one. If they had an agreement in writing that was never finished then they could also be entitled to interest on their reimbursement. Spanish financial institutions attempted to overturn the ruling but failed.

It’s estimated that thousands of people could demand these reimbursements on lost investments so you need to contact Costa Del Sol Property Group today. 

The Supreme Court ruled that banks had a duty of care when the investments were made and that they should have issued guarantees at the time.

The court said that when people put money into an account with a bank they expect the bank to protect the money. The money wasn’t supposed to be accessed unless the developer provided customers with a deed of sale to sign ownership of the property over. Instead banks failed to do both of those things and they failed to ensure people got these.

Buyers in Spain usually pay a deposit of up to 50% of the value of the property. For a buyer to take a case they have to have a legal document that proves the funds were transferred between themselves and the developer. Investments made in the past 15 years are covered by this court ruling and it’s expected that a case could take up to 18 months to end.

If you’re interested in taking on such a case then count on us to provide Spanish legal representation for you. Our Spanish lawyers will accept a splitting arrangement with you where you pay them a percentage of the money you recover rather than paying a fee no matter the outcome of the case on a NO WIN NO FEE basis.

Spain’s property market to attract massive investments from pensioners.

Spain’s property market to attract massive investments from pensioners.

As per the data obtained, it is indicative that majority of the wealth is held among people above 50 and hence, there is a strong speculation that a majority of their investments might be in the Spanish property markets.

Older people looking for a better quality of life are

moving to The Costa del Sol

A travel agency named Silver TravelAdvisor, which is known for conducting holidays among people aged 50 and above, stated that 80% of the private wealth of UK was summed up by people aged over 50 and they are exploring places like Iberia and Spain, which they consider to be a sound investment for their wealth.

Among the Brit expats, 14% of them are located in Spain and the expat portal of Brits known as the Brits Abroad has indicated that the property market of Spain might flood with investments, as majority of the people will be retiring soon and might strongly consider investing in Spain.

People retiring soon are rich on funds and will generally have the liberty to explore the world. However, when it comes to the place where they want to reside from then, Spain is generally the first choice, as per the Director of Kyero, Martin Dell.

Spain offers a variety of advantages, such as the excellent weather, delicious wine, healthy cuisines, beautiful golf courses and it is also rich on the cultural history. It also has sprawling architecture spread all over and has a lot to explore for retired people. The cost of living is also moderate, and people who have a decent affordability consider this to be the best place for retirement.

Despite the relative strength between pound and euro, pensioners from Britain are getting more for their money. As per the building society of UK, Nationwide, the cost of owning a house in Britain on an average is £200,251, equivalent to €255,000, making British to invest more in Spain.

Although there is no clarity about the EU referendum, the Brits are still eyeing on the property markets of Spain owing to the affordability it has to offer and the relatively lower living costs. Even today, Costa del Sol is the cheapest holiday destination in Europe, making it a tourist haven too.

Costa del Sol is now attracting real estate workers to invest more, so that they can cash in on the benefits once the EU debate has been cleared out.