Costa del sol Property news
Below are some informative articles relating to the Costa del sol and all things property. Our blog is updated from time to time when new property or tax laws are announced keeping you up to date. We try to publish articles that are both interesting or helpful to any prospective property buyer or seller.
Malaga named best city in the world to live and work in, according to major survey of foreigners
InterNations surveyed more than 12,000 people from around the world, representing 177 different nationalities who live in a total of 181 countries. Spain also took the second and third places Foreigners who live and work in Malaga are clear: the city is the best place in the world to do so. This is what Forbes magazine has reported from this year’s InterNations survey, confirming that the city's allure has skyrocketed in the last two decades.
The list totals and ranks 49 cities worldwide and is based on the subjective perception of expatriates. To compile the list, InterNations surveyed more than 12,000 people from around the world, representing 177 different nationalities who live in a total of 181 countries. The report took into account factors such as quality of life, ease of settling in, personal finances and others.
Spain is a clear favourite with the foreign community: second and third places went to Alicante and Valencia, respectively. In sixth place is Madrid, which was noted by the respondents for its digital and financial power and high quality of life. Barcelona was ranked in thirteenth place.
Overall ranking 'Top 20'
The top 20 in the overall ranking are: Malaga, Alicante, Valencia, Ras Al Khaimah, Abu Dhabi, Madrid, Mexico City, Kuala Lumpur, Bangkok, Muscat, Oman, Dubai, Lisbon, Barcelona, Amsterdam, Nairobi, Zurich, Athens, Stockholm, Luxembourg and The Hague.
Property prices in Marbella rocket, with a 20% increase in the last year
Two other towns on the Costa del Sol also saw prices rise above 10%, hitting all-time highs, according to property listings website Idealista.
If there was one place in Spain that represented the housing market's spiralling prices it would be Marbella. The Costa del Sol town has registered the highest increase of all the large Spanish municipalities in the last year. Prices have increased by 19.9% which equates to an average cost of 4,121 euros per square metre, an all-time high, according to data compiled by the Idealista property portal.
Two other towns in Malaga province also saw prices rise above 10%. Mijas and Fuengirola, with 14.2% and 12.1% respectively; also all-time highs. The capital, Malaga, saw an 8% increase in prices between January 2022 and January 2023.
With a national increase of 5.4%, according to Spain's INE, the national institute of statistics body, these are well above the average year-on-year increase.
The Spanish Golden Visa
For those with sufficient disposable income, the Spanish Golden Visa program is a great option for gaining legal residency in Spain. There are several investment routes to choose from for individuals and families looking to live in Spain. Whether you want to live or work in Spain right away or at some point in the future, a Golden Visa is an excellent long-term investment. You could be on the road to becoming a permanent resident or even Spanish citizenship before you know it. That said, the Spanish Golden Visa application process won’t be smooth sailing if you go into it unprepared.
As with any Spanish residency visa application, you should make sure you’re actually eligible before spending time and money on the Golden Visa application process. These are the main criteria for Spanish Golden Visa eligibility:
- ⦿ Non-EU citizen (now includes the UK)
- ⦿ Non-EEA or Swiss citizen
- ⦿ Over 18 years old
- ⦿ No criminal record
- ⦿ No refused previous visa applications
- ⦿ Sufficient funds to support yourself/your family
- ⦿ Proof of a qualifying investment in Spain
- ⦿ Satisfactory medical insurance
If you’re a financially independent adult from outside the EU/EEA with no criminal history and the ability to meet the minimum investment requirements, then you shouldn’t have any issues. It’s also possible to include eligible family members in your application, too – namely your spouse and children under 18 years old. Other immediate relatives may be eligible if you can prove they’re financially dependent on you, such as adult children in full-time education or elderly parents.
For a comprehensive guide to the Spanish golden visa program take a look here at one of our recommended lawyers pages.
Published 07 / 12 / 2022
ANDALUCIA GETS RID OF WEALTH TAX
Along with the practical abolishment of Wealth Tax, president Moreno also announced that the lowest three brackets of personal income tax rates will be deflated, in a measure aimed to aid the lower-income households.
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