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Minister of Housing Focusses on Swedish Investors

Fri 7th Oct 2011

Spain's Minister for Housing, Beatriz Corredor, has arrived in Sweden as part of her European tour to promote Spain's property Market and to explain the recent reforms that he government has recently implemented in a bid to make foreign investment in property attractive once again.

Such measures include the reduction of IVA paid on new properties until the end of 2011, new measures were also approved recently to increase transparency, guarantees and legal security in the Spanish real estate sector.

A delegation of 15 Spanish property developers and financial institution accompanied the Secretary to meet with Swedish investors, estate agents and intermediaries in Stockholm to strengthen trade relations between the two countries in this sector, with particular regard to holiday homes.

The Minister explained that the purpose was "to recover the channels of communication and commercialisation that were lost by companies during the economic crisis with the main emitting markets interested in the holiday home sector, which represents a third of the residential property stock in Spain".

The Minister's International roadshow is aimed at raising awareness of the property market in Spain, and began in May of this year. Average property prices in Spain have now dropped by 22% compared with their peak prices and with an estimated stock of 700'000 properties for sale - with over half of them being along the Mediterranean Coastline.

Recent figures show how the purchase of property by Swedish citizens in Spain rose by 105% in 2010 on 2009 and these buyers accounted for 4.36% of all purchases made by foreign citizens. Moreover, a total of 1,112,561 Swedish tourists visited Spain in 2010 - more than 10% of the entire population of the country.

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