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Jul 21 2015

A Landmark Agreement between EU & UAE Heralds More Good News for Spanish Property

A Landmark Agreement between EU & UAE Heralds More Good News for Spanish Property

There was recently a unique and historic visa waiver between the EU and United Arab Emirates last month, which will allow access into any of the European countries for Arabian citizens.

This new agreements between the countries will allow for visa-free travel for EU citizens travelling to UAE and for citizens of this country, when travelling to the EU, to be able to stay, visa free for a period of 90 days every 180 days.

Visa-free travel applies to all categories of persons and for any kind of purposes of travel, for instance tourism, cultural visits, scientific activities, family visits, business etc, except to persons travelling for the purpose of carrying out a paid activity.

Marbella Property in High Demand

This new agreement, as it stands is more good news for Spain and the Spanish property market in particular. The country is becoming more and more popular with overseas investors, especially those from the Middle East. Buyers here have always shown an interest in Andalucian property and especially Marbella property, which is now becoming more prevalent over the last few years.  

Throughout the real estate industry on the Costa del Sol, we’ve noticed the invested interest and fondness the citizens of the UAE feel for Marbella. UAE citizens look to Marbella for both a touristic and residential destination. With that in mind, and this new travel agreement, the relationship between the two countries will grow stronger.

Here at KMS Property, we are already seeing a rise in a demand from the Emirates. We’ve seen a significant increase in sales to clients from the UAE, who mainly look for villas in Marbella or apartments on Marbella’s Golden Mile.

The general consensus and direct feedback from the client tells us they feel at ease in Marbella, as it is a safe town. It also offers so much in the way of leisure activities for families as well as top class shops and restaurants that stay open for long hours. In addition along the Golden Mile of Marbella there is a very well attended and fully functional Mosque allowing citizens to carry out their normal routine whilst being in another country.

Property in Marbella and the Costa del Sol is clearly being revitalized, in part because of the overseas buyers from the Middle East. This coupled with the strength of the pound, and the dollar against the euro, will indeed have an impact on the increase in property sales, especially at the luxury end of the market.

All of these contributing factors aid in making Marbella, the Golden Mile, and Puerto Banus the most sought after locations in Europe and particularly on the Costa del Sol.