United Arab Emirates Visa-free agreement to trigger interest in Sotogrande property market

United Arab Emirates Visa-free agreement to trigger surge in Sotogrande property marketA landmark agreement between the European Union and the United Arab Emirates looks set to spell great news for Sotogrande. Citizens can now travel between the two territories without a visa and stay for up to 90 days in every 180 days. This means those from the UAE can come to Europe for approximately three months of every six, visa-free. The reason can be leisure, cultural, scientific, business or to visit family.

Property market experts are predicting this will provide a great boost to the Spanish real estate market, with UAE nationals increasingly keen to invest in a second home in the spanish sun. In particular, Sotogrande is an area that could see its property sales rise as a direct result of the agreement.

Investors from the Middle East have held a strong interest in property on the Costa del Sol for some years, due to the international appeal of the area, and Sotogrande with its glamour, diversity and natural beauty has what it takes to appeal to affluent buyers from the Emirates.

Another factor behind the predicted surge in Middle Eastern investors is the strength of the dollar against the euro, because the Emirati dirham is pegged to the dollar. Therefore, Spanish property has grown in appeal following recent fluctuations in the exchange rates.

Last summer €1 was worth $1.36 while at the moment €1 will exchange for approximately $1.11. This means this time last year a €400,000 property in Sotogrande would have cost $544,000, while today the same property would cost around $100,000 less.

These enormous savings are enough to tempt those looking to invest in a second home to pursue their Spanish dream, and the visa-free agreement now makes Sotogrande even more appealing.

By · July 14th 2015