Buy a house, get residency

Spain is the latest real estate bubble country to consider giving extra residency privileges to foreigners who buy property.

If they go ahead with this plan they would join Portugal, Hungary and Ireland.

Greece is also considering a similar measure.

The Spanish proposal is the cheapest so far, requiring only a $200k real estate purchase:

The Spanish government is considering offering residency to foreigners who buy property worth about $200,000 or more. With discounts as deep as 50% along the Mediterranean, a 1,100-square-foot three-bedroom beachfront apartment in Alicante goes for $130,000. Or how about a 1,200-square-foot four-bedroom with a view of Barcelona’s skyline for $175,000? A few miles inland, a two-bedroom house goes for $90,000.

The idea is to attract buyers for an estimated 700,000 empty homes scattered across Spain’s landscape, the remnants of the nation’s dramatic housing boom-and-bust. The offer is aimed at Chinese, Russians and Americans, who are usually limited to a three-month tourist visa in most parts of Europe.

Full article in the LA Times.

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Anonymous

Should kids be required to do a cost-benefit analysis before choosing a uni program? Maybe not, but they should at least google the likelihood of getting a job in their field and the pay range. Not too much to ask of someone who thinks they’re of university calibre. I do recall that WAY back in 1990 when i entered uni in the UK, us business types wondered what all the artsy types would do when they graduated. This isn’t new. Trades: I’m involved with the recruitment of high-school students into the trades. School districts run industry training programs which allow participants to specialize in a trade throughout their grade 11 or 12 year. Successful students graduate with level 1 apprenticeship technical skills and 120+ hours of work experience. Many get sponsored while still in school by companies willing to take… Read more »

VMD

Richmond realtor James Wong strikes again:
Richmond Detached Homes – Sale price Versus City Assessment value
-“A sample data extracted from the REBGV’s home sale for detached homes in Richmond recently revealed a fast deteriorating housing market. During the period from Dec 01, 2012 to Jan 15, 2013, nine of the ten Richmond detached homes that were sold with 5,000 to 8,000 sq ft land and between 5 to 30 years old:”

– the average sale price was 11.7% below the average city value

– When compared to early 2011, Richmond home prices were selling at around 10% to 15% above their city assessment values. The extend of the price drop in home prices for Richmond detached homes is estimated to be 21.7% to 26.7% below the peak prices of homes in the middle part of 2011.

chilled

No, No, No, No, not even close. Toronto doesn’t have a transit police force because they have one regional police force responsible for policing the subway and transit. BC implemented the “Transit Police” because the Skytrain crosses the jurisdiction of 4 police forces and YOU like most others were not fucking paying attention. AMALGAMATE THE FUCKING LOWER MAINLAND POLICE NOW, and join the 21st fucking century. Get it? Anonymous Says: January 21st, 2013 at 1:21 pm On the transit police: The transit police force should be disbanded now that we have faregates. Think about Toronto. Toronto does not have a special dedicated police force whose primary activity is boarding subway cars, armed with guns and tasers (an excessive level of armery for the task), checking passengers’ fares. They don’t need that in Toronto because they have a faregate system–you can’t… Read more »

Anonymous

vangrl Says:
January 21st, 2013 at 3:53 pm
i bet holding PGF for the next year would be a better investment than holding a property, even excluding the 10% divi….just saying

Vangirl – PGF has already declined from a high of $10 to under $5 in the last 52 weeks so it is not a given that it’s a better investment than Van RE but if you only invest less than 5% of your portfolio then of course it ‘s a less risky investment than leveraging a million dollars on a Vancouver house that you could rent for $3000 or less
My advice do not bet just make the most rational decision based on your situation

Amen

@Many Franks “I’m an unlikely cheerleader for the ivory tower, but the minute “is this practically useful for my career” becomes the biggest decision-making metric, we’ve lost something important.” Agreed. There are two traditions in education. The first is vocational/career training. The second is critical thinking and awareness. The idea behind all those humanities courses in degrees is to provide a basis for historical awareness, clear thinking, and good decision making. Pretty useful stuff for a democracy to function. I’m not saying that tradesman are stupid or unaware, but history teaches us something, and degrees are supposed to reflect that wider understanding. @RaggedyRenter Actually, I blame the finance industry. They’ve corrupted every social organism they could get their greedy little meathooks into: car manufacturing (GM makes more profits from finance than from selling manufactured goods), housing (of course!), education …… Read more »

JD

Anyone want to guess when the first 400 day is?

JD

, : Looks like we finally got to 300, one weekend after my predicted date.

HFHC

@ observer

Thanks. I thought I remember a realtor telling me that it was because maybe financing fell through and they take it off the market.

Frank Crotch

This market is getting beat down. Dontcha love it 🙂

Cant wait

Real estate speculation is common among the news readers in TV and radio. Downtown condos, maple ridge ( described as the next kits by some of them) and kelowna are favorites of theirs. Significant sized “investments” are the norm.

VHB
Total days	21
Days elapsed so far	14
Weekends / holidays	7
Days missing	0
Days remaining	7
7 Day Moving Average: Sales	59
7 Day Moving Average: Listings	254
SALES	
Sales so far	791
Projection for rest of month (using 7day MA)	416
Projected month end total	1207
NEW LISTINGS	
Listings so far	3311
Projection for rest of month (using 7day MA)	1779
Projected month end total	5090
Sell-list so far	23.9%
Projected month-end sell-list	23.7%
MONTHS OF INVENTORY	
Inventory as of Jan 21, 2013	13421
MoI at this sales pace	11.12
Q

Tamara Taggart on CTV News just said her oven has been broken for two years and she can’t afford $800 to get it fixed. Geez. Even the newscasters in this city are tapped out.

JR

“Big sales day! We almost hit 100 sales today!”

That’s like saying we almost hit 400 listings today!

Patsan

Anon #65

Telling everybody that 78 sales is almost 100 is similar to saying that the market is flat after 10% decline.

JR

I’m not a huge Peter Thiel fan but he hit is on the head here. And a bit of irony too.

http://www.nytimes.com/roomfordebate/2011/08/23/spending-too-much-time-and-money-on-education/college-doesnt-create-success

Anonymous

Big sales day! We almost hit 100 sales today!

Many Franks

@RaggedyRenter: You’re saying “stop requiring degrees for careers” but also “make degrees more career-oriented” and I think it’s exactly that streamlining that deserves some major blame for the current sad state of higher ed. Universities frequently suck at vocational training. Colleges and trade schools are designed to be better at it. But along with “college” becoming a bad word (see: Malaspina University, Douglas University; Kwantlen University, etc. etc. etc.) we’re conflating two different kinds of education. I’m an unlikely cheerleader for the ivory tower, but the minute “is this practically useful for my career” becomes the biggest decision-making metric, we’ve lost something important.

VanRant

Happppy 300+ day. Looking forward to 400+.

RaggedyRenter

Edumacation bubble won’t stop. It’s hard enough to find a job with a degree, consider how hard it is to find one without a degree. What used to require high school education now require a diploma, what used to require diploma, now require an undergrad degree. It’s true university isn’t for everyone, but trades aren’t for everyone either. Now whose fault is it? Government? Easy student loan leads to too much student, but do we really want to limit university entrance to the uber-smart (scholarship) and rich? One would think the greater access to university education in Canada better the social mobility as long as you University? Yeah I think this is where it lies. I think we shouldn’t have 4 year degrees. 3 year degrees with all the required subjects with optional 4th year electives should drastically bring the… Read more »

paulb

New Listings 301
Price Changes 89
Sold Listings 78
TI:13421

http://www.paulboenisch.com

An Observer

@HFHC

Cancel Protected means the listing was pulled before it expired. The “protected” part of the description I believe means that the listing agent is protected from it being listed by a different agent for some period of time but not 100% sure on this.

Often these will be relisted shortly afterwards – just a trick to obfuscate real information and get the listing some new attention.

Anonymous

….Can anyone provide me with stats for Whistler attached and detached for the last several years? An agent I spoke to said things are picking up there but everything I have seen indicates otherwise….

Maybe this will help…..

Q: How do you know when a RE agent is lying?

A: His/her lips are moving.

Anonymous

….For example, try teaching engineering to people who hardly know any math… while foreign students are two years ahead in math, and find it too easy! …

I can pretty much guarantee that nobody graduating from an accredited bachelor’s level Engineering program will tell you the math was too easy, regardless of how ‘advanced’ their math skills were when they started.

mclovin

Can anyone provide me with stats for Whistler attached and detached for the last several years? An agent I spoke to said things are picking up there but everything I have seen indicates otherwise.

Thanks very much in advance.

Anonymous

G&M: “Kerrisdale condo knocked down $100,000″
– Sold price 424k; prev sold 420k (2007).

Condos are a good investment! Don’t let that $21k in condo fees over 5 years overshadow your $4k profit. Losses are the new gains!

Actually, in hindsight, I thin this former home moaner is going to be seen as getting of lightly as we move forward.