08 | INDUSTRY
NEWS By Sean Lightbown
Swedish overseas property investors are appearing in greater numbers as the Scandinavian buyer market continues to expand fast, according to one of the country’s leading investment fi rms. Speaking exclusively to OPP this
month, Station Invest partner and international account manager Andreas Versén said “we have experienced a greater number of incoming leads during Q1”. “At the moment there is a lot of
capital transfer from bonds and stocks in Sweden into the property sector, especially into real estate abroad.” Versén also added that he thinks the
Florida property market is turning a corner. Talking exclusively to OPP, he
said that “the market in Florida gives us indicators that make us think that we’ve probably seen the rock bottom of the market, and we therefore expect homes prices to appreciate in the future which will bring us more clients.” “The inventory that is interesting for
us in Florida is sinking and it’s getting harder and harder for us to identify high- quality properties that still generate an acceptable cap-rate.” The Swedish economy has been performing better than others around the globe and, as such, an established buyer market has sprung up. According to Versén: “Swedish people
are very positive to foreign investments and there are many reasons why they consider other countries than Sweden.” “In Sweden, we haven’t suffered that much from the fi nancial crises around
www.opp.org.uk | FEBRUARY 2012 Swedes snapping up houses abroad
Sun-seekers | Florida is proving popular with the growing Swedish buyer market
the globe so there is a lot of capital to be invested.” “But at the same time there are plenty
of people who think that the property market in Sweden will depreciate in the years to come which makes the
international market more interesting because it has already collapsed.” Last summer, Spain’s property registrars revealed that a 102% increase in Swedes buying property there in 2010 year-on-year.
Agent cool on Spain ID number law change
Spanish overseas property agent Chris Mercer has reacted to angry protests over the way in which the Spanish government has introduced new rules on how home buyers from abroad obtain their foreign ID Numbers. He has called for a calmer approach
this month after a small number of agents complained that the new rules would see investors in the already troubled Spanish property market “treated like a piece of
dirt” at the local police station. Others said that they had “serious concerns” The fl are-up has been caused by a
change in the law, which means that from January 3 2012, the Spanish authorities have changed the rules on how foreign property buyers obtain their fi scal identifi cation number or NIE. A power of attorney is no longer acceptable and every purchaser now has to attend in person, applying at either
an approved offi ce in Spain or at their local Embassy. For Mercer, the complaints are a
storm in a teacup. “We have never, in 28 years of trading, had a problem with buyers obtaining their NIE in person,” he told OPP. “Admittedly it can be a hassle but if
people are pre-warned and prepared they simply accept it. Of course no one likes hanging around for anything but Spain is legendary for its bureaucracy, and most people are aware of that, so it’s expected. It’s almost part of its charm.” But will the new rules deter anyone
Business as usual | Mercers believes the NIE change won’t deter foreign investors CHINA TOP FOR OZ
CHINESE buyers have overtaken the Japanese as the biggest spenders in the Australian state of Queensland, says a new report from CBRE. The Chinese account for 40% of foreign sales on the Gold Coast and for 35% in the local capital Brisbane.
FORECLOSURES DIP
FORECLOSED properties made up a fi fth of all US sales late last year, 2% down on the previous quarter, according to RealtyTrac’s Q3 2011 U.S. Foreclosure Sales Report. The Q3 2011 fi gure was also down 10% on Q3 2010’s percentage of 30%.
from buying a home in Spain? “I very much doubt it,” he says. “We can still recommend fiscal representatives who will help with the legwork, the translations, the notarised property
SINGAPORE SLOWS
SINGAPORE home price rises slowed in Q4 2011, with the market now at its lowest point since 2009. Residential prices were up 0.2% from Q3 2011 when the market was 1.3% up according to data from Singapore’s Urban Redevelopment Authority.
details and the passport copy. There are even companies out there who will stand in the queue for a small fee.” Anyone buying “a multi-million
pound home is likely to be doing so through an offshore company anyway,” Mercer adds. An NIE (Número de Identificación
de Extranjero), is essential for the Spanish tax authorities to keep track of non-resident property owners and the payment of taxes on income and wealth. The number must be obtained by the time deeds are signed at the notary and purchasers are recommended to apply around one month before signing if attending a Spanish police station in person or two months if applying via a consulate or embassy overseas.
UK PROP STASHED
THERE has been a huge surge in how much UK property is being held in overseas tax havens. A new UK Land Registry inventory of 18,700 titled deeds shows the trend for registering property abroad is spreading from London to regional cities in the UK.
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