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Monday, September 28th, 2015

The increasing presence of Emiratis in Marbella

Exclusive property in Marbella

On the 6th May 2015, representatives of the European Union and the United Arab Emirates met, in order to sign an agreement for a visa exemption so that European citizens and Emiratis can travel freely between both territories. It is excellent news for Spain, both on a tourist level, and also economically. On one side, the Emirati citizens will have greater ease in visiting Spain, which consequently will boost tourism. Furthermore and as foreseen by Fuster & Associates, analysts of the real estate market, the number of residential properties acquired by citizens from the United Arab Emirates will also increase.

Thanks to the signature of this new agreement, the Emirati citizens will be able to travel, without the need for a passport, to whichever country in the European Union for 90 days for every 180, or which is the same as, six months a year. However, even though they can travel for business, tourist, cultural reasons or for visiting family, they will not be able to travel for employment purposes (in this case, paid employment). Nevertheless as a result, they are also provided with the opportunity of having a second home or holiday home in areas like the precious city of Marbella.

For a long time now Marbella, and the south of Spain in general, has been in the spotlight for investors from the Middle East and as confirmed by Pía Arrieta, director of DM Properties: “Citizens from United Arab Emirates have always been fans of Marbella, both as a tourist and residential destination, and this new travel agreement will only improve this relation, as it will be easier for them to come to Marbella much more regularly.

 In recent months, the offices of DM Properties have observed that the number of properties acquired by Emirati buyers has increased. Interested in villas and apartments, the majority of investors opt for prestigious areas like the The Golden Mile and Puerto Banús. Marbella, as well as being a very safe city, offers a multitude of activities for those big and small, and all types of services, plus shops and exclusive businesses.

Another advantage that benefits Emiratis is the exchange rate between the Euro and the EAU, as the latter is linked to the American dollar (the exchange rate is currently 1,11 American dollars for every Euro). According to that which is pointed out to us by Fuster & Associates in their article, thanks to this new value of the dollar, the Emiratis would observe vital savings when buying properties because, whilst a property worth 400,000 Euros costed 544,000 USD, the same property in 2015 would cost them 444,000 USD.

Despite it being a provisional law, no significant changes are predicted, so Marbella hopes to continue welcoming Emirati investors.

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