Algeria: Middle class rush to snatch up homes in Spain
Lawyers, doctors, and engineers buying flats in Alicante
That market used to be eyed also by many North Africans, for whom southern Europe and Spain in particular have always held a special charm. However, it used to be simply a dream for them, given the speed and the prices at which the homes, villas, apartments, etc used to be sold in Spain. The aspiring buyers on the other side of the Mediterranean could only watch in envy.
However, the economic crisis which has befallen Spain has now made it possible for that dream to become reality.
And so it is that one of the "martyr" cities of the Spanish real-estate crisis, Alicante, is getting back a bit of its breath thanks to the many Algerians who now, thanks to savings put away through the years, are now able to strike deals, cash in hand. They are not only billionaires (a category difficult to pinpoint in Algeria, given that most of the real money comes from state-owned entities, such as in the energy sector), but professionals such as lawyers, doctors, engineers, architects, and entrepreneurs are taking a look (often virtually, over the net) at potential property to be bought and then making their offer.
Moral of the story: according to those working in the real-estate sector in Alicante, by now most of the clients buying property come from the other shores of the Mediterranean, and especially Algeria. Alicante is a port-city which lies in southeastern Spain, basically opposite Algeria, and offers a very pleasant climate. Should climate be the only reason for interest in Alicante, then for sure there are a large number of towns all over Spain which meets those specifications. However, it is only this town in particular which can currently offer the best deals, given that whoever turns up with 100,000 euros can even purchase an apartment with a pool.
Not bad at all, we could say...What is certain is that the typical Algerian client has been analysed by real-estate agents, who have created a profile: between 40 and 55 years of age, polite and serious, he is someone who doesn't create problems with payments (cash, as we said) and doesn't mind too much whether the flat he buys happens to be on the sixth or seventh floor of a building without a lift. The important thing is that it be close to the sea, because the homes or villas bought are used only in the holiday months.
In reality, there is a problem, in that Algerian law strictly prohibits (violations leading to heavy fines) the export of currency, leading to many rigorous checks. Of course, every system has its flaws, and in trying to get around them it seems that Algerians are masters of the art. This is, quips the website TSA, an open secret.
Tuesday, 12 June 2012
(ANSAmed) - TUNIS, MAY 12 - It seems like ages ago since everyone in Europe used to look with thinly-veiled envy at Spain and its real estate market, where a bit of cement and a few plans were all that was necessary for anything to be sold when the project was still only on paper.
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