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Spain Woos Deep Pockets

New Law Offers Residency to Foreigners Who Buy Luxury Homes or Create Jobs.
(…) The number of nonresident foreigners buying homes is growing but still represented just 1.5% of transactions in the first quarter of this year, accord- ing to the Public Works Ministry.
More than half of the new, va- cant homes are in Spain’s coastal regions, the government said. Local real-estate agents say Chi- nese and Russian nationals are showing strong interest, espe- cially in wealthy, resort-filled beach areas such as Marbella in southern Spain.

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