As with any significant lifestyle purchase, asking yourself what are the reasons to buy property in Spain is advisable, as is doing your homework before signing on the dotted line. Pinpointing why you want to buy and what you expect from this real estate purchase will prevent stress and heartbreak further down the line.
The lure is easy to understand. In 2018, Spanish house sales to foreigners reached record heights with Brits leading the way, followed by French and Germans. heading to coastal districts like the Costa Blanca and Costa Del Sol, from January to July in 2018, foreigners bought just over 53,000 apartments and villas.
This trend is continuing over into 2019, and will continue as foreign homeownership is now more of a standard everyday thing, rather than a luxury expense. With an international focus on the country as the ideal place to own a home abroad, we look at what it offers foreign buyers to help you decide if it is the right move for you.
Reasons to Buy Property in Spain
1: Property Prices are Still Low
The Spanish real estate market reached a peak in 2007, and once the global crisis kicked it, took a massive nosedive, the likes of which was never seen before. The market was in turmoil and did not rebound until 2014. Despite enormous growth, low property values are yet to peak to their historical high, so even budget buyers will find room to navigate.
2: Global Tourist Brand
Anyone looking to rent out their homes to cover running costs or also delve into buy-to-let investments can tap into a successful tourism brand. Figures released in 2019 by the World Economic Forum put Spanish travel tourism and competitiveness in first place. This is not a newfound trend because it has held that spot since 2015. Tourism accounts for 5% of the country’s GDP.
3: Diversity of Spain
Much tourism success is down to diversity. Such is the varied culture and traditions from region to region, Spain excels in everything it does from food, health, leisure, shopping, sports, and nature. From big cities like Madrid and Barcelona to smaller resorts like Gran Alacant, landscape scenery differs. Even the climate, when comparing north and south regions, shows diversity. Hence, property buyers can explore a vast range of destinations to gauge whether they match their lifestyle.
4: 320 Days of Sunshine
Talking about climate, imagine 320 days of sunshine a year. We all know doctors say the sun is good for us, but what does this mean for property buyers? A healthy, outdoors lifestyle can be yours. Think terrace dining, seaside swimming at Christmas, exploring nature in November and sporting a gorgeous year-round tan.
5: Year-Round Flight Schedules
With Brits, French and Germans being the leading buyers, it is easy to see accessibility is one reason they choose Spain over other countries. Year-round flight schedules, clean and efficient airports and cheap tickets enable a quick weekend getaway whenever you want one.
6: Modernised Infrastructure
Spain is keen to keep its tourism crown, and over twenty years, they invested millions in maintaining and upgrading infrastructure from roads to hospitals to shopping malls. We also see the pay off in fast, frequent, and cheap transport networks, so you do not need a car to get around.
7: Blue Flag Beaches: Number One in the World
Regardless of where foreigners buy in the world, a general trend, for retirees is a beachside lifestyle. Spain delivers this in abundance with 5000 kilometres of coastline. Within this, 566 blue flag beaches present the cleanest and most sustainable recreation areas. Ninety-eight marinas also received a blue flag certification, as did five ports. If a seaside lifestyle is what you want, Spain is the right place to start your search.
8: 17 Regions to Choose from
Perhaps the place where diversity shines through is 17 individual regions, all of which differ in terms of l cuisine, history, festivals, sometimes language, and often traditions. The Valencia region, featuring well-known places like Costa Blanca and Alicante takes top spot for foreign property sales, but buyers also head to Andalucía and the Balearic Islands. If you are undecided where in Spain you want to buy, it’s worth getting to know each region to see if it matches your expectations.
Find Out More
Call or email us to speak with an estate agent about reasons to buy property in Spain, and to answer questions you may have. Otherwise, start your property search for apartments and villas here. Each listing includes a wealth of information, including photos and locations details. The following articles will also be of use.
Expats Living in Spain: Many foreign buyers want to already established expat communities where locals speak English and they can tap into a fountain of local knowledge. This article talks about popular places where expats live and their reasons for choosing that destination.
Best Places to Buy Spanish Property: We crunched figures and added a few of our favourite places to house hunt. Including the Costas, Cities and islands, this article gives helpful advice on where to start your search for a home in the sun.