Could you hear more Polish along the Costa Blanca? More American accents in Málaga? Will young digital nomads look to buy a home in Spain?
Real estate in Spain is more popular than ever with overseas buyers. We look at the latest data to see how the profile of international buyers is changing.
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Spain is super popular with international buyers
Are you looking to buy in Spain too?
In data from the Royal College of Registrars, citied by Spanish real estate specialists Unión de Créditos Inmobiliarios, Spanish property continues to be a popular choice among overseas buyers. The data shows that sales to international buyers skyrocketed in 2022 with 88,800 transactions. Plus, 2023 looks to be continuing this trend, as there were 23,380 foreign transactions in the first quarter of the year.
Moreover, research from US moving specialists MoverDB, globally, Spain was the most sought-after location for overseas buyers looking for a new home.
Which countries gravitate towards buying in Spain?
Sun, siestas, sea, and sangria – there’s a lot to draw international property buyers to Spain. They tend to originate from Britain, Germany, France and Belgium. All countries of course benefit from Spain not being too far away and the weather generally being warmer.
US property buyers are turning their heads to Spain
According to research by MoverDB, Italy is the number one location that US property buyers look for a home beyond their own shores. But lured by an amenable exchange rate and a growing number of direct flights, US property buyers are increasingly turning their attention to Spain. For example, this year, United Airlines introduced a new direct (three times a week) flight from New York to Málaga from June to September. So, you might start hearing more American accents along the gorgeous Costa del Sol.
In addition, last year saw a record number of Polish people buying property in Spain, according to Notes from Poland. In 2022, 3,000 Spanish properties were bought by Polish citizens, 160% more than the year before.
Buyers are getting younger
The profile of Spain home hunters is changing.
The Unión de Créditos Inmobiliarios revealed that younger people increasingly look to buy in Spain. This is down to schemes that are designed to attract non-retirees, such as the digital nomad visa. The scheme allows you to live in Spain for up to twelve months, working remotely for a company based overseas. One of the great advantages of this is that you get to maintain your UK salary in a country with a notably more affordable cost-of-living. Your Overseas Home researched into the cost-of-living in seven European countries 2023. The UK was revealed to be the most expensive, while Spain came in third.
For young people looking to get on to the property ladder, there is certainly something to be said for searching for a home with features like a terrace, a swimming pool and close proximity to the beach that you will be able to make the most of, as Spain enjoys 3,000 hours of a sunshine a year, compared to the UK’s 1,5000.
In addition, if buyers in Spain purchase a home for €500,00 or more, then they can apply for as golden visa. One of the pluses of this is that it allows you to stay in your property beyond 90 days. Currently, Brits and other third-country nationals can only stay in Spain for 90 days out of every 180, unless they have a visa. Plus, the golden visa allows enables visa-free travel throughout the rest of the Schengen Area.
If you are keen to get going on finding the Spain property of your dreams, head to the Your Overseas Home property portal.
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