In the last semester of 2021, the purchase and sale of free-market housing by foreigners increased by 41.9% compared to the same period of the previous year, returning to a figure very similar to the pre-pandemic average records of 2019, according to data collected by the General Council of Notaries.
The “Real Estate Tourist” chooses our country for its attractive investment potential and ease of purchase compared to their home countries, as well as its climate, culture, and gastronomy.
Every summer, many cities in our country, especially large cities and coastal towns, host a very special type of tourism: real estate tourism. A phenomenon in which non-residents in our country take advantage of the summer season to take a tourist trip to Spain and buy a property.
All sector indicators point towards the boom of the so-called “real estate tourism” in Spain. On the one hand, fueled by the pent-up demand that occurred during the first quarters of the pandemic and is now becoming effective after the lifting of mobility restrictions and the normalization of travel, and also thanks to the economic recovery of countries interested in investing in this region.
Of the total purchases formalized by foreigners in Spain and registered in the last quarter of 2021, according to data from the Ministry of Transport, Mobility, and Urban Agenda, foreign investors bought 43,827 homes. In this sense, the data reflects that foreign buyers are returning to the national housing market with strength and, overall, are buying more than ever.
Although the majority of home purchases made in the summer by foreign investors are concentrated in coastal cities, real estate experts observe a progressive growth in demand in major cities such as Madrid by real estate tourists.
The British account for the highest percentage of foreign real estate transactions, but it is Americans and Germans who invest the most in the capital, where, according to the General Council of Notaries, record prices per square meter of purchases have been reached, with €2,487/m2, after the Balearic Islands, increasing by 13.7% the amount spent by foreigners in the second semester of 2021.
According to industry operators, these “real estate tourists” mainly acquire a property in our country for vacation use, taking into account factors such as climate, culture, gastronomy, cost of living, safety, or communications when making their decision. This trend has also been influenced by the phenomenon of remote work, which makes it easier for this population to spend longer periods outside their home countries.
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