Spain Set for Record Breaking Tourist and Property Investment Levels
The Media and many other News Channels reported that when Britain left the European Union – this would have a dampening and dreadful effect on the Spanish Economy due to the UK having such a large presence in regards to tourism and property investment across the country. Since Article 50 was triggered, the currency may have dropped (Euro v Pound) – but the interest definitely has not.
A few facts for you – for the first half of this year, tourist spending in Spain has topped 37 Billion Euros..
- Large number of tourists using their own holiday home for accommodation (up by 8.5%)
- The most active buyers in the market are: Germans, Scandinavians, Russians and British
- Record number of tourists visiting spain in H1 2017 – 36.4 million! – (National Statistics institute)
- 2017 on course to be the 8th record year of foreign buyer growth in Spain (JLL)
Despite the struggles of the Euro and the pound – Overseas buyers lavished 888 million Euro’s in Spanish Properties in H1 2017, compared to the previous year’s record of 330 million euros for the same period. The total investment in property could exceed well over 1 billion euros according to JLL.
Spain is set for record breaking tourism and property investments across 2017 – despite currency problems – the residential market continues to be in good health, with many investment companies forecasting an eighth consecutive year of foreign buyer growth.
Moving towards a similar topic, the first half of 2017 for Spain has been a record breaker – the tourism sector with the National Statistics Institute have reported that over 36 million tourists have visited between the months of January and June – with an increase of 12% in comparison to last years (same period) – in 2016.
The National Statistics Institute had also highlighted the interesting figures amongst foreign tourists – 8.5% increase in tourists using a non-market accommodation, explained below.
The Majority of those who visited (8+ Million) came from the UK alone, while 5 million were for Germany – which is a rise of 9.1% / 10% rise over the same period of last year respectively. The number of tourists visiting Spain whilst using the housing of a relatives, friends or their own is also even higher than the number of tourist’s traditionally using market accommodation – such as hotels and rental properties.
In Summary, a decade on from the crisis that had hit Spain’s property market is not only back on it’s feet but thriving, with the appeal of Spanish property meeting new foreign interest. The appeals of owning a second property in Spain, be it enjoying the holidays and having a wonderful vacation, or perhaps a location for your friends and family, or for some to relocate – the country seems to be welcoming another year of international investment, and potential records to be broken – great news for Overseas Buyers.Tips – Get the Best Spanish Mortgage