2018 is becoming a very good year for Spain’s property market, as JLL is now forecasting this year will be the eighth consecutive year of foreign buyer property growth.
Overseas buyers invested €888 million ($1.04b USD) on Spanish properties in the first half of 2017, smashing last year’s record of €330 million ($353m USD) for the same period with total investment for 2018 expected to exceed €1 billion ($1.18b USD), according to JLL.
Spain 2017 Property Market FAQs:
- Record 36.3 million tourists visited Spain in H1 2017 (National Statistics Institute)
- 2017 on course be the 8th record year of foreign buyer growth in Spain (JLL)
- Number of foreign tourists using their own holiday homes for accommodation up 8.5% (INE)
- German, Scandinavian, British and Russian buyers most active
In addition to foreign investment in property, the first half of 2017 has also been a record breaker for Spain’s tourism sector with the National Statistics Institute reporting that 36.3 million tourists visited between January and June, a whopping 12% rise compared to the same period in 2016.
The majority of those who visited (8.6 million) came from the UK, while 5.5 million were from Germany; a 9.1% and 10% rise over the same period last year respectively.
The National Statistics Institute has also highlighted an 8.5% increase in foreign tourists using non-market accommodation. The number of tourists visiting Spain using the housing of relatives, friends or their own is even higher than those using traditional market accommodation such as hotels or rental properties.
“A decade on from the crisis and Spain’s property market is not only back on its feet but thriving. The appeals of owning a second property in Spain, be it to enjoy holidays with friends and family or to relocate to has endured and I have no doubt that the country will welcome another record year of international investment”, said Marc Pritchard, Sales and Marketing Director, Taylor Wimpey Espana.