Sales of Spanish property to non-resident foreigners ‘up by more than 50% in 2021’
The coronavirus pandemic of the last few years has had huge implications for the property market in sought-after parts of Spain such as Andalucia – but now, it seems that the ‘bounce back’ process is in full swing.
Although 2021 was by no means a year when most of us were seeing the back of the COVID-19 crisis, it was nonetheless a time of strong recovery for the Spanish property sector, with the number of properties purchased by non-resident foreigners increasing by a whopping 51.17%.
This big rise produced a total of 43,827 transactions involving such non-resident property buyers over the year. And as of the fourth quarter of 2021, foreigners – encompassing both residents and non-residents – represented 12.61% of all homebuyers in Spain, according to the Real Estate Registry Statistics of the College of Registrars.
Andalucia still proving its worth as an investment magnet
When they are looking to purchase a home in Spain, many foreigners tend to gravitate towards the Andalucia region, and we can hardly blame them. With Andalucia’s property market and tourism sector both seeing major revivals lately, now might be the perfect time for you to make your Sotogrande property purchase.
Currently, it is the British who are most strongly represented among foreign homebuyers in Spain, making up 12.42% of transactions for all foreigners. This is particularly impressive given earlier concerns that the UK’s departure from the EU might have the effect of deterring some prospective buyers of Spanish property, with the General Council of the Official College of Real Estate Agents (COAPI) in Spain now declaring that “the British market has fully recovered”.
Real climate and lifestyle benefits
The general climate in Spain is ideal for people of almost all preferences, but the coasts of Andalucia have the best winter temperatures on the European mainland, which has helped make it the number one tourist region within Spain.
Looking at heritage and culture, Andalucia has the highest number of recognised UNESCO World Heritage Sites within Spain and is considered a regional hotspot for tourists, second home owners and residents alike.
The quality of life in Spain is of such a high level that millions of foreign second home owners and permanent residents have chosen Spain over other European countries. The pandemic has done nothing to dissuade millions of foreign property buyers from acquiring a home in Andalucia.
This year is going to be an interesting one in terms of the Spanish property market. Foreign buyers are making a major contribution to the recovery of the property market, and here at BM Sotogrande, we certainly expect continued strong demand for Sotogrande property in 2022.
So, what are you waiting for? Don’t miss out in the current exciting market! Get in touch with the BM Sotogrande team today for assistance with your own next moves in the property market in this part of the Costa del Sol.