It’s well documented that foreign buyers are increasingly flocking to Spain in the hunt for their dream property with British, Scandinavian, Russian, American and Far Eastern buyers demonstrating a particular fondness for the country.
Their relentless pursuit has contributed to a recent increase of 2.97 per cent in the average asking price for property in Spain, suggesting that people’s confidence in Spanish property is returning.
Spain’s Ministry of Development this week released figures highlighting that in the second quarter of the year, 16.7 per cent of properties snapped up were by foreign buyers – that’s one in six purchases.
Related article: How to purchase a property in Valencia?
And with the demographics of buyers being so diverse, not only in nationality, but also in terms of age, Spain clearly sells itself very well as the ideal place for a wide range of people who choose to live there.
In some cases, the demographics of the buyers themselves dictate which area of Spain they’re most likely to buy a property in.
For example, Scandinavian buyers are said to be favouring the Costa del Sol, while non-EU buyers are thought to be keen on high-end luxury properties available in the Balearic Islands and Costa Brava.
But what are the main reasons for foreigners being so attracted to living in Spain? After all, there are many great countries across the world yet it’s proved time and time again that foreigners can’t resist Spain.
In July it was reported that demand for Spanish property had soared and overtook USA as the most sought after country for prospective foreign buyers, accounting for one in three enquiries on one website.
Below, we attempt to unravel the irresistibility with our top five reasons why foreign property buyers favour Spain.
The Weather
Of course, the weather; Spain is synonymous with good weather the whole world over. In the typical touristy regions – the same regions that foreign property buyers favour – there are well over 300 sunshine days each year so you’re guaranteed to be able to spend plenty of time outdoors without the need to worry about a coat. The average yearly temperature for these regions tends to float around the 20 degrees Celsius mark, with cooler periods in the winter and peak temperatures in the summer often around 30 degrees.
The Beach Lifestyle
Influenced by the weather as above, Spain’s consistently good weather allows for plenty of time to be spent at the beach relaxing, surfing, playing sports and whatever else people get up to at the beach. It’s a laid back lifestyle and promotes a different culture as such. A lot of people will be familiar with images of packed beaches masked with blue umbrella tops, but Spain is also home to some of the most scenic and tranquil beaches in all of Europe.
Cuisine
Spain is becoming one of the most popular countries for ‘Food Tourism’, the art of attracting tourists specifically visiting a country because of its cuisine. In 2012, it was estimated that tourists spent €6.4 million on food and wine, attracting more than 5.5 million visitors. On top of this, Girona based restaurant El Celler de Can Roca was crowned the world’s best restaurant, given the coveted award by Restaurant magazine.
History/Culture
The country is home to some of the most historic landmark sites in the world and has witnessed Roman occupation and the Moorish invasion, with a history dating back more than 32,000 years. Needless to say, Spain sits third in the table, behind Italy and China, in the table of countries with the most World Heritage Sites with 44 in total – just five behind Italy’s 49.
Property
Yes, property itself! From quaint inland cottages to luxury hillside mansions – Spain has it all. Reduced property prices have attracted buyers from all corners of the globe because of the ability to get exceptional value for money for what you’re able to buy, and with some of these luxury homes offering views of the coast that will be unparalleled just about anywhere else in the world, it’s little wonder Hollywood a-listers such as George Clooney have even invested in Spanish property.
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