Foreign buyer property growth in Spain
2017 was a very good year for Spain’s property market, the eighth consecutive year of foreign buyer property growth by the Spain property market report 2017 of World Property Journal. Overseas buyers invested €888 million ($1.04b USD) on Spanish properties in the first half of 2017, smashing 2016 year’s record of €330 million ($353m USD) for the same period, according to JLL.
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.
The 2018 is a good for investments
It is expected that the world economy will grow 3.7% this year. Macroeconomic indicators show strength, business results are positive and interest rates, which the ECB maintains at 0%, will continue very low this year. Everything suggests that 2018 will be a great year for those who want to invest.
US stock markets move today at historic highs. The Nasdaq has revalued in the year 26% and the Dow Jones, 22%. In Europe, the balance is also very positive, with a rise of 13% in Germany, 10% in France or almost the same percentage in Spain, despite the bad weather that has been the political tension in recent months in Catalonia.
Political situation and real estate in Catalonia
Catalonia needs to regain lost stability, is probably the geopolitical factor that most uncertainty will be inoculated in the markets at the beginning of the year. “The fall of investment, the fall of tourism and the relocation costs of almost 3,000 companies that have changed the headquarters will have an effect on growth,” says Diego Jiménez-Albarracín, responsible for the Variable Income of the Center of Investments by Deutsche Bank.
Unlike January 2017, when Brexit, the triumph of Donald Trump in the US and the elections in France and Germany raised some unknowns, 2018 began without great threats. Analysts take for granted the impact of Brexit, they consider that the Catalan problem is relatively redone and they do not draw a breakaway scenario in the next Italian elections. “There are currently no factors that we think should derail the market,” says Víctor Peiró, general director of GVC Analysis Gaesco Beka.
At the press conference on Friday 14th of January, the analysts of the Spanish Real Estate sector concluded that the last quarter of 2017 had been more positive than what It was expected. They said that some investors who were looking for safer operations had decided to wait to see how the situation progresses during this year, but they sure that the “pending deals” will be completed this year. Regarding the relocation of headquarters of many big companies, they said that it had no effect on the physical movement of companies and the number of rented offices even increased. Watch more news about it.
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