Winkworth Spain Real Estate Blog

Buying Property in Spain – Who and Why?

Based on an ongoing trend which started about seven years ago, the average price on property has significantly dropped to 0.3% in 2014. This data is based from the report of the Spanish Ministry of Development. According to the predictions made for this year, prices will just stay the same.

At the same time, we can expect stability in the Spanish property market, which is also caused by the increasing patronage from foreign property buyers buying property in Spain. Generally speaking, most of these foreign buyers are actually tourists who have spent some time in Spain for the holidays. After thoroughly seeing the country, they realised that they want to invest in another home.

Based on a recent study  on the various buyers of Mediterranean coastal properties, the primary reasons for buying property in Spain are the obvious high standard of living, the warm sun, as well as very good air transport links with their home nations.

Regarding the background and nationality of the buyers, the British are the ones in the top spot with 18.6% of purchases from foreigners, then the French at 9.4%. Next are the Germans and the Belgians, both at 7%. The Italians are also part of the list at 6%, as well as both Russians and Swedish at 5.8%. The Chinese come at 4.1%, and the Norwegian at 3.7%.

According to the data gathered, the following are the purchasing profiles of the buyers based on their origins:

BRITISH: Individuals over the age of 60, either retired or about to retire. Some are also middle-class, married couple with an average annual income of more than €36,000. They are people who want to live in a laid-back and relaxed environment. Some of the reasons include the climate, as well as the good health service.

BELGIANS: Individuals over the age of 50, mostly with university education, as well as managers of companies with average annual income of more than €60,000. They are typically married with children as well as grandchildren, who love outdoor activities and dining out. Some of the reasons for purchase include the climate, the sea, as well as the good quality of services.

RUSSIANS: Individuals between the age 35 and 45, mostly with university education, and are generally married with children. They are also business people with an average annual income of €80,000. They are people who love the beach, trips, shopping as well as water sports. Their primary reason for purchasing is the high living standard in Spain, and, of course, the possibility of getting residence permits.

SCANDINAVIANS: Individuals between the age 45 and 70, with high living standard, earning an average of €90,000 annually. They are usually retired individuals who are searching for a place to retreat and just play golf, relax at the beach or ride bikes. Among the primary reasons for purchasing in Spain include the climate, as well as good air connections to their country.

Among the areas that are in demand are the Canary Islands, Balearic, Madrid, as well as the Mediterranean coastline, most especially due to their touristic reasons.

Convinced Buying a Property in Spain is a good idea and want to know more?