20% of Tourists in Spain Plan to Buy a Holiday Home There

Woman enjoying landscape view near Santa Cruz cityTwo in ten foreign tourists in Spain plan to buy a holiday home in the country, according to the latest study by real estate franchise firm Iberia Real Estate.

The property company found that over July and August this year, 20% of foreign tourists in Spain’s principal coastal holiday destinations considered buying a second home there.

Following record high levels of tourism in Spain this year, up by 6% on last year, it is expected that the real estate sector will see a boost over the coming months, led by German tourists, who are most interested in buying Spanish property in spots on the eastern coast of the country, such as Murcia, Valencia, Catalonia and Mallorca.

The study found that it is not only traditionally popular cities that are the most common choice for foreign buyers, with destinations varying greatly this year, from Andalucía to Cantabria to Galicia.

The average overseas property buyer in Spain is male, aged between 40-50, who has a family, according to the research.

However, potential buyers are most put off by the threat of terrorism in the Mediterranean. The firm found that most holiday home hunters believe that the situation has changed, and once popular spots are no longer top of their list, such as Tunisia, the South of France, Turkey, Egypt and other Arab countries.

Iberia Real Estate reports that property sales have risen by 30% this summer in the country, and will continue to grow over the rest of the year, boosted by purchases made by foreign buyers. It adds that many prospective buyers are attracted to discounts on bank-owned properties, which can be as high as 50% off.

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