Despite COVID-19 affecting almost every industry when it hit, the Spanish property market is in recovery and coming back stronger than ever. You may be wondering how this is possible? Since many borders have been closed and prevented tourists from entering Spain, there hasn’t been much opportunity for them to purchase new properties. However, the secret to Spain’s growth is foreign investors.
Spain has always been a hot spot for visitors, investors, and those looking to reallocate to a hotter country. The property market is a very attractive to foreign investors, with 1 in 8 buyers in Spain being from another country. From January 2017 – January 2019, the number of new properties bought per month grew by almost 3,000. Although this came to a bit of a standstil in 2020 when the pandemic hit, it’s now making its way up again.
Foreign investors have noticed the strengths in the Spanish property market, with affordable housing in ideal locations. Therefore, they’ve decided to ‘park’ their investments into such properties. Spanish properties are seen as a safe investment, therefore there isn’t as much at stake since the pandemic.
Although many tourists are not entering Spain, many properties are being bought online with virtual viewings. These foreign investors are using this time where less people are buying to make use of the smaller prices and then will get ready to resell once prices shoot up and we’ve found ourselves on the other end of the pandemic.
So, if you’re thinking of investing in property yourself, the time is now. However, you may want to jump in there quickly before everyone else gets the same idea.