Spain Remains The Most Desirable Eu Destination
With an unemployment rate, which currently stands at 26 per cent, and a real estate market that has done more harm than good to the economy, Spain is still at the top of the list of a large number of overseas investors who are pursuing the acquisition of second homes in the Eurozone. According to the latest figures, Spain has been named as the best EU destination for investment, as it remains a dream location for several tourists.
Eurostat’s research found that thirteen per cent of the total number of European outbound trips made in 2011 was to Spain. France and Italy bagged the second spot, with nine per cent each. These stats include only holidaymakers who live in the Eurozone, and the actual number of visitors from all over the world, is likely to be much higher.
Spain, apart from attracting most of the European traffic, has also been identified as the preferred destination among British, French, and Portuguese tourists. While French tourists make up for 18 per cent of Spain’s EU-tourism market, British holidaymakers account for 21 per cent, and Portuguese travellers were 39 per cent. These figures make for a good reading for the Spaniards, considering the harsh times they have faced over the years, due to the recession.
Tourists Turning into Investors
Spain’s tourism industry is performing well even in times of economic slowdown. Several tourists who visit the country are often intrigued by the prices of some of the exquisite properties. An increasing number of investors have been setting their sights on the holiday and resort market, as the returns on investment are guaranteed to be high. High demand and low prices are forcing locals to sell off their properties, and investors are poised to the make the most of any opportunity.
Research suggests that many overseas investors have begun capitalizing on Spanish real estate assets. The country’s Ministry of Development released a report, which showed that foreign buyers increased their real estate investments by almost 14 per cent during 2012. The 6,336 million Euros worth of real estate transactions completed on homes and apartments in the country during 2012, were considerably greater than the 5573 million Euros generated through property transactions in 2011.
Strong Market Performances may Aid Recovery
Market activity was quite strong during the final quarter of 2012. Overseas investors purchased 47 per cent more Spanish properties than what they purchased during the final quarter of 2011. Moreover, the quarterly property transactions in most parts of the country have been rising for the past six quarters in succession, showing signs that the market may, recover, after all.
Areas such as Alicante, Barcelona, Malaga, Madrid, and the Balearic Islands have been attracting plenty of interest from abroad. However, areas such as the Costa Blanca and Costa del Sol are offering some beautiful seaside properties for significantly low prices. Investors who are interested in properties by the beach are entering the market and purchasing real estate assets on the coast. Even resorts and hotels are in coastal areas are receiving an increasing number of enquiries about their availability, suggesting that the tourism industry can contribute significantly towards the property market recovery.