Foreigners Invested an Average of 381,000 euros on Coastal Properties in 2013
Foreigners invested an average of 381,860 euros on home purchases on the Spanish coast in 2013, according to a study prepared by the property portal, Fotocasa, and the five nationalities who spent most last year were the Russians, Germans, Belgians, British and French.
In addition, the study noted a growth in the demand for properties valued over 500,000 euros, which grants eligibility to a two year residency permit, mainly thanks to the Russian market.
The investments made by these nationalities were focused mainly on the provinces of Alicante, Málaga, Santa Cruz de Tenerife, the Balearic Islands and Girona. Specifically, the Russians invested an average of 678,424 euros; the Germans, 338,716 euros; the Belgians, 346,728 euros; the British, 190,633 euros and the French 171,644 euros.
The area most in demand by foreigners investing in Spain is the coast of Alicante, which is especially popular among the British and Russian nationalities, although their housing preferences are very different to each other.
The average British investment of 190,633 euros on the coast of Alicante was spent primarily on the purchase of apartments, small homes or townhouses with an average area of 138 square metres.
The Russians who acquired property in Alicante invested primarily in exclusive high-end detached homes and spacious apartments, with an average price of 638,077 euros and an average area of 462 square metres.
As well as the Alicante coast, in 2013 the Russians also invested in the Costa Brava. Attracted by the housing of high standing in this area, the Russians bought houses there worth an average of 718,771 euros, mainly terraced houses and detached homes, with an average size of 398 square metres.
The Belgians acquired townhouses and detached homes for an average of 346,728 euros in the coastal areas of Malaga, the Canary Islands and Murcia.
German investors bought property mainly in the Balearic and Canary Islands in 2013, at an average of 338,715 euros. Like the Belgians, the Germans opted for townhouses and detached homes.
The French bought property mainly in Catalonia, especially in the Costa Brava, and the homes had an average value of 171,644 euros. Generally, the French purchased smaller homes than the other nationalities, with an average of 83 square metres, most of them apartments.
A small percentage of the French who bought housing in Spain last year were attracted by the luxury homes on the Catalan coast. In this case, they invested an average of 793,000 euros on homes of around 385 square metres.
The demand for homes worth over half a million euros, from which two year residency permits can be obtained in the case of foreign buyers, increased by 21% in the last three months of the year, according to the report.
For the homes with a value of over 500,000 euros, the most popular search areas were in Madrid, Catalonia, Andalucía, the Balearic Islands, the Basque Country and Valencia.