For many Europeans, buying property in Spain is a desirable step and a serious investment in their future. Affordable prices, a wide variety of housing and excellent natural conditions make this country a very attractive region for work, vacation and relocation on a permanent basis. Let us have a closer look at the situation with the British, who annually purchase thousands of square meters of various real estate in Spain.
Buying real estate in Spain: which places are the best
Despite some uncertainty that prevailed among residents of the United Kingdom after Brexit in 2016, the popularity of investing in Spanish real estate has hardly faded. According to statistics of the past few years, the British are one of the largest groups of foreign investors, overtaking Germans and French. The Spanish Association of Land Registrars published data showing that in 2022 the demand for real estate in Spain among the British increased by more than 70% compared to 2021.
Hundreds of thousands of British are living in Spain. Most often, their choice falls on the following locations:
- Benidorm, with its wonderful beaches and majestic skyscrapers, is one of the most famous Mediterranean resorts with a record number of sunny days a year.
- Orihuela Costa is also part of the Costa Blanca and offers many options for luxury villas, townhouses and apartments for everyone who wants to relax or move to this picturesque area.
- Torrevieja. A relatively small town in the province of Alicante with snow-white beaches and quite affordable prices.
- Javea. A cozy city surrounded by mountains and forests with a year-round tourist season.
Due to the rather high purchasing power of the British, buying real estate in Spain is considered today a profitable investment in well-being and generally demonstrates positive dynamics. Both wealthy business people and average citizens are choosing this country as a place for a pleasant pastime and earnings.
Advantages of buying real estate in Spain
In the first quarter of 2022 alone, the British bought 2,603 properties in Spain. In addition to obvious factors, such as attractive weather conditions and inexhaustible space for studying culture, there are several reasons for the undeniable benefits of such an investment:
- Relatively low prices. The influence of macroeconomic factors once made real estate prices in Spain significantly more affordable than in other European countries.
- The possibility of obtaining a “Golden Visa” that allows citizens of non-EU countries to live and work freely on the territory of the state. Such a residence card becomes available after investing more than €500,000 in Spanish real estate.
- Good profit on tourist rental. The unique features of Spain, its warm climate and well-developed infrastructure ensures a continuous flow of tourists all year round, which means a constant demand for housing by the sea.
Each Briton will need to go through a standard legal procedure in order to issue an individual financial number and make several payments – taxes and fees, notarial expenses and registration fees. It should be noted that a huge number of agencies gladly take on all the difficulties in processing documents for the purchase of the property you like. It will not be difficult to find English-speaking specialists in any of the regions, regardless of its size and popularity for foreigners.
In general, the Government of Spain strongly encourages the acquisition of real estate by everyone, regardless of nationality, and provides convenient conditions without too much effort and complicated requirements. Having passed through the global economic crisis, the construction industry in this country is on the rise again and invites you to settle in a comfortable home with a fabulous view of the Mediterranean Sea.