Two in Ten Foreign Tourists Plan to Buy a Home in Spain

tabarcaA survey carried out in the principal coastal tourist destinations of Spain during the months of July and August, revealed that two in every ten foreign tourists to the country are considering the purchase of a second residence in Spain. It is expected that the record tourism figures registered in Spain this year, with an increase of 6% over last year, will also have a beneficial economic impact on the real estate sector, led by German tourists, who are most interested in acquiring Spanish housing on the eastern coastal areas of the country such as Alicante, Murcia, Catalonia and Mallorca. According to the survey, it is no longer only the traditional cities which are the most popular choice for foreign visitors, with the holiday destinations and home searches by foreign tourists this year varying greatly, from Andalucía to Cantabria and Galicia. The main buyer profile, according to the analysis, is a male between 40 and 50 years of age with family, and the threat of terrorism in the Mediterranean is the main consideration for these potential buyers, realising that the situation has changed and that during the coming years it will be a risk to travel to once-popular places such as Tunisia, the South of France, Turkey, Egypt and other Arab countries which until recently were top preferred tourism destinations. El Mundo reported that, according to the real estate franchise, home sales have grown this summer by 30%, and will continue to grow during the rest of the year, boosted by the purchases made by foreign buyers attracted, in part, by bank-owned properties being offered for sale at attractive prices with discounts at times approaching up to 50% of their value.