Who’s buying in Spain…and why?

Who’s buying in Spain…and why? After seven long years of decline, the Spanish property market is on the cusp of hauling itself out of the crisis. Prices are predicted to stabilise this year, and this positive forecast is largely thanks to the increasing number of foreign buyers investing in their Spanish dream. But it is the British who remain at the forefront, with 18.6% of foreign purchases, followed by the French on 9.4% and Germans with 7%. Not too far behind are Italians (6%), Russians (5.8%), Swedish (5.8%), Chinese (4.1%) and Norwegians (3.7%).

Some are seizing on the opportunity to buy second homes at great value, while others are making the move permanently, with the Mediterranean coastline (Marbella and the Costa del Sol), the Canary and Balearic islands and Madrid proving the most popular destinations.

The study by TM Grupo Inmobiliario found that, with Britons, it is mostly people aged over 60 and about to retire who are buying property here. It is typically a married middle-class couple with an annual income of over €36,000 and grandchildren, who are seeking a relaxed, laid-back way of life, more interested in one-story villas and apartments downtown.

Meanwhile, the Belgians buying in Spain are typically keen on outdoor activities and eating out, and Spain is of course ideal for both. They are, on average, over 50 and university educated, working at managerial level with average annual salaries of over €60,000. Most are also married and have grandchildren, prefer luxury apartments in quiet areas, with 24 hours security or private and exclusive luxury villas.

The study further discovered that Russian buyers are normally men aged between 35 and 45, particularly university-educated businessmen with an average 80,000€ annual salary. They too are typically married with children, while the residence permit (properties over 500,000 €) is a draw for them along with Spain’s climate, lifestyle and safety. They prefer luxury villas, with many rooms, valuing the rooms that give a plus to the property, as gym, home theater, …

Elsewhere, Scandinavians have made their presence known particularly on the Costa del Sol, and the survey found it is mostly married couples between 45 and 70 who are investing in property. Interestingly, their average salary is as high as €90,000 a year, prefer to choose the location, choose apartments in the center of Marbella or luxury villas in Marbella Golden Mile.

There is, however, one thing that everyone buying property on the Mediterranean coast has in common, no matter the nationality, and that is their main reason for doing so.

The sun, the high quality of life and the plentiful transport connections with home were the unanimous top three. With the golf courses and outdoor facilities, as well as sun-bathed, sandy beaches, also major draws – ensuring that Marbella appeals to a whole new generation of homebuyers from across Europe.

Ginés García owner and director of Nevado Realty Real Estate in Marbella since 1994.

By Fai M. Rodríguez