Zetios Properties LLC: Real estate in Spain in 2024
Way Cary, NC – According to the report by Zetios Properties LLC data analysts, in 2023, the total investment in Spanish residential real estate amounted to approximately 15.2 billion euros, which corresponds to an all-time high of 16.077 billion reached three years earlier. And although in the last quarter the volume of home sales transactions in Spain decreased slightly compared to the same period in 2022, the onset of a housing crisis that creates financial problems should not be expected.
Moreover, Spain is still one of the most attractive countries for foreign investors. In 2024, most investments will be directed to the “build to rent” sector due to its significant profitability, as well as to luxury and single-family housing. The latest trend emerged during the Covid-19 pandemic, when single-family homes with land became a necessity for many buyers, and it continues to this day.
Mostly foreigners prefer the provinces located on the coasts of the Mediterranean Sea, as well as the Canary and Balearic Islands. In 2022, they accounted for a total of more than 80% of purchase and sale transactions involving foreign investors. These regions are also of interest to Spaniards who are considering buying a home there as an investment or “second home”, as well as for living after retirement.
According to the National Institute of Statistics (INE), foreigners make the most purchases in the province of Alicante – 19.4% of the total. It is followed by Malaga (12.6%), Barcelona (8%), Autonomous Community of Madrid (7.1%), Balearic Islands (6.8%), Valencia (5.9%) and Murcia (5.4%).
The top three among foreign investors are citizens of Great Britain (9.3%), Germany (8%) and France (6.2%). The former are mostly interested in housing on the Costa del Sol (Malaga, Marbella) and Costa Brava (along with French clients). At the same time, in 2023, the activity of the Dutch, Norwegians, Irish and Danes has increased markedly in the Spanish real estate market.
The expected decline in housing demand due to inflation and the rise in the cost of mortgage loans will affect the number of sales transactions more than prices – especially in provincial capitals and seaside cities. According to a number of forecasts, the number of transactions will not exceed 500,000, while in 2023 this figure was 630 thousand.
However, property in Spain continues to be valued above other assets, so the trend towards investing in it will continue for the foreseeable future.
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Company Name: Zetios Properties LLC
Contact Person: Christopher Louden
Email: Send Email
Phone: +1 (833) 511-0114
Address:5000 Centregreen
City: Way Cary
State: NC, 27513
Country: United States
Website: http://advisercpapro.com
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