Overseas demand for homes in Spain

Jun 28, 2021 Property market

Those who thought Covid would hurt demand for Spanish property are in for a surprise. Domestically speaking things slowed down a bit over 2020 as the economic contraction caused by the pandemic-related restrictions took hold, but here too transactions are increasing rapidly now as personal movement and economic activity resume in earnest.

 

Foreign demand for property for sale on the Costa del Sol has been strong throughout the past year, and in Q1 of 2021 set new records in terms of the value of the transactions – courtesy of the sale of an unusually high number of villas in the €20 million-plus bracket. But demand is strong across the price ranges, and continues to rise!

 

So much so, in fact, that as restrictions ease and international travel gathers pace again, the need for property on the Costa del Sol is likely to outstrip supply. According to a new report by pisos.com, foreign demand for homes here looks to grow by 20% this year, and it’s clear that the boost comes from a combination of pent-up pressure being released and the renewed focus on working remotely.

 

Changes caused by Covid

More than ever, working from home or a co-working centre instead of a daily commute to a corporate office is expanding our lifestyle horizons, releasing us from the obligation of finding a property within a commutable distance. As a result, many are now placing the emphasis on quality of life and choosing to move to places such as the Costa del Sol. This is also changing the dynamic of the region’s property market, where more and more people are looking for property to buy not just as a second home but also for year-round living.

 

The holiday home market continues to be highly active too, but the shift to full-time living on the Costa del Sol by working-age adults and families is driving more of the demand than before, and this will be reflected in the properties, areas and price ranges they look for. When the borders were shut during much of the past year, foreign home seekers continued to buy online but the market became increasingly domestic in nature; now that is set to reverse with a bang, as foreign enquiries are flooding in thick and fast.

 

So far, the main markets are Scandinavia, Germany, France and also middle to upper-segment Moroccan buyers, while Ireland, the UK, Russia and also the USA are showing a significant revival in interest.

 

For those who share this interest in quality of life and the refreshing outdoor lifestyle of the Costa del Sol, Higuerón West is a quality residential community designed with you in mind and developed with respect for the environment. In fact, here landscaping, parks and facilities such as car-free zones are just some of the features that make Higuerón West stand out as one of the most inspiring new residential developments on the Costa del Sol.