Spanish Tourism and Overseas Property Investment to Hit Record High

Spanish tourism spending in the first half of 2017 surpassed €37 billion as a record 36.3 million tourists visited Spain.

The new record Spanish tourism figure represents a rise of 12 per cent from the first half of 2017.

Research from property company JLL had already shown that overseas property investment more than doubled in the first half of the year. Rising from €330 million in the first half of 2016 to a massive €888 million this year. Total investment for the year is expected to easily exceed the €1 billion pound mark.

There has also been a rise of 8.5 per cent reported by the National Statistics Institute in the number of tourists using either their own accommodation or property owned by family and friends. There are now more people using this type of accommodation than using traditional hotels or apartments.

Data from Taylor Wimpey Espana has also seen considerable growth in overseas property investors purchasing in Spain.

Over 15 different nationalities of property buyer have been dealt with by the company this year, with German, Scandinavian, British and Russian buyers being the most active.

Mallorca in particular has received a lot of attention this year, with an increase of 20 per cent in UK visitors being noted during May compared to the same month in 2016.

Sales and Marketing Director of Taylor Wimpey Espana Marc Pritchard, commented ‘A decade on from the crisis and Spain’s property market is not only back on its feet but thriving. The appeals of owning a second property in Spain, be it to enjoy holidays with friends and family or to relocate to has endured and I have no doubt that the country will welcome another record year of international investment.’

Spanish tourism and interest from overseas property investors in Spanish property seems to be going from strength to strength during 2017.