Due to the relatively weak Euro, the buying power of the Dollar is currently good, meaning an influx of American investors looking for great value property. This seems to correlate with trends we’re seeing for US buyers purchasing higher value properties in 2018 versus 2017.
That’s why we’re looking at American buyers, what they’re searching for, and what you can do to make a great first impression to help you secure those transatlantic sales.
Where are Americans buying?
As with many other foreign national groups, US buyers are showing a preference for mainland Spain rather than the islands. 2018 data taken from Kyero shows that the most popular locations for US buyers, in terms of enquiries and visits, are cities such as Alicante, Malaga and Valencia, followed by Murcia, Granada and Barcelona. Mallorca and Tenerife appear further down the list.
The average American enquiry ranges from €63,000 in Tarragona in the north-east of Spain to €550,000 on the island of Ibiza. The pattern of purchases in many regions show a preference for coastal living, while prices that US buyers are prepared to pay have risen substantially over the year. For the vast majority of regions we’ve seen the price range of enquiries trend upwards.
So, not only are they buying more properties in Spain, American buyers are spending more.
What kinds of properties are they buying?
Generally American buyers choose the same kind of property as other nationalities, preferring apartments and villas overall, usually with 3 bedrooms or more – plenty of rooms for friends and family to come and stay. Thanks to the abundance of land in the United States, Americans are perhaps used to having plenty of space and so seek this when property hunting in Spain. We’ve seen the number of bedrooms trending up from 2017 to 2018 which is not surprising given the price range increase noted earlier.
What should you know about American buyers?
The great thing about targeting American buyers is the knowledge that there will be no difficult language barrier to overcome. The distance from the US to Spain can make viewings tricky, so it’s important that you work closely with your buyer and secure a number of high-quality viewings as well as tours of the areas they are potentially interested in, before arranging for them to fly into the country. It’s not like they can pop back quickly as soon as something else appears on your books!
If you’ve ever traveled to the USA you’ll know that Americans expect and reward good customer service. Make your US visitor feel welcome and do everything you can to make the process as easy as possible for them; they’ll be far more likely to enter into a sale with you. Make sure also that you clarify all required taxes with your US buyer as the process of purchasing a house is very different in America.
For more insight into the thoughts of an American buying property in Spain listen to episode 19 of the Kyero podcast and find out how Thomas and his wife found the process.