As an estate agent selling property in Spain, a lot of your clients are likely to be Spanish nationals and those looking to relocate within Spain.
But as the country’s economy continues to show signs of strengthening, Spain is becoming a great prospect for those looking to invest in property from outside the country. And with new investors comes plenty of opportunity for agents too. So this week we’re looking at why it could pay, now more than ever, to widen your net and market to international buyers:
The strength of the foreign market
If we dig into the data, it’s easy to see the importance of foreign buyers in the Spanish housing market. Recent figures show us the market share or percentage sales attributable to international buyers, and in some areas, in particular, they certainly make for interesting reading. Top of the list is Costa Blanca favourite Alicante with a market share of 49%. That means almost half of buyers in the region are non-Spanish nationals. While islands Tenerife and the Balearics both boast over 30% of sales made to international buyers,
In fact, in 2018, there were 15 regions that saw 10% or more of their properties being sold to foreign buyers. These figures represent the substantial size of the market as we see it today.
The rise of the foreign buyer
While in some of the more popular areas we’ve seen a sharp rise in sales since the 2008 crash and are now starting to see some plateauing or rebalancing, there are many regions in which we’re seeing strong growth in foreign sales.
The south-east coastal regions of Almeria and Murcia have seen year on year foreign sales growth as have popular cities such as Valencia and Barcelona. Now is the time to capitalise on the attraction we’re seeing from international immigrants to the area.
Chasing the bigger budgets
When we compare the wages of northern European countries such as the UK and the Scandinavian countries with those of Spain, we can see that they are considerably higher on average. This economic advantage gives buyers from these and other similar nations, a major advantage when it comes to affordability. Many may even be looking to purchase a second home or holiday home in the sun.
Opening your listings up to a foreign audience that has the funds to afford second homes in the area doesn’t just make good financial sense, it makes the resulting sales potentially more straightforward than those where a chain is involved.
Increasing your audience
When you opt to advertise internationally using a portal such as Kyero rather than simply promoting your listings locally and nationally, you are increasing the number of people who are able to see your adverts. Put simply, you’re getting more eyes on what you’re trying to sell; more prospective buyers who will see your property. And more eyes means a greater chance of making that sale.
By getting in front of a broader audience you stand to make more sales. Foreign buyers are continuing to show great interest in Spanish homes and we don’t see this changing anytime soon.