FIABCI report: reactivation of the investment of the second residence of foreigners?
Spain continues to be a country with very competitive housing prices compared to the rest of Europe, which is causing a growth in real estate investments by foreigners, which in recent years, have always remained above 10% on average in all transactions.
The outbreak of the pandemic, with the confinement measures and the restrictions on international mobility hit hard the foreign real estate investment in Spain, with falls of more than 20% due to the pandemic, which have not recovered in their entirety due to the uncertainty around the health and economic situation in Spain.
The International Federation of Real Estate Professions (FIABCI) through its associates, has noticed a growth in foreign investment of second homes in Spain, especially in Madrid, Barcelona and the Balearic Islands.
The return to relative normality, with a lower incidence rate of Covid and an economic recovery, has caused a reopening of the borders, returning foreigners looking for sun, price and stability as a second residence.
Anna Puigdevall, director of FIABCI, indicates that “the prices of Spanish homes are very competitive compared to those of the rest of Europe and that is causing foreigners to see an investment opportunity in our country” also indicates that “the flexibility that is being established around the modalities of remote work is causing foreigners to make an investment thinking about spending long periods of time, with the intention of establishing his second residence in Spain”.
The interest in homes located in large capitals such as Madrid, Valencia, the Balearic Islands or Barcelona stands out, where the cultural and leisure offer, as well as professional opportunities are a decisive factor when choosing a destination to invest.
