More than 3.7 million foreign tourists are buying property in Spain.

The president of the builders' association noted that“Many Europeans who choose Spain as a place for seasonal living plan to stay in the country for retirement.”According to data published on March 7, 2024 (12:55 CET), around 3.7 million properties are purchased annually in Spain by foreign tourists coming for vacation, especially in resorts like Playa Blanca. The months from April to October are the most popular among these travelers, during which they spend an average of about 17 days in the country.

A study conducted by the Association of Builders and Construction Companies of Spain (APCEspaña) in collaboration with the consulting firm PwC shows that the purchase of real estate by foreigners, who use it for a certain period each year, contributes approximately 6.35 billion euros to Spain's gross domestic product (GDP).The report data, based on information from 2022, includes:

• The cost of investments in new construction (1.78 billion euros);
• Costs for the maintenance and use of houses (4.57 billion euros).

The chairman of the association, Juan Antonio Gomez-Pintado, emphasized the importance of the research findings, highlighting that this segment of the economy has been undervalued until now, despite having a significantly greater impact than government structures had assumed. According to him,Investments in residential tourism create a "multiplier effect" for the economy.For every euro invested, 2.34 euros are generated in GDP. These estimates also show that "residential tourism" has an economic impact that is three times greater than that of the textile industry (1.92 billion), twice that of the forestry and cork industry (2.52 billion), and also surpasses the production figures of the pharmaceutical industry (5.96 billion).

According to the organization's data, the activities of foreign tourists from the moment they arrive in Spain until they return to their purchased homes for vacation create up to 105,606 jobs, both in construction and in service and other sectors.

Spain on the path to leadership in Europe

Gomez-Pintado emphasizes that many Europeans, when choosing Spain as a vacation destination, do so with the hope of staying here for retirement."Spain could become what Florida is to the USA."“Spain could take the position of Florida in Europe,” he noted during a press conference where he presented the report.

Increase in real estate transactions

In 2022, the number of residential property purchases by foreigners sharply increased to 88,858, with 15.5% of them being new construction (13,800 units). In 2021, the number of transactions was 60,973, in 2019 it was 62,732, and in 2018 it was 65,308.According to data on the national affiliation of buyers in 2022:

• 11.1% of real estate was purchased by the British.
• 9.5% - by Germans;
• 7% - by the French;
• 5.2% — by Belgians.

By regions of the country, the main activity in real estate transactions is concentrated on the Mediterranean coast, in the regions of the Balearic and Canary Islands. At the beginning of 2023, the association expects that the economic impact of residential tourism will be even more significant than in the previous year, thanks to an increase in tourist spending in Spain, despite some reductions in investments in property purchases.