Property
S pr pa o in in per ’s b En ty es gl ma t ish g
www.theolivepress.es
August 2023
OUTDOOR LIFE How to lead that Spanish lifestyle to the full See page 14
OLD TO NEW: how unwanted buildings have been given a new lease of life See page 22
MOVE OVER GRANDAD THE average international buyer of Spanish property has begun to trend downwards in age profile, according to the latest data. While there are still plenty of Brits, Germans, French and Belgians coming in to hand over their cash, gone are the days of them being entirely high-income, near-retirement couples. The typical profile of foreign buyers used to be people between 50 and 60 years old, married with children, with a high level of education and an income of more than €60,000.
By Walter Finch
But now a report from Union de Creditos Inmobiliarios (UCI) claims that the prevailing trend among international buyers indicates the new sheriffs in town are a younger, less financially comfortable demographic. These young upstarts (between 30 and 40) have been capitalising on the freedom afforded by the digital nomad lifestyle to invest in Spanish property. UCI's analysis shows that the Covid
The new champions of the Spanish expat housing market: Young Brits, French and Germans pandemic unleashed the genie of the home office and flexible working, which has seen a surge in younger buyers drawn by this way of working. Thus they can fulfil the dream of spending extended periods on the Spanish coasts without waiting until they are grey and wrinkly. As the Olive Press has reported recently, buyers from the United States have also surged onto the scene, according
to UCI. Despite the fact that interest rates on mortgages for non-residents are invariably higher compared to those offered to residents, the market continues to witness a surge in demand from international buyers. The numbers are underlined by a dramatic 45% surge in foreign property purchases in 2022, totaling 88,800 transactions.
This data from the College of Registrars paints an optimistic picture for 2023, with the first quarter already seeing 23,380 transactions by foreigners. The maximum financing percentage hovers around 70% of the property's valuation with an amortisation period of around 30 years. Spain's attractiveness, enviable quality of life, profitability, and its status as a stable safe haven for investments have not, it seems, been dented by the upward trajectory of interest rates.