From a modest nationwide sales increase and the cheapest province to buy property in Spain, to the latest developments on the Spanish golden visa, we take a look at the latest news stories related to the Spanish real estate market this month.
Offering insights for both seasoned investors and those dreaming of owning their own slice of Spanish paradise.
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Spanish property market sees moderate growth in 2024 so far
The number of properties sold in Spain in May 2024 increased by a moderate 3% year-on-year, reaching 62,485 homes, according to official figures from Spain's Notaries. The average price per square metre was €1,681, representing a 1.3% annual increase.
Regionally, Andalucia was very similar to May last year on all fronts. The Valencia region saw similar transaction volume, but notable rises in prices and mortgages. Meanwhile, the Balearic islands saw fewer property sales in May, and they saw the first year-on-year price drop since October last year.
The castle and white washed houses of Salobreña in Granada province
Are you dreaming of a new life in Spain but you’re on a tight budget? Well, pack your bags! The latest data from Kyero reveals that not only have average property prices taken a notable dip across the country, but two of Spain's most enchanting, but slightly off radar, provinces are now more affordable than ever.
Granada, in Andalucia, has seen property prices plummet by 21.26% since 2021, with average asking prices now at €137,000. This dramatic drop opens doors for buyers seeking authentic Andalusian homes near the Costa Tropical beaches or Sierra Nevada ski slopes.
Meanwhile, Tarragona in Catalonia has experienced an 18.71% price decrease over the past three years, with average asking prices now at €113,000. This coastal province offers a blend of Mediterranean beaches, Roman ruins, and easy access to Barcelona.
In the first half of 2024, Spanish airports handled over 144 million passengers, reflecting an 11.4% increase compared to the same period last year, according to figures released recently by AENA.
Málaga-Costa del Sol Airport handled 2,433,242 passengers in June, a 11.6% Increase on the previous year.This makes June 2024 the month with the highest passenger numbers in the airport's history. Of the total, 2,036,694 were on international routes , with the UK leading international traffic (607,623 passengers), followed by Germany (198.417), France (144.738), the Netherlands (139.094), and Ireland (116.966).
Alicante-Elche Miguel Hernández Airport set a new record with 1,772,559 passengers in June. Among international travellers, the UK led with 612,123 passengers, followed by the Netherlands (103,953), Germany (103,131), Belgium (85,689), and France (81,876).
Palma de Mallorca Airport closed June with 4,159,324 Passengers, a 9.2% Increase Compared to June 2023. Among international markets, Germany had the highest demand (1,247,796 passengers), followed by the UK (874,485) and France (170,172), with Poland and Sweden showing the highest growth rates at 38.5% and 27.8%, respectively.
The Canary Islands Airports recorded 4,002,858 passengers in June, surpassing the 2023 Figures by 10.7%. Of the total number of passengers in June, 2,125,278 were on international routes, a 10.4% increase.
Branded Residences: Luxury living takes centre stage
Spain has become a prime destination for branded residences, with prominent hotel and lifestyle brands establishing a presence there. Notable projects include Tierra Viva on the Costa del Sol, a collaboration between DarGlobal and Lamborghini, and Wyndham Grand La Cala Golf Residences. Other leading brands in Spain include Four Seasons, Mandarin Oriental, Marriott, Accor, and fashion labels like Fendi Casa, Missoni, Karl Lagerfeld and Dolce & Gabbana.
“Malaga has all the ingredients to become one of the main centres of attraction for investors and the next port of call for branded residences in Spain” comments Luis Valdés, Managing Director in Residential Sales Advisory at Colliers.
Golf attracts 1.2 million tourists to Spain every year
Spain's golf industry is teeing up for success, attracting 1.2 million tourists annually and generating an impressive €12.7 billion in revenue.
At a recent "Golf and Sustainability" event, Secretary of State for Tourism Rosario Sánchez highlighted Spain's commitment to becoming a sustainable tourist destination. She praised the collaborative efforts of key golf organisations in launching an innovative project: 'Digital Green Spain'. This initiative aims to create a one-stop digital platform for all Spanish golf tourism, enhancing accessibility and promoting eco-friendly practices.
Spain is also making waves in water conservation. An astounding 92% of the country's golf courses have implemented water-saving measures, with Spain leading the world in using reclaimed water for course maintenance.
As golf continues to drive tourism, Spain is proving that economic success and environmental responsibility can go hand in hand, setting a new standard for sustainable sports tourism.
Coastal investment hotspots 2024
Mazarrón beach
Mazarrón in Murcia has surpassed Gandía to become the most profitable coastal area for property investments in Spain, with an average return of 11.4%, according to Fotocasa’s ‘Profitability in Coastal Towns in Summer 2024’ report. Other notable areas include Laredo in Cantabria in northern Spain, and Águilas in Murcia province at 9.6%.
Golden visa update
Good news for those considering applying for a Spanish Golden Visa. It now looks like the Golden Visa scheme may take a little longer to be abolished than the Prime Minister wanted. The initial attempt to eliminate these visas through land law reforms has failed due to a lack of support. Now, the government aims to include the repeal in another legislative process. Read more about this here.
People in Spain work longer than the EU average
In 2023, the weekly working hours for people aged 20-64 in their main job, in Spain was 36.4 hours, about 20 minutes more than the EU average of 36.1 hours, according to data from the EU Labour Force Survey.
Benidorm is going smoke-free
Benidorm beach
Benidorm has implemented new smoke-free zones on its Levante and Poniente beaches to promote public health and environmental cleanliness. Designated zones will be clearly marked, and fines will be issued to those who violate the rules.
Spain will host the 2030 FIFA World Cup
With Spain officially confirmed as a host nation for the 2030 FIFA World Cup, property investors in Spain can look forward to increased interest in the country, while expat football fans can look forward to experiencing matches in several cities across the country.
Stadiums in the following Spanish cities will host World Cup matches: Madrid, Barcelona, A Coruña, Bilbao, San Sebastián, Zaragoza, Sevilla, and Málaga.
It’s official, this is the best place for fried fish in Málaga
…and finally, fried fish lovers visiting the Costa del Sol should head to Bar Guerra in San Pedro Alcántara near Marbella. Bar Guerra has been awarded the title of "Best Fritura in Malaga" for 2024 by the Academy of Gastronomy in Málaga. The competition, which included 30 restaurants, celebrates Fritura Malagueña, a traditional fried fish dish with roots possibly tracing back to Sephardic Jewish or Moorish cuisine, according to the Euro Weekly News.
Next up:
5 great reasons to buy in Spain
Are you dreaming of changing your life and buying in a warmer clime? There are few places as diverse as Spain and if you aren't already in love, we've got 5 great reasons to inspire you to buy in Spain.
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