New stats suggest that foreign buyers are snapping up a significant number of properties on the Spanish real estate market.

The data shows that an astonishing 72,987 transactions were completed by overseas buyers for the first half of 2022. This beats the half-year record of 53,427 in 2018, which represents a magnificent 36% increase. It looks like 2022 will be another record-breaking year.

In fact, 133 properties are purchased each day by non-Spaniards in the Comunitat Valenciana alone. Now that’s impressive.  (Source: Valencia College of Notaries)

Here are six reasons why Spain may be attractive to overseas property buyers.

New digital nomad scheme

Plans are in the works for Spain to issue a brand new “digital nomad” visa for remote workers. This scheme is open to all non-EU citizens and will give them the opportunity to move to Spain.

With the digital nomad visa, people working remotely for foreign companies will be able to live in Spain without a work visa, which would usually be a requirement.

For more information and individual requirements on the new digital nomad scheme, please visit Property Guides Spain.

 

Andalusia scrapped the wealth tax

Andalusia is home to the Costa del Sol and Almeria, two hotspots for overseas buyers looking to retire. The government of Andalusia recently announced the abolishment of the wealth tax via a 100% rebate.

On top of this, president of the Junta de Andalusia, Juanma Moreno has reduced personal income tax by 4.3%. As a result, Andalusia will have some of the lowest taxes in all of Spain.

Wealthy foreigners could be taking advantage of this tax rebate as it would save them a considerable amount in the future. Wealth tax in Andalusia previously applied to residents in the region and holiday-homeowners who had Spanish site assets worth over €700,000.

 

The Spanish lifestyle

Renowned across Europe and beyond, the Spanish lifestyle is more than enjoyable. They like to live life to the fullest, but not in a hurried, stressful way.

Sunshine, family and food are central to the Spanish way of life and enrich most daily activities with joy. Expats who move to Spain are more than welcomed and enjoy the neighbourly culture that surrounds each area.

After all, the Spanish are known for their countless celebrations, festivals and cultural events that fill their social calendars. No wonder they enjoy siestas so much!

 

The path to residency post-Brexit

The stress of applying to be a resident in Spain post-Brexit has died down. It’s actually a lot simpler than you may think. To apply for long-term residency in Spain, you must:

• Have a valid passport
• Have proof of legal residence in Spain
• Certification regarding no criminal records (you can get this from UK authorities)
• Provide a medical certificate (certificado medico)
• Supply proof of guaranteed health assistance for the full period of your residence

Then, after 10 years, you can apply for citizenship, if you wish. This requires proof of your sufficient integration into Spanish culture and proof of no criminal convictions.

 

Lower cost of living

If you’re in the UK now, odds are you’re more than aware of rising inflation rates and higher cost of living. Spain is considerably cheaper than the UK. Not only that, but the government has also announced new benefits to help those struggling with rising energy bills, which includes 40% discounts on electricity and up to €375 for heating costs.

According to Property Guides Spain, the Spanish cost of living is considerably cheaper for a lot of services and items.

For example, home broadband in Spain is 62% cheaper in Spain than the UK. A three-course meal in a mid-weight restaurant is 54% cheaper and electricity (per kilowatt hour) is 32% cheaper.

 

Properties

The Spanish climate may attract foreigners, but it’s the diversity of properties available that appeals to them. Most expats have no trouble finding properties in Spain.

From big cities like Barcelona and Madrid to smaller regions like Alicante and Valencia, the scenery and landscape differs entirely. Hence, property buyers can explore a vast selection of locations to find the perfect property and area to suit them and their needs.

 

If you’re tempted to buy a home in sunnier pastures, why not browse Rightmove Overseas? Who knows, you could be just a few clicks away from finding your dream property.

 

Written by PropertyGuides  for Rightmove