2023-08-23 06:30:56
The interest to lease one housing from abroad soared in 2022 and consolidates in 2023. In the second quarter of this yearthe number of visits from abroad to rental offers in the Girona counties has grown to 30.9% compared to the same period in 2019, according to data from the Idealista real estate portal.
This trend is general throughout the Spanish real estate market, as the portal points out. In Spain, at the end of the second quarter of this year, one is confirmed increase close to 85% in the number of visits to the rental offer in Idealista compared to the same period in 2019. According to this study, analyzing the visits received in the real estate marketplace during June, 12.5% of the total were made from other countries.
It was barely a 1% increase compared to the same period last year, but visits in 2022 soared by almost 80% year-on-year. Now, the trend in the State continues to rise and achieves the greatest weight on the overall number of visits to Idealista, thus improving last year’s data and surpassing by more than one point (11.2%) the figure in 2019, before the outbreak of the pandemic.
Interest in the coast
Foreign demand for renting a house concentrates its interest in coastal areas. The Balearic Islands (26%), Alicante (25.2%), Málaga (22.8%) and Santa Cruz de Tenerife (21.4%) are the most attractive regions for foreigners to find a flat to rent, concentrating more of visits from abroad to your market. Girona is the eighth province in Spain that arouses the greatest interest in renting a home, with 14.5% of visits.
The evolution of visits from abroad to the rental offer in Idealista before the 2022 peak has been heterogeneous in the coastal provinces. Despite maintaining volumes above 20%, the four most prominent received fewer visits at the end of the second quarter of this year: Balearic Islands (-8.6%), Málaga (-8%), Alicante (-5.1 %) and Santa Cruz de Tenerife (-2.3%). They are surpassed by the decline recorded in Las Palmas (-9.8%), and five other provinces also register negative data, such as Barcelona (2.1%) or Girona (-1.3%).
But in the remaining 15 provinces, the figures for visits from abroad in 2023 are better than the previous year. The increases led by A Coruña (26.9%), Asturias (24.5%), Lugo (22.2%), Murcia (10.5%) or Castellón (10.1%) stand out.
If we compare visits to the rental market on the Spanish coast compared to those registered at the end of June 2019, before the outbreak of the pandemic, these have grown considerably, reaching a 50% increase.
The most attractive municipalities
Foreigners’ interest in finding a home in Spain, both to rent and to buy, is also limited to towns with less than 5,000 inhabitants. The main feature they share is that they are coastal municipalities or located a few kilometers from the sea.
According to a study carried out by Idealista, analyzing the visits received in the database during the months of June and July, Benitachell (Alicante) is the town with the highest volume of housing searches from abroad.
The counties of Girona dominate these first positions, since the next three places in this list are for municipalities in the demarcation of Girona: Begur, Pals and Llançà. During June and July, the homes in these towns received more than 74,000 visits from abroad each, with Begur being the town that arouses the greatest interest, with 89,181 visits, according to the Idealista real estate portal. The podium of the first five is completed with the Alicante municipality of Arenals del Sol.
Next we find the Malaga towns of Frigiliana and Cómpeta, before the Mallorcan Ses Salines. In ninth position is Ponga in Asturias, followed by Alcossebre (Castelló), Els Poblets and el Verger (both in Alicante), Cala d’Or (Balearic Islands), Busot and Algorfa (also in Alicante).
The final five places in this top 20 towns are completed by Sencelles (Balearic Islands), Ojén (Málaga), Formentera del Segura (Alicante), L’Ampolla (Tarragona) and Sant Joan dels Terrers (Almeria).
Europeans with incomes of 6,000 euros per month
Many foreigners apply for a mortgage in Spain to buy a home. The majority are of European origin, have an average income close to 6,000 euros per month, are interested in buying homes that cost more than 200,000 euros and are looking for fixed-rate loans.
According to the Idealista real estate portal, this is the profile of foreigners who have applied for a mortgage loan through its platform in the second quarter of the year. According to the data, British, German and Swiss are the nationalities that have led the applications between April and June, bringing together 42.5% of the total. They are followed by Americans, Dutch, French, Irish, Belgians, Italians and Swedes.
In particular, customers from other countries interested in obtaining financing to acquire a property have a monthly income of 5,933 euros, are looking for homes with a price close to 210,000 euros and request an average amount of 151,200 euros. Thus, the operation would mean a debt level of 24%. In all cases, these numbers exceed the average for national mortgage applicants.
Proof of this is that the applications received by the Idealista mortgage broker between April and June were from households with an average income of 3,277 euros per month, who were looking for a loan of around 135,900 euros to purchase homes with a price of 175,000 euros.
However, the figures vary according to nationalities. In the case of entries arriving from the United States and Switzerland, the average monthly income exceeds 9,000 euros, while those coming from Italy and Belgium do not reach 5,000 euros. There are also differences in the purchase price of homes and again the USA and Switzerland lead the list, this time together with Germany, with average values above 240,000 euros.
The requests mainly focus on financing the purchase of homes located in coastal areas, the historical star enclave for foreigners.
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