SPAIN has experienced a 25% increase of interest in property from foreign buyers over the first quarter of this year.
This is part of a wider trend observed across Europe of increased interest in the property market from overseas, thanks to the rise of digital nomads looking to base themselves abroad while working online post-Covid, with new visas being put in place to encourage this.
Spain is getting ready to launch its own digital nomad visa for non-EU citizens, which will allow holders to settle temporarily in the country while working for companies outside of Spain, without having to apply for the traditional full work visa.
Plans for the new visa are part of the Spanish government’s new ‘Startup Act’ first approved in late 2021.
Indications suggest it will be a 12-month visa with two chances to renew, thus allowing digital nomads to remain in Spain for up to three years.
The data, from overseas property portal Kyero, the largest of its kind in the UK, shows Spain’s European neighbours with even further increasing interest in their properties from abroad.
Italy, which launched its digital nomad visa in March 2022, saw an 80% increase in interest over the first quarter of the year.
Meanwhile France doubled the foreign interest in its properties over the same period, and Portugal, which has a D7 digital nomad visa, saw a 38% increase.
The rise of digital nomads is a trend that looks set to continue in the property market, with 1 billion people worldwide expected to fit into the category by 2035.
Co-founder of Kyero, Louise Dell, said of the figures: “Untethered from the office, we are seeing a change in the demographic of people interested in overseas property in Europe, with more younger people seizing the day and embracing a life in the sunshine.”
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