FOREIGN buyers are propping up the coastal property market in Spain, latest figures show.
In some areas they are accounting for almost 50% of sales, according to the latest data from the Association of Registrars, reported by tech firm Sonneil.
Leading the pack is Alicante (pictured above), on the Costa Blanca, where an incredible 44% of coastal homes are being bought by non-Spaniards.
The second hottest location is Santa Cruz de Tenerife, where 35% of buyers are foreigners, followed by Malaga (33%).
Then comes the Balearic Islands (31.7%), Murcia (24%) and Las Palmas de Gran Canaria (22%).
CEO of Sonneil Alfredo Milla said: “Spain’s unique characteristics make it one of the most thriving residential destinations in Europe.
“Its climate, lifestyle, cost of living, infrastructure, and culture, among other factors, make it highly attractive for foreign investors looking to enjoy extended stays on the country’s coasts…
“This is a very dynamic and active sector, which is expected to continue growing.”
Buying a second home on the coast can be an attractive investment opportunity, given that it can be rented out to higher paying tourists over summer or throughout the year, depending on the location.
Brits continue to lead the pack of foreign buyers in Spain, accounting for 9.4% of sales to non-Spaniards.
They are followed by the Germans on 7% and the French (6%).
Click here to read more Spain News from The Olive Press.
