According to the estimates of the International Monetary Fund from the Prospects for the World Economy report published in April 2019, the Spanish economy will grow this year by 2.1%. Spain’s projected GDP growth rate for 2020 is 1.9%.
Thus, Spain will remain the growth leader among European economies. In particular, it will overtake Germany and Italy. Among the developed world economies, in terms of growth,
Spain will be second only to the United States this year.
In 2018, prices for resale property in Spain increased, on average, by 8.4%. This is the highest level since 2007. The average cost per square meter in the country is 1900 euro, i.e. at the level of 2012. In the overwhelming majority of regions of the country, prices are still far from pre-crisis values, which means good prospects for growth. In terms of price, Madrid is the leader (2976 euro per sq. meter), the Basque Country (2810 euro per sq. meter) and the Balearic Islands (2617 euro per sq. meter, and Madrid Salamanca remains the most expensive area (6176 euro per sq. meter).
Summary of the Spanish Property Market for 2018
- Spain is the second largest country in the world in real estate investment
Spain continues to win the position of world leader in real estate. According to the results for 2018, it became the second country in the world in terms of the ratio of investments in the real estate sector to GDP.
- Residential sales in Spain hit a record in the last 11 years
The Spanish residential sales market continues to grow. In 2018, according to the Ministry of Development 581,793 properties were sold, which is 9.3% more than in 2017. This is the highest level in annual terms since 2007, the peak year of the real estate market boom.
- In 2018, Spain set a record for residential properties purchased by foreigners
Sonneil, an expert in Spanish real estate sales in the international and domestic markets, analyzed the annual report of Colegio de Registradores de España, the Spanish Registrar Board. It showed that in 2018, foreign buyers purchased 65,295 housing units, which is 11% more than in 2017.
- In 2018, the number of housing mortgage loans in Spain increased by 10.3%
According to the National Institute of Statistics, the total number of home mortgages in Spain increased by 10.3% in 2018 compared to 2017, up to 345,186 loans — the highest volume since 2011.
- The Spanish real estate and construction sector is leading in creating new businesses
According to the latest official data, the construction sector and the real estate sector are leaders in establishing of new companies.
- In 2018, housing prices in Spain grew by 8.2%
According to the report of the Spanish Registrar Board, the cost of housing in the country increased by 8.2% in 2018. This is the highest growth rate in the last ten years.
State Incentives for Foreign Citizens
In 2013, the Spainish government approved the law granting a residency visa for international investors buying residential properties in Spain for a minimum 500,000 euros. The law established a procedure for obtaining a residence permit. If you follow the rules and requirements for its extension, you can be confident in its validity.
The highest life expectancy in the European Union (85 years for women and 80 years for men, that is 10 years more than the average in the world). According to WHO, Spain ranks fourth in the world in terms of the quality and effectiveness of medical care. Spain is considered the leading country in the treatment of oncological diseases, Spanish rehabilitation clinics are among the most advanced in Europe in the areas of cardiorehabilitation, orthopedic, rehabilitation, rehabilitation after injuries and surgery and neurorehabilitation.
Spain is among the three most popular educational destinationa and the top ten countries where universities train managers of leading global companies. In 2018, several Spanish universities were among the top 200 best educational institutions in the Times Higher Education World University Rankings. Prices for studying in Spanish universities, on average, are two times lower than in the UK. Universities offer educational programs in English.
In any settlement of Spain, there is a service infrastructure for comfortable living, including transport links. Numerous federal highways and toll roads lead to any part of the country and connect it with other European countries. Many destinations are connected by high-speed trains.