The COVID-19 pandemic is having effects on the property market in Spain in a range of different ways. Consequences vary depending on the regions of the country, while changes have also been observed when it comes to property supply and demand. But how has international demand in Spain been affected since the COVID-19 pandemic arrived? Where do foreigners want to buy or rent property in Spain during the pandemic? Let's find out with data from the recent idealista/data Residential Market Annual Report for 2020 in Spain.
International demand for Spanish property in 2020
According to data from idealista in 2020, 9.5 % of those looking for property in Spain, either to buy or to rent, are foreigners. While looking for housing in Spain has become more difficult for international buyers during the pandemic, this certainly hasn't put people off, with the United Kingdom, Germany and France leading the ranking of countries that most look for housing in Spain.
Most attractive areas for foreigners in Spain
What are the most attractive areas to buy or rent a house in Spain during the coronavirus pandemic for foreigners? The provinces with the highest number of foreign buyers in Spain are located along the Mediterranean coast and on the Balearic and Canary Islands, showing that international buyers want to be close to the sea more than ever.
The Spanish provinces with the greatest amount of foreign interest are located on the coast and include: Alicante (28.4%), Santa Cruz de Tenerife (26.2%), the Balearics (25.6%), Málaga (22.2%) and Las Palmas (19.8%). This is in contrast to other provinces located further inland where there is hardly any interest from foreigners when it comes to buying or renting homes, such as Álava (2.2%), Zaragoza (2.6%), Valladolid (2.6%) and Guadalajara (2.9%).
International interest in property in Spanish cities
The Spanish cities located in coastal provinces register the highest rate of foreign interest where Alicante tops the list, followed by Palma de Mallorca, Málaga and Valencia. In Alicante, British clients come out on top, with the French and Germans following closely behind. It's important to note that in general, living in the city is not a priority for the typical foreign buyer, except in the main capital cities. Most demand is focused in areas close to the coast.