Many wealthy international property investors are returning in there droves and purchasing prime locations on the southern Spanish coastline as the demand increases, with Marbella and the surrounding areas being the number one choice for many.
The numbers are high enough to substantially alter the client profile of foreign buyers, which has been traditionally dominated by northern and western Europeans. Today Saudi Arabians, Emiratis, Russians, and Chinese are vying with Europeans on the investment charts, the Russian investors fading slightly over the past couple of years, Arabs have taken up the lead.
There is change, however, in the manner of Arab investment. In past decades extremely rich buyers sought property for financial reasons and prestige, using it as another pawn in vast monetary empires, rather than an actual place to live. Today many are building garages and storage facilities, eager to take advantage of leasing opportunities.
Neither the Turks, nor the Arabs, offer much direct competition to the Brits, French, Scandinavians and Germans who are typically in the market for more affordable properties used as a summer retreat, or permanent home.
Spain’s Golden Visa continues to play a central role in attracting non-EU money. Buying a property worth over €500,000 outright gets investors a Spanish residency permit which, in these tumultuous times, may soon come in handy.