What You Need to Know About the Real Estate in Spain Real estate is a business that encompasses the development of building projects and developing idle land. This development process comprises of activities such as renovating old buildings, and construction of new housing structures. Real estate in Spain has over the years experienced positive changes which have contributed to economic growth through the provision of quality housing structures. Some of the dynamic changes that real estate industry has undergone are; Real estate facts in Spain Majority of Spanish citizens own their own homes with the ownership estimated to be at 80%. Home ownership has been encouraged by the successive governments and has become part of Spanish culture to acquire properties in Spain so that each person has a home of their own. Some of the citizens and investors buy additional property as second home. Favourable incentives such as tax regulation by the government have encouraged home ownership and general development of the real estate sector. The banks have also developed favourable mortgage terms that promote the growth of real estate in Spain, with up to 40-year mortgage packages available. This has discouraged renting of apartment in Costa Blanca and other major areas and more people are determined to have their own homes. The real estate immo has also experienced growth and has contributed to increase of quality housing for all citizens especially as apartment in Costa Blanca and also for investors who wish to put up villa in Costa Blanca. Having Properties in Spain is favoured by a vibrant economy with low-interest rates for mortgages from the banks targeting the local people. The Mediterranean lifestyle has attracted many investors and foreign buyers who are keen to purchase houses even as house prices rise. The rates are however lower compared to other Mediterranean regions in Europe. There is an increase in Real estate debt since most homeowners use mortgage loans to buy houses. This indebtedness of most Spanish households is regarded as unsustainable and has made banks stricter when giving a mortgage. This desire has seen a boom in the construction industry and rise in real estate companies’ eager to satisfy the gap in the real estate sector and offer best deals in real estate. Real estate development varies in different regions in Spain as explained below according to regions. Real estate in Major regions in Spain • Costa Blanca Costa Blanca region covers a 200 kilometer stretch on the eastern Mediterranean coast with Alicante as the provincial capital of the region. Beautiful beaches of the coastline make the Costa Blanca region a preferred destination for foreign buyers keen to invest in the real estate in Costa Blanca. There are many Foreign buyers in the region than in any other given place in the whole of Spain, and this contributes to its high density as they rush to purchase properties in Costa Blanca. The Costa Blanca real estate market in the region remains competitive both for locals and foreign buyers who are keen to settle in the area due to its attractive coastline, by acquiring Villa in Costa Blanca. Property developers have as well made developments in the property market by investing in Apartments in Costa Blanca, and this has made the region a leading and preferred location along the Mediterranean. • Benidorm Benidorm is a municipality of Alicante province and is well known for its coastline, sunny beaches and also vibrant nightlife. The city is a top destination for international investors who make up to 48% of the property market in the real estate in Benidorm and who are keen on settling in Spain. The city is preferred due to its relatively cheap properties and a legal framework which is favourable to investors which allows them to make the best deals in real estate while investing in the real estate in Benidorm The high number of tourists has increased demand for housing with many homeowners opting for short rentals which are more profitable compared to a monthly rental arrangement. • Altea and Moraira Altea city is a municipality in Alicante province while Moraira is located in Teulada municipality and neighbours El Portet village and form a favourite tourist resort along the Costa Blanca strip. Both the real estate in Moraira and the real estate in Altea become perfect destinations due the proximity of their cities which are located along the Mediterranean coast with tourism as the main economic activity of the cities. This is due to their favourable weather which includes up to 300 sunny days a year. The towns experience mild winters and hot summers and have great and beautiful beaches which make them favourite destinations by foreign investors who wish to invest in the real estate in Altea and also real estate in Moraira • Finestrat Finestrat is a municipality in Alicante province of Spain and is located along the coastal strip which is a popular destination for tourists. Real estate in Finestrat has experienced a boom in construction with investors keen to develop the property industry. Foreigners keen to settle in Spain have also taken interest in the real estate in Finestrat. Selling a property in Spain It takes an average of nine months to sell a property in Spain. The duration is determined by the proximity of the property to facilities and also the quality of the geographic location, with Properties in Costa Blanca being preferred in the property market especially by investors. This is determined by the buyer’s unique demands as they seek to have the best deals in real estate. The length of time required to sell a home however is reducing in areas such as Costa Blanca mainly due to its uniqueness as a coastal area that is a top destination for foreign investors. The general real estate industry in Spain is undergoing various trends which are meant to shape the whole sector. These trends include; Trends shaping the real estate sector in Spain • There is a rise in short term rental especially by tourists visiting the coastal region. This is more profitable to property owners compared to a monthly rental model. There is also an emerging trend in the real estate in Costa blance by homeowners to rent rooms as a way of generating extra income. • Holiday rentals are projected to bypass home rentals as some homeowners opt for the short term rental arrangement due to its preference by tourists who choose to stay in a home environment as opposed to booking a hotel which has been the tradition world over. This preference allows a homeowner to earn quick money as per the duration of the tourists which is usually a few days. • Design of tiny apartments meant to tackle congestion in cities is an emerging trend in the real estate market as an alternative to the current apartments. Small flats are constructed in small parcels of land which would otherwise be unutilized. • Many young adults are rushing to purchase their own properties and have a sense of ownership that comes such accomplishment.Conclusion The real estate market in Spain has grown over the years as the appetite for quality and affordable housing increases. This rush has been necessitated by the increased demand from foreign buyers who wish to settle along the Mediterranean coastal regions especially Costa Blanca real estate with some buying properties as second home. The number of property sales is expected to continue to rise as many people rush to acquire their own houses mainly backed by lifestyle choices and also the prestige of owning a home in the country. Real estate immo is also on a progressive growth and contributing to the development of properties in Spain by ensuring quality housing for everybody Close observation of the real estate industry in Spain will enable you to make timely and well-thought decisions before investing in any real estate project, and have the best deals in real estate.