With its golden, sandy beaches, warm waters and an excellent foodie scene, Spain has long been a popular holiday destination amongst British tourists, with some 18.3 million visiting the nation in 2019 and the number remaining high ever since in spite of the ongoing global pandemic. But for many, a week or two in the sunshine simply isn’t enough, and luxury property investment, in spite of Brexit, is on the rise.
Migration from the UK to Spain increased dramatically during the 1990s and early 2000s, and although Britain’s exit from the EU has seen the numbers take a hit, a large number of expats and luxury property investors simply aren’t willing to give up on the Spanish dream. And the good news is, they don’t have to. Thanks to the Golden Visa, British investors can continue to enjoy living in this appealing destination in spite of the recent changes – and all that is required to qualify is a minimum investment of 500,000 Euros.
Pellicer & Heredia Lawyers specialise in the Spanish Golden Visa, and say that the number of British investors applying over the past two years has soared. But it isn’t just those already living in Spain who have been keen to secure their status, and we’re continuing to see large numbers of individuals looking to move them and their families over, too. The Costa Blanca, in particular, remains an immensely popular choice for luxury property investment, and with its picture-perfect beaches and warm climate, it’s easy to see why.
If you’re considering investing in luxury property in Spain – whether it’s to live in, or rent out for business purposes – then here are four reasons the Costa Blanca should be at the top of your list.
Sunny weather and beautiful scenery abound
Stretching an impressive 220 metres along Spain’s eastern coast and including the popular province of Alicante, the Costa Blanca enjoys an impressive 300 days of sunshine a year – which is considerably more than the UK. A popular holiday destination for tourists, low-price flights have been operating here from across Europe since the 1950s, so it’s easy to see why it has become one of the most frequented destinations in the country.
With a huge number of family-friendly attractions ranging from its endless array of beaches to golf courses, museums and parks, it’s not just a great place to holiday, but to live, too. No wonder so many British expats have been unwilling to return home post-Brexit.
The prospects are good
As the economy continues to recover from the effects of the global pandemic, construction has been picking up pace once again, and with a number of new luxury developments underway, there are some great opportunities for those looking to invest in the area.
The market value of real estate on the Costa Blanca means that buying property here makes financial sense – and with many high-end properties having stood empty in light of Spain’s earlier financial crisis, now is a great time to swoop in and get them for a good price. As tourism picks up again, the country is expecting to see its usual visitor numbers return to normal this summer, so if you’re looking to invest in a property for short-term rental to tourists, then there’s no time like the present to act.
Demand will always be high
The most beautiful holiday destinations – as well as the most scenic places to live – are limited, and this, in turn, means that demand will always be high. The Costa Blanca has a huge amount going for it, with its breath-taking beaches, secluded bays and stunning coastal scenery, and for those looking to relocate, the diverse villa urbanisations that have been popping up outside of the main holiday zone since the 70s offer some beautiful luxury complexes.
On the periphery of Benidorm, which is perhaps one of the most famous holiday destinations for Brits, you’ll find regions like Altea, Moraira and Benissa Costa, which allow residents to enjoy the beauty of the area whilst distancing themselves from the busiest beaches and holiday resorts.
Prices are rising
Property prices on the Costa Blanca are rising – which means now is a great time to buy. Those looking to build long-term profit will almost certainly be rewarded if they purchase in the current climate – particularly in coastal regions like Alicante, where the market growth is steady.
If you’ve been toying with the idea of property investment in Spain, then now is the time to take the plunge, because given all that its popular coastal regions have to offer, it is almost certain that prices will continue their upward trajectory over the coming years. And, with the Spanish cost of living remaining lower than that of the UK, it makes great financial sense all round.