ALICANTE – The Costa Blanca is at the top when it comes to residential tourism in Spain. But who are the people who choose to spend a large part of the year in this sunny region? New research offers interesting insights.
Warm temperatures all year round, beautiful beaches, beautiful mountain areas, friendly people, and affordable prices compared to other countries in the European Union. These are just some of the features of Spain, one of the leading countries in residential tourism.
One of the great benefits of residential tourism for a region is that it helps to spread tourism throughout the year. Many foreigners stay in the country for longer periods, often in a second home. This is not only good for their quality of life, but also for the local economy.
Economic impact
According to figures, residential tourism accounts for more than 5% of the Gross Domestic Product (GDP) of the Valencian Community, and even 30% of the GDP of the province of Alicante. This form of tourism has a major impact on the local economy.
Also read: Buying a second home in Spain? Now is the time
High sales figures for foreigners
Data from the Ministry of Transport, Mobility, and Urban Agenda shows that in the first half of 2022, Costa Blanca accounted for 40% of home sales to foreigners. By comparison, the Costa del Sol achieved 24%. The average budget for purchasing a home was over €384,000, and in most cases, no bank financing was required.
Buyer profile
According to a report by the Notarial Advisory Council of Valencia, as many as 7,499 homes were sold to foreigners in the region in the first half of 2023, a record since 2010.
A survey by TM Grupo Inmobiliario shows that eight out of ten buyers in Costa Blanca are foreigners. They come from 34 different countries, led by Poland, Spain, Belgium, Russia and Ukraine. The average buyer is 51 years old, married and usually finances the purchase from their resources. They are particularly interested in apartments of around 117 square metres, ideal for long stays.
Living preferences on the Costa Blanca
The most popular destinations among these buyers are Benidorm, Orihuela, and Torrevieja. Around 67% of foreign buyers live in their homes for two to three months, while 15.3% stay for four to six months.
Price drops
Despite these positive figures, the Association of Real Estate Developers of the Province of Alicante (Provia) notes that there is a 6% decrease in average purchase prices, which affects all nationalities that buy in large numbers.
Also read: What are the most popular provinces in Spain for foreign home buyers?
