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Spain’s boost from record visitors and spending

Spain’s boost from record visitors and spending

Spain’s boost from record visitors and spending : : Spain attracted 82.8 million international visitors in 2018, a new record boosted by 18.5 million British holidaymakers and property owners. It was the sixth successive year for growth, achieved by a fourth quarter spurt in arrivals.

Visitors stayed for around a week on average and spent a record amount of €146 per head per day, according to the report from the National Statistics Institute (INE).

For the sixth year in a row, Spain has set a new record for foreign tourist arrivals. There were 82.8 million international visitors last year, a rise of 1.1% from 2017.  Spain’s boost to the economy amounted to €89.9 billion, representing a 3.3% increase from 2017.

Record number of North American tourists

More Americans than ever before arrived in Spain during 2018 – an increase of 11.8% – despite renewed competition from Greece, Tunisia and Turkey. Tourism from Scandinavia dropped 0.7% to 5.7 million and Germany, second biggest market after Britain, had a drop of 4.1%

However, 2018 was the year that tourist destinations like Barcelona, Ibiza and Mallorca clamped down on unregistered tourist lets, threatening fines for owners and agents. This follows protests from locals faced with increased property prices and hooliganism. Mallorca is seeking to ban 18-30 style holiday groups after confrontations and balcony deaths.

Offers on bank-owned property in Spain

Offers – Spanish banks want the properties off their books and will listen to realistic offers. These are formally submitted to special committees that meet weekly and will generally provide an answer with two weeks. However, as the selected property remains on the market, there is the chance it may sell directly off the website or through a higher submitted offer. Walker Property Spain have a well-honed purchase management service for buyers.

Legal – All bank controlled property is fully legal and as such qualifies for generous mortgages.  However, we advice all buyers to hire their own independent Spanish solicitor to check all paperwork, undertake conveyancing and registration and assist with utility provision etc. We can provide firms who have assisted previous buyers successfully.

Endeudamiento/DTI – This is the debt-to-income ratio, and is the percentage of your net income which your total mortgage and loan payments will represent. For example, if your net income is 3000 Euros per month, you already pay 750 Euros per month for your existing mortgage, and the mortgage applied for will have repayments of 250 Euros per month, your Endeudamiento/DTI will be (250+750)/3000 = 33%.  NB – if you are renting out a property longterm, some banks may also include part of your rental income in this calculation.[/vc_column_text][/vc_column][/vc_row] Check latest mortgage offers

Author : : Elliott Barnett, international property writer | Image: Shopping in Spain remains a top tourist attraction. 

More info Can Spain cope with more tourists? | Palma, Mallorca bans holiday apartments    

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Spanish wine pours in ahead of Brexit leaving date

Spanish wine pours in ahead of Brexit leaving date : : UK wine imports have slumped since the Brexit vote, but Spanish producers are shipping a whole year’s supply ahead of leaving Day 29 March 2019. They are hoping there will be enough to go round if Brits come off the wagon to celebrate – or drown their sorrows – as the country exits the EU.

This follows advice from the Spanish Wine Federation that has urged growers to send as many bottles as they can to Britain in case there is a no-deal exit. “Organise transportation and make sure bottles are correctly labelled to avoid delays at ports.”

La Rioja is the biggest European wine region in terms of exports to the UK. Santiago Frias, of Rioja Winery, Bodegas Riojanas revealed: “We have already shipped all of our sales for the first half of 2019 with 90% of our customers.”

UK downs most Rioja wine – 4.6m litres a month

In a good month, British drinkers can down 4.6 million litres of Rioja, with top brands like Muga and Imperial as popular as ever. But consumption has been down 16% since the Brexit vote. Spanish growers have also been hit by the decline of Sterling against the Euro. Inigo Torres, manager of Grupo Rioja said: “It could get worse for us if the pound depreciates further and we have to face higher duties.”

In the first nine months of 2018, Rioja wineries sold 32 million litres of vino to UK buyers – one third of the region’s global exports. It is believed a record 21 million litres was shipped in January 2019.

Sales of Spain’s cava, now the most drunk sparkling wine after champagne, have been boosted in the UK by the opening of a Cava Academy in London. Sommeliers from restaurants across the UK were trained and examined in wine theory and tasting.

French champagne consumption is down 10% since Brexit, but Brits still managed to get through 26.7 million bottles. Britain remains the biggest market for champagne houses.

Author: Elliott Barnett, international property writer | Image: Wine from La Rioja, favourite tipple in Britain

Decanter guide to the best Rioja wines | Buy property before Brexit to secure residency