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.