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Foreigners key for Spanish market - 29 September 2006
Out of the 233,669 homes purchased between January and March, 33,241 were bought by foreigners and non-residents and 200,428 by Spanish residents. This total of 233,669 homes sold represents almost a 20% increase from the corresponding quarter in 2005.
The autonomous community of Valencia attracted the largest number of foreign and non-resident homebuyers with 8,879 homes sold; almost 25% of the total number of properties purchased country-wide by non-Spaniards. The next most popular locations were Cataluña (5,778), Andalusia (4,028), Madrid (3,899), Murcia (2,219), The Canary Islands (2,170), and The Balearic Islands (993).
The region where the least number of homes were purchased by foreigners and non-residents was also the area where, proportionally, this segment of homeowners grew the most. This occurred in Ceuta and Melilla, where 17 homes were sold to non-Spaniards.
Spain's growing immigrant population
These type of figures are indicative of the growing importance of foreign immigrants in Spain. According to a recent study by the Spanish bank Caixa Catalunya, foreigners generate no less than 50% of the countries' growth in private consumption. Indeed, Spain has much to be grateful for regarding its immigrants since without this boost in spending its economy would have experienced a setback in its global economic standing.
The massive influx of immigrants to Spain between 1995 and 2005 is largely responsible for growing employment rates and consumer demand, while the ongoing real estate boom -- one of the mainstays of the Spanish economy -- would not have been the same without stimulation from foreign homebuyers and investors.
The decidedly positive economic impact of non-Spaniards on Spain's economy is perhaps most readily observed through the PIB, an economic indicator that measures a country's economic wellbeing. According to Caixa Catalunya this number would have fallen by 6% between 1995 and 2005, but rose instead by 2.6% thanks to the contribution of immigrants and foreigners.
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