"We have recently learned that the foreign population has boosted Spanish GDP, spending 60% more than in 2019."
There are statistics, most of them, that are not the result of chance, and numbers behind which you have to make several readings to understand them. We have recently learned that the foreign population has boosted Spanish GDP, spending 60% more than in 2019. Thus, it is undeniable that the consumption of non-residents in Spain is being crucial for the recovery of the economy after the pandemic.
Specifically, in the second quarter of 2023, when the results are made public, the level of spending by foreigners is expected to be 60% higher than in the same period of 2019. Beach destinations and the most touristic cities are benefiting. And this is the reason why companies linked to the tourism sector are brimming with optimism about the strength of travellers from other countries.
But it is not just a question of travellers, but of people, families and companies that come to Spain to settle, to live and to develop their economic activity. In this sense, we must understand the purchase of homes by foreigners, which is experiencing an upturn and a splendour that would have been difficult to imagine a few years ago; and we must understand, at the same time, that these home buyers are encouraging developers and builders to develop and speed up their projects, especially residential ones, given the strong market demand and the permanent business opportunities.
Thus, the Risk Department of DEXTERits Senior Analyst, Rubén Miñarro, points out that "It is very common that when we analyse applications for financing from developers and builders, from Spanish companies, and when we look at the reservations of homes before construction begins, a high percentage of them have been pre-sold to European and American citizens, who are setting up their first residence in Spain or buying as a holiday home. It is undeniable that this trend is greatly boosting the real estate market. And our role as a financial lever is playing a major role and helping a great deal".concludes Miñarro.
