Buying property in Spain: Immigrants in Spain boost the Spanish housing market
Here’s a breakdown of the different countries that are contributing to the property boo in Spain.
It’s not just the UKImmigrants in Spain boost the Spanish housing market
According to recent statistics published by Spanish newspaper El Mundo, 33.63% of people who take out a mortgage in order to buy property in Spain are immigrants. This figure is expected to increase in the future especially in the market for used properties.José Luis Álvarez Arce a lecturer on the Spanish economy for the University of Navarra said that the Spanish property market is noticing the effects of large scale immigration which began around 7 years ago.
However the habits of immigrants when buying a property in Spain differ to those of Spanish citizens.According to the 5th report by Technocasa on the housing market in Spain carried out by the School for International Commerce in the University of Barcelona immigrants from Asia take out an average mortgage for 215.625 euros, those from China take out averages mortgages for 250.000 euros.
South American immigrants take out mortgages for around 210.563 euros while African immigrants take out smaller mortgages on average for around 167.892 euros. The average figure for a European citizen is 179.640 euros and the average age is 36 years old.
Buying property in Spain: Immigrants in Spain boost the Spanish housing market
Tags: spain, property, housing
