With its warm temperatures throughout the year, stunning beaches and majestic mountains, Spain, and specifically the Mediterranean coast of Alicante province, stands out as one of the leaders in residential tourism in the European Union. Costa Blanca, stands as a magnet for those seeking not just a sporadic vacation, but a long-term life experience.
The main attraction of residential tourism lies in the deseasonalisation of tourism, where foreigners choose to spend extended periods in the country, owning second homes. In Spain, many find an opportunity to enjoy their retirement or even to work, especially those who can fulfil their roles from any corner of the world.
These temporary residents explore the region, immerse themselves in the rich local culture, enjoy the hospitality and contribute to the economic growth of the area by engaging with hospitality and local shops. This spending pattern translates into significant benefits for businesses and, in turn, boosts employment. In the Valencian Community, residential tourism represents more than 5% of GDP, and an even more impressive figure in the province of Alicante, where it reaches 30%.
Data for the first six months of 2022 from the Ministry of Transport, Mobility and Urban Agenda (MITMA) reveal that Costa Blanca leads, with 40%, home sales to foreigners, surpassing its closest competitor, the Costa del Sol, which stands at 24%. The average budget for purchasing homes exceeds 384,000 euros, and it is worth noting that the majority of these transactions are carried out without resorting to external finance.
In its report on ‘Transactions of Foreigners in the Province of Alicante’, the Notarial Council of Valencia highlights a record in home sales during the first half of 2023, with 7,499 units sold, a figure not seen since 2010.
According to an influential group of developers, 80% of buyers in the Costa Blanca area are foreigners, coming from 34 different countries. Poland (27.9%), Spain (19.2%), Belgium (5.6%) and Ukraine (5.4%) are the top buyers, with Sweden (4.9%) also rating high.
The typical Costa Blanca buyer is looking for properties of around 117 square meters, generally two or three bedroom apartments designed for longer stays. additionally, 67% of foreign buyers occupy their new homes for two or three months, while 15.3% extend their stay to between 4 to 6 months.
Costa Blanca is undoubtedly positioned as a leading destination in residential tourism, fusing Mediterranean charm, comfort and an unmatched quality of life.
