According to TheMoveChannel.com, Benidorm became the fifth most searched-for location in the world for property in the first quarter of 2017.
Benidorm has become popular with Brits due to its location on the Costa Blanca which enjoys good train and airport connections other Spanish cities and international destinations. The location has a thriving tourism industry and there is a large community of expats living there.
The ever-thriving tourism sector in Spain is good reason to invest in property in the country. There are plenty of benefits from investing in Spanish real estate, including buy-to-let opportunities created by tourist demand. In addition, the Spain offers the possibility of solid capital growth, as the country’s housing market starts to recover following the crisis a few years ago.
According to official figures, Spanish property sales surged 14% in 2016, with purchases by foreign buyers up 16%. Demand has remained strong in 2017. According to Spanish Property Registrars, Alicante enjoyed the eighth biggest increase in property sales in February 2017 with the number of transactions climbing by 17%. And the Community of Valencia saw the fourth highest number of mortgage approvals in January 2017 pushing the national total of approved mortgages up 16.9% year-on-year.
The price for property in Spain is currently fairly low as are interest rates. Both of these combined are helping to fuel demand which has resulted in a 1.8% increase in house prices in the Valencian Community in the first quarter of 2017. New homes have seen values rise 3.1% in the year to date and resale property have enjoyed rises of 1.9% in the same period.
According to Idealista, buy-to-let investors are seeing returns of more than 6.3% in 2017, up from 5.5% last year and yields for the current year in Alicante are 6.2%, the fifth highest in Spain.