In recent years, Spain's GDP has consistently ranked among the top of major developed nations, demonstrating strong development momentum. With numerous highlights of economic recovery emerging, the immense investment potential hidden within is gradually being discovered, leading many to choose Spain as a destination for asset investment.
1. Economic Growth Reaches a 10-Year High
The European Commission had previously projected Spain's 2017 economic growth rate at 2.7%, but the reality has far exceeded this. According to the latest data from the National Statistics Institute of Spain, in the second quarter of 2017, Spain—the fourth-largest economy in the EU—recorded an economic growth rate of 3%, with a quarter-on-quarter growth of 0.9%. This surpassed previous expert expectations and reached its highest point in nearly a decade.
2. Gradual Increase in Employment Rate
Following the European debt crisis, Spain's unemployment rate once reached as high as 27%. However, since 2013, the unemployment rate has begun a slow decline and has now fallen to 17.22%. The actual number of unemployed individuals may be even lower, as Spain's stringent labor protection system discourages many companies from signing long-term contracts, opting instead for short-term employment. These individuals are not registered as employed, yet they are already working.
3. Recovery of the Service Sector
Data from the provider IHS Markit shows that the Spanish Service PMI, which had bottomed out in the recession zone of 30 during the European debt crisis, has now recovered to a high level above 50. The index for August was 56, marking 45 consecutive months of expansion. Furthermore, the Spanish tourism industry, which we have been closely monitoring, has also shown significant positive surprises. The "Travel & Tourism Competitiveness Report 2017" recently released by the World Economic Forum shows that Spain has retained its position as the world's number one in tourism competitiveness for the second consecutive year, with a score of 5.43.
4. Rising Property Prices and Increased Investor Confidence
According to the latest statistics, in the second quarter of 2017, the average property price in the capital, Madrid, rose by 10.8%. In the popular region of Barcelona, prices surged by as much as 36%, continuing to be the city with the strongest growth and leading the way in Spanish real estate investment. Overall, the average national property price in Spain rose by 2.7%, and rental prices are also climbing steadily. Spain has become one of the preferred countries for investors to immigrate to Europe.
Spain's economic reforms also include the promotion of foreign investment. Since the new immigration law was enacted in 2013, the property price index has rebounded since 2014. Currently, the Spanish real estate market has strong demand, with both volume and prices rising, which indirectly confirms its steady economic recovery and highlights the investment value of Spanish real estate to the market. Purchasing a property worth 500,000 euros at this time not only allows for investment returns and the enjoyment of significant property appreciation or rental income, but also enables three generations of a family to obtain Spanish residency, secure status in a major European country, enjoy the same high-quality benefits as EU citizens, and travel freely across the 26 Schengen Area countries.
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