Golf Enthusiasts Putting The Swing Back Into Spanish Property
The Spanish property market was one of the major casualties following the 2008 crash, however, in recent years sales have been steadily increasing, with transactions at their highest levels since pre 2008. In May alone, over 30,000 properties have been sold, which is an increase of 23% on May 2015, whilst also marking the fourth consecutive month of double-digit annualised increases.
A recent report by the Arum Group, the luxury developer behind La Manga Club, Murcia and Abama Luxury Residences, Tenerife, reveals that this period of prosperity has been fuelled in part by the popularity of the golf industry, a key driver behind near 3,000 property sales so far in 2016.
One of the most popular sports in Spain and contributing over €2 billion each year to the economy, golf is also a big draw for overseas buyers looking for a holiday home. It is estimated that 160,000 Britons living in Spain do so either on or close to a golf resort, with over 8,000 property purchases in Spain per year directly linked to the sport]. Due to this strong market demand, the proximity to a golf course can add up to 25% to the value of a property compared to a regular home.
Commenting on the strong impact the sport of golf has had on Spanish real estate, Agustin La Rocca, Sales Director at Arum Group, said: “The Spanish property market is currently on an upward curve and one of the main drivers is the golf industry. We have certainly noticed the appeal that having world class golf courses adds to real estate developments. At both La Manga Club and Abama we are graced with outstanding examples and there is no doubt that they add to the appeal for our buyers. For a start it means that their views will never be interrupted or built upon and also means that the peace and tranquillity of the area will be preserved’
A report recently published by the Real Federación Española de Golf states that 68% of golf courses in Spain have a direct or indirect link with a real estate development, and that 234,500 properties enjoy ‘direct’ access to a golf course.
In line with increased real estate sales golf has also had a large impact on the Spanish tourism industry with visitor numbers increasing 36.3% in the first quarter of 2016 compared to the same period in 2015, in the region of Murcia alone.
For more information visit www.abamahotelresort.com