Foreign buyers play a significant role in the economy of the Canary Islands by boosting the tourism sector and contributing to economic diversification. Their presence generates income through tourism, strengthening the hotel industry, restaurants, and recreational activities, thereby promoting local employment and economic development in the region. Additionally, the demand for local products from these buyers can benefit the production and marketing of goods in the Canary Islands.
Almost 30% of homebuyers in the Canary Islands are foreigners, making it the third-highest figure in the country, only behind the Balearic Islands and Valencia.
The fact that almost 30% of homebuyers in the Canary Islands are foreigners highlights the significant importance these buyers have in the real estate market of the region. This high proportion can have several economic and social implications:
Economic injection: Foreign investment in real estate contributes to the local economy, generating income through the purchase and sale of properties. This can have a positive impact on the economic activity of the region.
Employment and services: The increased demand for homes from foreign buyers can drive construction and the real estate industry, creating jobs in related sectors. Additionally, these buyers may use local services such as moving companies, legal services, and other services associated with property purchases.
Diversification of the real estate market: The presence of foreign buyers can contribute to the diversification of the real estate market, which could be beneficial for sector stability. Diverse demand can help mitigate the impacts of potential fluctuations in national demand.
Cultural and social: The presence of foreign buyers can also have a cultural and social impact by promoting diversity and interaction among people of different nationalities. This can enrich community life and create a more cosmopolitan atmosphere in the region.
For all these reasons, it is essential to emphasize the importance of real estate agents with language skills since foreign buyers, while interesting for any Canary Islands seller, are not easy to serve due to language barriers, and some of the purchasing processes are difficult and different.
Therefore, it is crucial to have a real estate advisor like me who has extensive experience and speaks multiple languages.
I invite you to contact me, Julien Lelièvre, international real estate advisor, to address any questions regarding the purchase of your home.
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