Immigrants Boosting Spanish Economy

Immigrants in Spain are emerging as a powerful new force in the Spanish economy, raising demand
for housing, which in turn is sustaining the country’s construction boom. With the rising demand
for housing, increased demand for skilled immigrant construction workers has also risen. The flow
on effect of increased immigration to Spain has led to an even greater housing demand. Angel
Berges, a partner at Analistas Financieros Internacionales, estimates immigrants will buy some
170,000 homes in Spain this year, almost one quarter of the total demand for new houses. Since
2000, the number of immigrants to Spain has grown to 4 million, making up nine percent of the
total population. An amnesty last year awarded work permits and residency to almost 700,000 illegal
immigrants. Fincas Corral, an estate agent, says that only 16% of immigrants are homeowners,
which means that the potential for home ownership among the immigrant population remains
untapped.

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