The Spanish city of Malaga and its Costa del Sol surroundings are seeing a surge in people moving in from the rest of Europe as lifestyle and working habits change after the COVID-19 pandemic, according to two of Spain’s largest homebuilders. READ:
A WOMAN in a remote meeting via videoconference works from her living room. — REUTERS
Aedas Homes said its sales to foreigners in Costa del Sol doubled last year, from 124 units sold in 2021 to 248 in 2022, while Neinor Homes SA said about 40% of young people taking on long-term rents in the city since they launched a rental division in 2020 were foreign. That compares with almost no international customers elsewhere in Spain.
“I don’t think it’s just the war,” Mr. Martinez told Reuters. “I think it’s that lots of people have had a rethink about their lives post-COVID.”Malaga has been working to position itself as a tech hub that can attract foreign talent rather than just a gateway to the beaches and golf courses further south. The local government last year eliminated a wealth tax that obliges residents and non-residents to pay income tax on money held abroad.
Citigroup C.N announced in March 2022 plans to open a hub for junior investment bankers in the city, offering what it said was “a better equilibrium between work and private life to attract young talent.”
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