Where to invest in Spain in 2024

Spain presents itself as an attractive option for investment in 2024, with several promising economic sectors and a favourable macroeconomic environment. Below we analyse the main factors that make Spain an attractive investment destination, as well as the sectors with the highest growth potential.

Factors that make investment in Spain attractive

Spain currently enjoys a solid macroeconomic position, with economic growth above the European average. Spanish GDP grew by +2.4% in 2023, driven by domestic consumption and business investment.

Another positive factor is the strength of the Spanish labour market. The unemployment rate has fallen substantially in recent years to 11.80% by the end of 2023. It is expected to fall further in 2024 and 2025, which will give a boost to domestic consumption.

Spain also has a competitive position in sectors such as tourism, infrastructure, renewable energy and logistics. Tourism contributes around 12% of GDP and has already recovered after the impact of the pandemic.

Economic sectors with potential in Spain

Spain has a wide range of economic sectors that present interesting investment opportunities in 2024. From renewable energies and tourism, to logistics, automotive, biotechnology and banking. Below we analyse in detail those sectors with the greatest growth potential in the coming years.

Renewable energies

Spain is one of the countries with the greatest potential for renewable energies in Europe. The Government’s objective is for renewables to account for 74% of electricity generation by 2030. This represents a great opportunity to invest in wind farms and photovoltaic plants, as well as in companies related to the manufacture of components. Some of the main companies in the sector are Iberdrola, Acciona Energía and Solaria.

Tourism

International tourism to Spain is recovering rapidly after the pandemic lull. Record visitor numbers are expected in 2023 and 2024. There are interesting opportunities to invest in hospitality, especially in the holiday and luxury segments. Also in related businesses such as online travel agencies, car rental and leisure.

Logistics and transport

Logistics and transport have consolidated as strategic sectors, especially after the rise of e-commerce. Spain has a good geographical position and a network of transport infrastructures that will continue to grow in the coming years. Opportunities in logistics operators, road transport and port and airport management stand out.

Automotive

Despite the global shortage of microchips, the automotive sector in Spain has a promising future thanks to investments in electric and hybrid vehicles. Brands such as Seat, Renault and Mercedes are betting on Spain for their new models. This transformation towards electrification and autonomous driving presents opportunities for manufacturers of components and new technologies.

Biotechnology and life sciences

Spain has excellent professionals and research centres in biotechnology, which has allowed the emergence of innovative start-ups and attracted foreign investment. Opportunities focus on biomedicine, genetic engineering, bioinformatics and sustainable agriculture. The most important clusters are Barcelona, Madrid and Valencia.

Real estate and construction

After the toughest years of the crisis, the real estate and construction sector is once again showing dynamism in Spain. Housing construction will grow, driven by both domestic and foreign demand. In addition, new tourism and logistics infrastructures are expected. It presents opportunities in developers, construction companies and refurbishment and materials companies.

Agri-food

Spain is a world leader in agri-food products such as olive oil, wine, fresh fruit and vegetables. The sector will continue to grow thanks to the growing global demand for quality food and the commitment to sustainable and ecological agriculture. Opportunities in production, packaging, distribution and field technologies stand out.

Banking

The main Spanish banks are in a cycle of recovery after the strong crisis and concentration of the sector. Institutions such as Santander, BBVA, CaixaBank and Banco Sabadell are benefiting from economic growth to increase revenues and reduce non-performing loans. They are also advancing in their digital transformation. Their listed shares have attractive potential.

Coming to Spain with an investor visa

Another interesting option for investing in Spain is to obtain an Investor Visa/ Golden Visa. This type of visa allows residence for non-EU foreigners who make a significant investment in Spain. A minimum investment of 500,000 euros in property, shares, funds, bank deposits or business projects is required. The Investor Visa gives access to live and work in Spain, as well as residency for family members. At Apply Golden Visa we manage the entire application process and offer tax and legal advice thanks to our extensive experience in this field.

In conclusion, Spain offers an attractive environment for investment in 2024 in sectors such as renewable energies, tourism, logistics, automotive, biotechnology, construction, agri-food and banking. Investors should analyse each opportunity in detail, taking into account the financial health of the companies, their business plans and growth prospects.

Within each sector, the investment options are varied: listed shares, direct investment in start-ups and SMEs, real estate projects, specialised funds, etc. It is advisable to seek professional advice and diversify to minimise risks.

With a global approach, a long-term strategy and appropriate risk management, investing in the Spanish economy in 2024 can be a very wise decision.