Insurance companies say Hello to our new neighbours

The world becomes more and more globalized every day, it is increasingly common to have neighbors of all nationalities possible. Foreigners are a significant part of our country population, in 2018 Spain was visited by 82.6 million tourists. Many of them decide to stay a bit longer, whether because of love for our kitchen, our landscapes, our culture or our people.

Last year, the Minister of Industry, Commerce and Tourism, Reyes Maroto, mentioned that Spain had become one of the main tourist destinations worldwide. And not only that, in addition, the total amount of money spent by visitors reached 90,000 million euros with real estate being one of the main market niches with investments of up to 500,000 euros.

But are we aware of all the possibilities this implies? The way we trade will change, just like the target audience, so we must prepare for a new reality.

Thank you, foreigners, for boosting our economy!

As mentioned, the sector that has benefited the most is real estate, reaching record figures, not even during the financial crisis that many houses were being sold!

In 2018, 53,359 deals were closed, the highest absolute figure in the Spanish history, while the previous one, almost 33,000, was documented in 2007. In 2008, one of the most complicated years due to recession, the numbers fell. It was not until 2014 when the real estate sector began to strengthen again.

The average property acquired by foreigners’ square meter price increased 0.9% year-to-year. This generated higher income for Spaniards and opened new business opportunities, such as redecoration and repair and acquisition of insurance. Thank you, foreigners, for boosting our economy!

For these reasons, contracts currently require professionals in legal translation, who handle technical and legal vocabulary, since the slightest error can lead to greater consequences. So why risk it, do not you think?

What languages ​​should we have under control?

The British citizens are the ones who top the list buying most houses in Spain (7,613 operations only in the first half of 2018), and not even Brexit being able to slow down our neighbors. On the second and third place are the French (4,211 deals) and the Germans (4,138 acquisitions) accordingly. Hello!, Salut!, Hallo! They are followed by Romanians (3,872 operations) and Moroccans (3,662). The other two nationalities that grew most lately were the Irish (24.7%) and the Danish (18.2%), while purchases made by Swiss citizens fell by 13.2%.

And do you know which communities are foreigners’ weak points? The Valencian Community is the one in the vanguard with 15,613 operations representing one third of all the purchases made in the region. Andalusia occupies the second place followed by Catalonia.

But what’s curious is that only 51% of Spaniards speak foreign languages. We are not prepared for the continuous migrants’ arrival to our country, so we must start thinking about how to change the way we do business.

To have the translation done will be fundamental to reach the niche. Nowadays it is normal to see brands commercials and slogans both in English and Spanish, restaurant menus in several languages, being ones of many examples of how the communication has globalized. Verdad?

The international market has come and companies are evolving, everyone wants to get more clients, and for that they need professional translation services.

But for what documents?

As mentioned above, a real estate deal also gives way to other markets, such as insurance. There are several typical papers that are mandatory in our country, such as material damages or liability insurance:

And not only those as translations are required for many other ones, here are just some:

• Sales and financial contracts.
• Attorney rights.
• Labor documentation.
• Last wills.
• Insurance policies, expert reports.
• Documents related to Intellectual or Industrial Property.
• Regulations and foreign legislation.
• Court decisions.
• Arbitration procedures.
• Social status changes.

Many insurance companies have already seen this opportunity and are seeking professional translation agencies to help them with the paperwork. This is because they have realized the market needs and prefer to directly reach the sector that grows exponentially.

Hello, new neighbors!

No matter if they are British, Romanian, Moroccan or Swedish, they are already here and will continue to arrive to our country. It’s important to be prepared for these changes and the new market that requires contracts in foreign languages, translated policies and budgets, among other documents. The Spanish market is becoming more international but we will be prepared.

 

Sources: El Pais / Parainmigranes.info /Larambla