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Tourism boosts foreign property markets

Tourism is helping to drive economic growth in many popular holiday destinations, according to experts.

Analysts at NuBricks.com stated that the holiday industry now accounts for much of the gross domestic product (GDP) in leading tourist hotspots.

Spain was highlighted as one such country which is reaping the benefits, as areas such as the Costa del Sol have experienced significant growth in their housing markets in recent years.

This is because tourism has led to greater demand for services and commodities, as well as high levels of consumer spending.

Furthermore, the influx of visitors has led to the need for tourist accommodation, specifically desirable properties located in prime locations.

NuBricks.com said: "The overall contribution of tourism and travel to worldwide GDP creates a ripple effect on the local economy."

This comes after official figures revealed that 59.2 million people visited Spain last year - 1.7 per cent more than in 2006.

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