Foreigners Break New Record by Purchasing 15% of Homes Sold in 2023

Surge in Foreign Home Purchases in Spain: Diverse Buyers Across Different Regions and Price Points

Foreign home purchases have been on the rise in Spain for two consecutive years, with a total of 583,000 transactions recorded last year. Despite the decline in market share of the three most common nationalities – British, German, and French – foreigners own a significant portion of the Spanish real estate market.

The growth in foreign home purchases was led by three communities in the Mediterranean area – Murcia, the Valencian Community, and Catalonia. The Balearic Islands remain the most popular destination for foreign buyers, with over 31.5% of homes sold going to non-Spanish nationals.

Provincies like Alicante, Santa Cruz de Tenerife, and Malaga saw the highest percentages of foreign home purchases. However, some provinces had lower levels of foreign buyer activity. Despite this, there has been an increase in real estate acquisitions by other nationalities such as Moroccans, Belgians, and Italians.

The distribution of purchases by nationality varied across different regions. Germans dominate the Balearic Islands market while British buyers are more common along the Mediterranean coast. While there was a slight decrease in homes sold for amounts exceeding half a million euros last year, the overall trend of foreign buyers in the Spanish real estate market remains strong.

Spain has seen significant growth in real estate transactions after a period of decline due to factors such as increased tourism-related purchases and retirees relocating to Spain. The labor market attracting migrants has also contributed to this growth.

Overall, Spain’s real estate market continues to be attractive to foreign investors with its diverse range of purchasers across different regions and price points.

In conclusion, Spain’s real estate market is experiencing steady growth with an increasing number of international buyers from various countries contributing significantly to its development.

Leave a Reply

Prince Harry Feels Deep Concern Over Meghan Markle’s Latest Business Venture Previous post Prince Harry’s Upbringing Causes Unease with Meghan Markle’s Business Venture: Royal Expert Weighs In
Biden to address reducing healthcare expenses Next post President Biden’s Remarks on Lowering Healthcare Costs: Tackling High Prescription Drug Prices and ACA Anniversary