• Sat. Apr 13th, 2024

Foreign Home Purchases in Spain: A Diverse and Growing Market

BySamantha Jones

Apr 3, 2024
Foreign buyers break new record in home purchases, acquiring 15% of houses sold in 2023

In 2023, foreigners made a record high in the historical series of home purchases in Spain. Out of a total of 583,000 transactions, they bought over 87,000 houses, representing nearly 15% of the homes sold. Despite a decline in the three most common nationalities buying houses in Spain – British, German, and French – three communities in the Mediterranean region saw significant growth in foreign purchases.

The Balearic Islands remained the top destination for foreign buyers, with 31.5% of total home purchases coming from non-Spanish nationals. However, four communities saw a decrease in foreign market share last year. Overall, foreign demand has been a significant factor in the strength of the housing sales market in Spain after two consecutive years of growth following a period of decline.

Alicante led provinces with almost 44% of homes sold to non-Spanish buyers. The British were still the largest group of foreign buyers but were followed closely by Germans and French. Other nationalities such as Moroccans, Belgians, and Italians also saw an increase in home purchases last year. The distribution of foreign purchases points to factors such as tourism, retirement in Spain, and a growing labor market attracting migrants.

In terms of regions where Italians are increasingly active are Canary Islands while Romanians and Moroccans dominate Catalonia and other regions respectively. Sales of homes priced over half a million euros decreased last year despite rising housing costs indicating that even these high-priced properties can’t deter foreign buyers completely.

The real estate market continues to attract foreigners with diverse nationalities contributing to its growth across different regions in Spain. Foreign buyers play a significant role driving sales and shaping market dynamics

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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