• Tue. Apr 23rd, 2024

Surge in Foreign Home Purchases in Spain: 2023 Review

BySamantha Nguyen

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

In 2023, foreigners purchased over 87,000 houses in Spain out of a total of 583,000 transactions. This accounted for nearly 15% of the homes sold, a record high in the historical series. Despite a decline in the three most common nationalities buying houses in Spain – British, German and French – three communities in the Mediterranean region, Murcia, Valencian Community and Catalonia saw significant growth in foreign purchases.

The latest Real Estate Registry Yearbook revealed that 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 including the Balearic Islands saw a decrease in foreign market share in 2023. Overall, foreign demand has been a significant factor in the strength of the housing sales market in Spain with two consecutive years of growth after a period of decline.

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

While the British dominated the market on Balearic Islands and Germans along Mediterranean coastline, Italians were increasingly active on Canary Islands. The French were predominant nationality on Catalonia while Romanians and Moroccans were common buyers across different regions of Spain. Sales of homes priced over half million euros decreased last year despite rising housing costs.

In conclusion, foreigners continue to be attracted to real estate market opportunities available across different regions of Spain with diverse nationalities contributing to its growth. Foreign buyers play a significant role driving sales and shaping market dynamics across different regions while factors such as tourism and migration remain critical drivers behind their increasing presence here

By Samantha Nguyen

As a content writer at newsqwe.com, I am passionate about crafting engaging and informative articles that captivate our audience. With a background in journalism and a keen eye for detail, I strive to deliver content that is not only well-researched but also adds value to our readers' lives. From breaking news stories to in-depth features, I take pride in my ability to tell compelling stories that resonate with our diverse audience. When I'm not typing away at my keyboard, you can find me exploring new cafes, practicing yoga, or getting lost in a good book. I am thrilled to be a part of the newsqwe.com team and look forward to sharing my love for writing with all of our readers.

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