• Sun. Apr 21st, 2024

2023: Foreign Home Buyers Dominate Spanish Real Estate Market for Second Consecutive Year with Record Highs

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, representing nearly 15% of the homes sold. This was a record high in the historical series, with foreigners holding a larger share of the real estate market than ever before. Despite a decrease in the three most common nationalities buying houses in Spain – British, German, and French – three communities in the Mediterranean region, Murcia, the 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 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 the 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 also saw an increase in home purchases. The distribution points to factors such as tourism retirement and growing labor markets attracting migrants.

While Brits dominated the market on Balearic Islands and Germans along Mediterranean coasts Italians were increasingly active on Canary islands France was predominant nationality Catalonia while Romanians and Moroccans were common buyers throughout Spain Sales of homes priced over half million euros decreased last year despite rising housing costs .

By Samantha Nguyen

As a content writer at newsskio.com, I weave words to craft compelling narratives that captivate readers and bring stories to life. With a keen eye for detail and a passion for storytelling, I strive to create engaging and informative content that resonates with our audience. Whether I'm delving into the latest news trends or exploring unique angles on various topics, my goal is to deliver quality content that informs, entertains, and inspires. Join me on this journey as we uncover the news stories that matter most.

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