Percentage of Foreign Property Buyers in Spain hits All Time High

Spain continues to remain a popular destination for expats.  In the first half of 2023, a staggering 21.4% of property sold was snapped up by foreign nationals according to a report just released from the Spanish Ministry of Transport, Mobility and Urban Agenda*.

This is the highest level ever recorded. 

Despite Brexit, British nationals still account for the lion’s share, 9.6% of the total foreign buyer pool, followed by Germans, 8.1% and Moroccans, 7.3%. 

The foreign nationals seeing the largest growth in the first half of 2023 have been the Russians, up 50.2% compared with the previous period, followed by Ukrainians up by 41.6% and Americans up by 13.6%. 

The regions that saw the largest increases in foreign owners were Asturias, up 27.7%, Galicia up 14.8%, Murcia up 5.5% and the Valencian Community up 1.3%. On the flip side, the biggest decreases in demand by foreign investors were seen in the Balearic Islands, down 32%, Navarra, down 19.7% and Andalucia, down 15.3%.

Interestingly, different nationalities gravitate towards different regions with Americans buying the most property in Cantabria, Castilla La Mancha and La Rioja, the Germans buying in the Balearic and Canary Islands, the French in Aragon, Castilla y Leon, Catalonia, Extremadura, Galicia, Navarra and the Basque Country and the British in Andalucia and Murica.

In terms of price points, foreigners pay an average of €2,095 per square metre for property (this can be broken down further to €2,598 sqm for non-resident foreigners and €1,676 sqm for resident foreigners).  In sharp contrast, Spanish nationals pay on average €1,574 sqm.  Based on these figures, it is clear that foreign second homes are driving house price increases the most.

If you are thinking that now might be the time to get ‘in’ on the action, please get in touch.

*Source: The Spanish Ministry of Transport, Mobility and Urban Agenda report on house purchases, October 2023

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