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Date Published: 19/11/2021

ARCHIVED - Foreign buyers of homes in the Region of Murcia are on the increase

ARCHIVED ARTICLE

British buyers led the sales in the Region of Murcia and in Andalusia

<span style='color:#780948'>ARCHIVED</span> - Foreign buyers of homes in the Region of Murcia are on the increase

The number of properties bought by foreigners in the Region of Murcia has increased by 55.1% year-on-year during the first half of 2021 (2,608 sales), according to data from the General Council of Notaries. This increase, unsurprisingly, is highly conditioned by the decline registered in the first half of 2020 as a result of the pandemic.

On a national level, foreign buyers in Spain increased by 47% year-on-year in the first semester (47,683 sales) and operations carried out by foreigners represented 15.4% of the total sales, which is still below the average between 2012 and 2019 (18.7%).

Resident foreigners carried out 66.1% of the purchases, increasing by 55.5% year-on-year; while the remaining 33.9% were by non-residents: a 32.9% increase.

Price per square metre

In addition, it seems foreigners are willing to pay slightly more for their properties, as the average price per square metre has increased by 4.1% since last year, with foreigners spending an average 1,863 euros/m2 nationally, but the Region of Murcia fell well below the average at 908 euros.

Non-resident foreigners paid even higher amounts for their homes (2,452 euros/m2) than foreign residents (1,498 euros) and Spanish nationals (1,481 euros).

However, the prices paid by foreigners were irregular across different parts of Spain, with the average increasing in eight autonomous communities and decreasing in the remaining nine. Said increases reached the double-digits in the Balearic Islands (11%), followed by Andalusia, Galicia, Madrid and Navarra, with increases of between 5.8% and 6.3%. Meanwhile, smaller increases were recorded in the Comunidad Valenciana (2.5%), the Canary Islands (2.2%) and the Basque Country (0.7%).

Declining figures were reported in Extremadura (-31.9%), Asturias (-20.7%), Cantabria (-19.4%) and La Rioja (-16.6%), followed by the Region of Murcia, Castilla La Mancha, Castilla y León, Aragón and Catalonia, where less extreme figures were reported: between -8.0 and -1.1%.

Which nationalities are at the top of the leaderboard?

By nationality, the biggest purchasers in the first half of 2021 were Moroccan, with 10.8% of all operations (5,159), followed by British nationals (9.7%) and Romanians (6.5%), but property purchases by foreigners of all nationalities have increased drastically compared to last year.

Foreigners from outside the EU accounted for 13% of sales and Swiss and German buyers both reported huge year-on-year increases, 90.2% and 75.1%, respectively.

The highest average prices per square metre were paid by buyers from Sweden (2,768 euros), Denmark (2,680 euros), Germany (2,676 euros), Switzerland (2,464 euros), the USA (2,266 euros) and Norway (2,223 euros), while the lowest prices were paid by Moroccans (640 euros), Romanians (967 euros) and Ecuadorians (984 euros).

Different parts of Spain attracted different nationalities and data shows that the French led the sales among non-resident foreigners in Castilla y León, Castilla La Manche, Aragon, Catalonia, La Rioja, the Basque Country and Navarra. On the other hand, Germans were the main buyers on the islands and in Cantabria, while the British opted for Andalucía and Murcia.

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