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PROPERTY SEARCH

Date Published: 19/04/2022

ARCHIVED - The number of foreigners buying property in Spain has risen by more than 40 per cent

ARCHIVED ARTICLE

Brits are leading the way in the recovery of the Spanish real estate sector, but Swedes spend the most money per square metre

<span style='color:#780948'>ARCHIVED</span> - The number of foreigners buying property in Spain has risen by more than 40 per cent

Property purchases by expats in Spain increased by 41.9% in the second half of 2021 in comparison with the previous year as more and more people are able to achieve their dream of moving to Spain or buying a holiday home on the Spanish costas due to the relaxation of Covid measures.

Between July and December 2021, there were 63,934 properties bought by non-Spaniards in Spain. Property transactions by foreigners accounted for 18.6% of the total sales and purchases, in line with the average between 2012 and 2019 (18.7%) and following a sharp decline in the first half (-37.3%) and the second half (-10.8%) of 2020.

Of course, this increase is heavily linked to the sharp decrease in real estate transactions in 2020 due to the Covid-19 pandemic. Now, though, the number of properties being bought by expats in Spain is on the rise again as the pandemic abates and restrictions are lifted.

This increase was present in every single one of Spain’s 17 Autonomous Communities, but the largest increases were in the Balearic Islands (81.5%), the Canary Islands (57.1%), Andalucía https://andaluciatoday.com/ (55%), Cantabria (50.5%) and Valencia https://alicantetoday.com/ (44.9%). The smallest increases were in Castilla y León and Galicia, where the growth was less than 10%.

See also: Region of Murcia will see record growth in households by 2035

Which nationalities are buying homes in Spain?

By nationality, the group of foreigners who bought the most homes in Spain at the end of last year was the British, making up 11.8% of total transactions (7,560). They were followed by the Germans (10.4%) and the French (8.3%).

Purchases made by foreigners of all nationalities increased, but the highest increase was by the Dutch (104.1% year-on-year), Irish (99.3%) and Germans (84.9%).

Meanwhile, the highest average prices per square metre were paid by buyers from Sweden (2,752 €/m2), Denmark (2,750 €/m2), Germany (2,741 €/m2), USA (2,601 €/m2), Germany (2,741 €/m2) and the UK (2,741 €/m2).

Image 1: Archive

Image 2: Centro de Investigaciones Estadísticas del Notariado

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