Foreigners pay a record price to buy homes in Spain

Non-residents paid over €2,700/m2 in the second half. Record-breaking transactions in Asturias and purchases by by Colombians

Foreigners spend an unprecedented amount when buying a home in Spain. According to data from notaries, non-residents paid an average of €2,715 per square metre in the second half of 2023, 6.1% more year-on-year and the highest figure on record.

This price has boosted the average paid by foreigners as a whole (residents and non-residents), which stood at €2,175/m2 and returned to 2008 levels after growing 4.1% year-on-year; as well as the total average price paid for homes in Spain, which reached €1,712/m2 including foreigners and Spaniards, with an increase of 2.1% year-on-year.

If we look at the total number of transactions, the Valencian Community continues to lead the Spanish ranking at 18,919, representing 29.94% of the total. In other words, three out of every ten homes purchased by foreigners in Spain are in this region.

Experts highlight several factors behind this growing interest. For example, the region has a large, stable residential demand, with primary residences, second homes and both Spanish and foreign clients; affordable prices compared to other locations; high profitability for investors, good transport links and the appeal of Mediterranean living.

The high proportion of foreign buyers in this community, especially in Alicante, has been the main driving force, as it is “a profile with a high level of activity, which is less sensitive to prices and interest rate rises than Spanish buyers”.

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British continue to lead

According to the notaries, the group of foreigners who bought the most homes was British, which accounted for 9.7% of the total number of transactions (6,155), followed by Moroccans (7.14%) and Germans (7.11%). “The group of nationalities that includes the rest of foreign buyers from outside the EU accounted for 11.6%, thus continuing the upward trend shown in previous semesters,” the notaries emphasise.

Transactions by Norwegians (-30%), Germans (-25.8%) and Swedes (-25.1%) recorded the largest year-on-year decreases, while Ireland (12%), Ukraine (9%) and Russia (4.7%) were the countries with the largest increases in sales.

The British were the main buyers in the Valencian Community, Murcia and Andalusia, the Germans in the archipelagos, Galicia and Asturias, Americans in La Rioja and the Basque Country, and the Chinese in Madrid.

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