Foreign buyers break new record in home purchases, acquiring 15% of houses sold in 2023

Foreigners accounted for nearly 15% of all homes sold in Spain last year, with a record high in the historical series. Despite a decline in the three most common nationalities buying houses, three communities in the Mediterranean region saw significant growth in foreign purchases. The Balearic Islands remained the top destination for foreign buyers, but four communities saw a decrease in their market share. 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.

Last year, foreigners purchased over 87,000 houses out of a total of 583,000 transactions. Alicante led the provinces in foreign home purchases, with almost 44% of homes sold to non-Spanish buyers. While Brits were the largest group of foreign buyers, Germans and French followed closely behind. Other nationalities such as Moroccans and Belgians also saw an increase in home purchases.

The distribution of foreign purchases points to factors such as tourism, retirement in Spain and a growing labor market attracting migrants. In Catalonia, France was the predominant nationality while Romanians and Moroccans were common buyers throughout Spain. Italians were increasingly active in the Canary Islands while Germans dominated along the Mediterranean coast.

Despite rising housing costs, sales of homes priced over half a million euros decreased last year. However, this did not deter foreigners from continuing to contribute to the growth of Spain’s real estate market with diverse nationalities playing an important role driving sales and shaping market dynamics across different regions.

In summary, despite some fluctuations in buyer preferences and regional differences, foreign demand continues to play a crucial role in shaping Spain’s real estate market dynamics and driving sales across different regions.

By Sophia Gonzalez

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