18 Apr, 2024 @ 17:15
1 min read

Revealed: How Swedes, Americans and other foreigners spend more when buying property in Spain compared to locals – and where they are purchasing the most

Revealed: How Property sales in Spain plummeted by 20% year-on-year in March, new figures show

FOREIGNERS are paying more for their properties in Spain compared to ‘locals’ according to figures from the General Council of Notaries.

The data says that non-residents paid an average of €2,715 per m2 for homes in the second half of 2023- up 6.1% year-on-year and a record figure.

Numbers have returned to 2008 levels with the average total price paid for homes in Spain reaching which €1,712 euros/m2- an increase of 2.1% over 12 months.

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The highest average prices were paid by buyers from Sweden (€3,077/m2), the USA (€3,006/m2), Germany (€2,848/m2) and Switzerland (€2,828/m2).

Purchasers from Norway, Poland, Russia, the Netherlands, France and Italy also exceeded the average price paid by foreigners as a whole, while the lowest amounts were those paid by Moroccans (723 euros/m2), Romanians (1,096 euros/m2) and Bulgarians (1,219 euros/m2).

The price boost contrasts with the drop in total transactions, with the notaries placing the number of home sales in Spain by foreigners in the second half of 2023 at 63,183, which is a decrease of 10% year-on-year.

There are some areas of the country where the number of purchases by foreigners has grown, year-on-year.

That applies to Asturias (11.5%), Cantabria (4.0%), La Rioja (3.4%), Murcia (1.8%) and Castilla-La Mancha (1.1%).

In regard to total foreign sales, the Valencian Community leads the national ranking with 18,919 units, which represents 29.94% of the total.

In other words, three out of every 10 homes purchased by foreigners in Spain are in the region- most notably in Alicante province.

The Valencia region is also registering more deals than Madrid and Catalunya among domestic buyers.

Experts say there are several reasons for this, with the region having a large and stable residential demand, with habitual residences, second homes and both national and foreign customers; affordable prices compared to other locations; high returns for investors, good communications and the attractiveness of Mediterranean life.

Alex Trelinski

Alex worked for 30 years for the BBC as a presenter, producer and manager. He covered a variety of areas specialising in sport, news and politics. After moving to the Costa Blanca over a decade ago, he edited a newspaper for 5 years and worked on local radio.

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