Alex Trelinski
PROPERTY purchase deals in Spain by foreigners flattened out last year to €11.7 billion of sales- up by just 0.4% in value compared to 2023.
That compares to over €14.5 million in sales recorded in 2018.
Figures compiled by the Ministry of Housing showed that the overwhelming number of non-Spanish purchases were second-hand housing.
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Foreign buyers accounted for 19.1% of the 122,118 transactions carried out last year- down 988 on the 2023 total as prices continue to soar due to demand outstripping supply.
By origin, buyers from the United Kingdom led the foreign pack, with 8.6% of the total, followed by those from Germany (6.7%), Morocco (5.7%) and France (5.4%).
The biggest interest in new properties came from Belgium which accounted for 32.4% of their citizen’s purchases followed by Poland (30.8%), the Netherlands (29.8%) and Sweden (23.8%).
In the second-hand market, 87% of deals done by French nationals were for such properties.
Next on the list is Morocco (85.9%), Romania (85%), Argentina (85%), Ireland (83.9%) and Italy (83.5%).
The most popular areas for foreigners to buy a home were the Balearic and Canary Islands, along with the Valencian Community, where Alicante province dominates.
Last year was the last full 12-month period for the Golden Visa scheme which ended in April.
It allowed foreigners to buy a property in Spain and gain residency by spending at least €500,000 on a home.
Purchases of over €500,000 accounted for just over 10% of foreign transactions of which 47.5% were from outside the European Union.
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