Despite record-high home prices, foreigners continue to actively purchase properties in Spain.
In the first half of 2024, foreign buyers acquired 69,412 homes, marking a 1.8% increase
compared to the same period in 2023. These transactions represented 20.4% of all real estate
activity, with foreign residents accounting for 58.2% of the purchases, while non-residents made
up the remaining 41.8%. Foreigners buying property in Spain are primarily interested in luxury
homes for sale for retirement or investment.
Non-resident foreign buyers are paying an average of €2,249 per square meter, reflecting a
sharp rise in property prices. This marks a historic high, following an impressive 11.4%
year-on-year increase. Although foreign residents are paying slightly lower prices, the average
cost of buying property in Spain is still significant at €1,734 per square meter, up 3.4% from the
previous year.
When broken down by nationality, buyers from Sweden, the USA, and Germany are paying the
highest prices, while most other European nations also exceed the overall average paid by
foreign buyers. On the lower end, Moroccans, Romanians, and Bulgarians paid the least for
their homes. The biggest price hikes were observed among Norwegians, Germans, Russians,
and Americans buying property in Spain, whereas buyers from South American countries saw
more modest increases.
In terms of total transactions, UK buyers led the way, accounting for 8.4% of all foreign
purchases, followed by Moroccans at 7.9% and Germans at 6.8%. Overall, sales by foreign
buyers have continued to rise.
In conclusion, despite soaring property prices, foreign interest in Spain’s real estate market
remains strong, with both residents and non-residents continuing to invest at record levels.
Non-resident buyers, in particular, are driving up the market, paying unprecedented prices for
Spanish homes. While certain nationalities, such as Swedes, Americans, and Germans, are
leading the charge in terms of price paid per square meter, the overall demand from foreign
buyers is steadily increasing, especially from the British and Moroccans. As foreign investment
in Spanish real estate continues to grow, the market shows no signs of slowing down, solidifying
Spain’s position as a top destination for international property buyers.
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