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

Foreign Home Purchases in Spain Soar to New High in 2023; Diversity of Buyers Drives Market Dynamics

In 2023, foreigners purchased over 87,000 houses in Spain out of a total of 583,000 transactions. This represented nearly 15% of the homes sold and set a record high in the historical series. Despite a decrease in the three most common nationalities buying houses in Spain – British, German, and French – three communities in the Mediterranean region, Murcia, the Valencian Community, and Catalonia, saw significant growth in foreign purchases.

The latest Real Estate Registry Yearbook revealed that the Balearic Islands remained the top destination for foreign buyers, with 31.5% of total home purchases coming from non-Spanish nationals. However, four communities saw a decrease in foreign market share in 2023. Despite this decline, overall foreign demand has been a significant factor in the strength of the housing sales market in Spain.

Alicante led the provinces in foreign home purchases, with almost 44% of homes sold to non-Spanish buyers. The British remained the largest group of foreign buyers followed by Germans and French. However, other nationalities such as Moroccans, Belgians, and Italians also saw an increase in home purchases in Spain.

The distribution of foreign purchases points to factors such as tourism, retirement in Spain, and a growing labor market attracting migrants. While some regions have seen decreases in certain nationalities’ market share due to economic conditions or geographical location factors.

Sales of homes priced over half a million euros decreased last year despite rising housing costs. The real estate market continues to attract foreigners with diverse nationalities contributing to its growth.

Foreign buyers play a significant role in driving sales and shaping the market dynamics across different regions in Spain. The diversity of buyers reflects their various motivations for buying property here – whether it be for holiday homes or permanent residency options. Additionally, it highlights how dynamic the Spanish real estate market can be as it continues to adapt to changing global trends and economic conditions.

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