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

In 2023, Spain witnessed a record high in foreign home purchases as over 87,000 houses were bought by non-Spanish nationals out of a total of 583,000 transactions. This represented nearly 15% of the homes sold, with foreigners holding a larger share of the real estate market than ever before. 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. 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 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 Italian buyers were increasingly active on the Canary Islands and French buyers dominated Catalonia’s real estate market.

Despite rising housing costs last year sales of homes priced over half a million euros decreased. Foreign buyers continue to play a significant role in driving sales and shaping the market dynamics across different regions in Spain.

In conclusion, the Spanish real estate market continues to attract diverse nationalities contributing to its growth as an essential factor driving sales and shaping its dynamics across different regions.

By Samantha Johnson

As a content writer at newsnmio.com, I craft engaging and informative articles that aim to captivate readers and provide them with valuable insights. With a background in journalism and a passion for storytelling, I thoroughly enjoy delving into diverse topics, conducting research, and producing compelling content that resonates with our audience. From breaking news pieces to in-depth features, I strive to deliver content that is both accurate and engaging, constantly seeking to bring fresh perspectives to our readers. Collaborating with a talented team of editors and journalists, I am committed to maintaining the high standards of journalism upheld by our publication.

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