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Property purchases by foreigners in Spain increase by 44 percent

The Local Spain
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Property purchases by foreigners in Spain increase by 44 percent
Property purchases by foreigners increased by 44 percent in 2022. Bartłomiej Koc / Pixabay

Foreigners bought more than 100,000 homes in Spain in the first three quarters of 2022, which represented a rise of 44 percent.

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The purchase of properties in Spain by both residents and non-residents grew by 22.85 percent in the third quarter of 2022 to 32,701 operations, compared to 26,617 registered in the same period of 2021, according to transaction data released by the Ministry of Transport, Mobility and Urban Agenda.

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From January to September 2022 there were 101,460 home sales to foreigners, 44.31 percent more than in the first nine months of 2021.

Non-residents made 15,821 sales, compared to 12,109 in the third quarter of 2021, representing an increase of 30.65 percent. 

Asturias led the increase in property purchases by foreigners, with a rise of 51.1 percent in the third quarter of 2022. In total, 266 transactions were registered, of which 214 were from resident foreigners and 52 were made by non-resident foreigners.

The Canary Islands also attracted real estate interest from foreign buyers. Transactions grew by 48.72 percent compared to the third quarter of 2021, to 2,808 operations. Of these, 1,132 were resident foreigners and the rest were non-resident foreigners.

Valencian was in third position, with a 36.1 percent increase in property transactions. It was also the region that also registered the most operations overall, with 10,401 transactions by foreigners. Residents carried out 4,264 operations, while non-residents were responsible for 6,137 transactions.

READ ALSO: Four in ten properties sold to foreigners in Spain are in Alicante

Despite the growth trend throughout the country, four regions showed decreases in property transactions by foreigners. These were Cantabria, the Balearic Islands, Navarra and Castilla-La Mancha. 

Cantabria had a decline of 20.8 percent, with only 99 operations. This included 83 transactions by resident foreigners and 16 among non-resident foreigners.

Surprisingly, in the Balearic Islands, the fall was 13.9 percent, with a total of 1,731 operations in the third quarter. Of these, only 566 were from residents, while 1,165 were from non-residents. 

Home sales in Navarra stood at 149 operations in the third quarter of the year, 12.8 percent less. In this case, 144 transactions were from foreign residents in Spain and only 5 were from non-resident foreigners.

In the case of Castilla-La Mancha, sales decreased by 11.12 percent, up to 583 operations, of which 567 were by residents and the remaining 16 by non-residents.

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