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Property purchases by foreigners in Spain increase by 44 percent

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

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

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.

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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Barcelona’s most expensive apartment sells for more than €40 million

The most expensive apartment in Barcelona now has a new owner and has been sold for a whopping +€40 million.

Barcelona's most expensive apartment sells for more than €40 million

According to reports in the Spanish press, a “foreign individual” has bought the penthouse apartment located on the city’s elegant Passeig de Gràcia. 

Passeig de Gràcia is one of Barcelona’s most famous streets, home to Gaudí buildings such as Casa Batlló and La Pedrera. 

READ ALSO: How much does it really cost to live in Barcelona?

The penthouse is a 650m2 duplex in the exclusive Mandarin Oriental Residences Building, a luxury apartment complex in Deutsche Bank’s former Barcelona headquarters.

The penthouse has views of Gaudí’s Sagrada Família too. Source: Mandarin Oriental Residences

The complex, which has 20 floors of 500m2 each, is made up of 34 apartments designed by the architect Carles Ferrater, which range between one and four rooms and with areas of between 120m2 and 580m2.

The penthouse had been on sale for around six months, since June 2022, and the developer had indicated beforehand that it would only consider offers “above €40 million”. 

In 2014 investment fund KKH Property Investors bought the former bank headquarters for €90 million with the intention of opening a luxury hotel, but the moratorium on tourist accommodation licences by Barcelona City Council prevented the project from going ahead.

The residences even have access to an outdoor pool. Source: Mandarin Oriental Residences

KKH chose instead to convert it into an exclusive apartment building with community services including a gym, spa, swimming pool, garden and library, just like a hotel. 

On the lower levels of the building, the average price is around €30,000 per square metre, while on the higher floors, the prices are around €40,000 to €45,000. The duplex located in the attic, which is the largest of them all, has a price of €61,538 per square metre.