Foreign Purchases of Real Estate in Spain Reach Record High in 2022

Spain as a Popular Destination for Real Estate Investment

Spain is known for its beautiful landscapes, sunny weather and rich cultural heritage, which attracts millions of tourists every year. But not only tourists are interested in the country; a growing number of foreigners are investing in Spanish real estate. According to a recent study by Sonneil, the number of foreigners buying properties in Spain reached an all-time high in 2022, with 88,858 transactions. This is a 46% increase over the previous year.

Costa Blanca and Costa del Sol: Top Destinations for Foreigners

Sonneil’s study shows that the Costa Blanca (Alicante) and Costa del Sol(Málaga) were the top destinations for foreigners looking for a home in Spain in 2022. In these regions, there was a 62% increase in foreign home purchases in just one year. Belgians and Dutch were the nationalities most interested in buying new homes, with 24% and 22%, respectively.

Increase in Purchases of Second Homes by Traditional Nationals

Almost 40% more purchases came from nationalities traditionally looking for second homes as vacation rentals in Spain, compared to the previous year. Britons, French, Russians, Germans, Dutch, Norwegians and Belgians combined accounted for 39,813 registered transactions, the highest number since these figures have been kept.

New Construction in the Elevator

Among the types of homes purchased, foreigners bought 27% more new homes in 2022 compared to the previous year. In particular, Belgians and Dutch are investing more in new construction because of their higher income, which allows them to invest in better quality properties with more modern facilities.