Foreign Property Purchases in Spain Hit Record High in 2022
Spain is known for its beautiful landscapes, sunny weather, and rich cultural heritage, which attract millions of tourists every year. However, it is not just tourists who are drawn to the country, as a growing number of foreigners are investing in real estate in Spain. According to a recent study by Sonneil, the number of foreigners buying properties in Spain reached its highest historical level in 2022, with 88.858 transactions, representing an increase of 46% compared to the previous year.
Costa Blanca and Costa del Sol: Top Destinations for Foreigners
Sonneil’s study reveals that the Costa Blanca (Alicante) and the Costa del Sol (Málaga) were the top destinations for foreigners looking to purchase homes in Spain in 2022. These counties saw 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 Second Home Purchases by Traditional Nationalities
The study also reveals that there were almost 40% more purchases from nationalities who traditionally look for second homes as holiday homes in Spain, compared to the previous year. The total number of registered transactions among Britons, French, Russians, Germans, Dutch, Norwegians, and Belgians was 39.813, which is the highest number since these figures have been recorded. These nationalities together accounted for 45% of all purchases by foreigners in 2022.
British Lead the Way, Germans and French Follow
The British continue to lead the way among foreign buyers, with 9.693 transactions, an increase of 44% compared to the previous year. They represent more than 11% of all purchases by international customers. However, they do not reach their highest level of 2008, when they accounted for 38% of purchases. Germans and French come in second and third place, representing 9,5% and 7% of international purchases respectively. Notable is the significant increase in purchases by the Dutch in 2022, with an 84,85% increase compared to the previous year.
Regions and Areas of Interest
In terms of the chosen destination, the British are the ones who buy the most properties in six provinces: Murcia, Jaén, Málaga, Cádiz, Granada, and Alicante, with Murcia accounting for the largest share of total foreign purchases (28%). Germans are the main nationality in the Balearic Islands, Las Palmas, and Santa Cruz de Tenerife. The French represent 44% of these transactions in the province of Girona, especially to the Costa Brava.
New Construction on the Rise
Among the types of homes purchased, foreigners bought 27% more new-build homes in 2022 compared to the previous year. Belgians at 24,5% and the Dutch at 22% are the nationalities that purchase the most new-build homes. Their higher income enables them to invest more in new-build properties with better quality and more modern facilities.
At MDR Luxury Homes, we offer comprehensive guidance and support to those wishing to purchase their dream home on the Costa del Sol. We are happy to advise you throughout the entire purchase process from A to Z. Contact us today to find out more about our services.