A record number of foreigners bought homes in Spain in 2023

Belgians and Italians are among the top rising forces in the housing market in Spain. Foreign buyers set a new record in Spain’s housing market in 2023, accounting for nearly 15% of all home purchases. Alicante province emerges as the top choice, with nearly 44% of foreign buyers favouring the Costa Blanca.  While British, German and French nationals remain prominent among buyers, their dominance has waned, allowing other nationalities to gain ground.

In 2023, foreign buyers snapped up over 87,000 properties out of a total of 583,000 sales, marking a rise of 15% from the previous year. The fastest-growing nationalities buying homes in Spain are now Moroccans, Belgians and Italians are rising in popularity, as reported by Spanish newspaper El País. Coastal regions and the Balearic Islands continue to attract foreign interest, with the Balearic Islands leading at 31.5% of foreign purchases, which was slightly lower than the previous year. Other regions such as the Canary Islands, and Catalonia also witnessed foreign buyer interest, albeit with a slight dip compared to 2022.

At the provincial level, Alicante stands out with nearly 44% of foreign purchases, followed by Tenerife (35.7%) and Málaga. After a five-year decline, the past two years have seen a resurgence in foreign buyer activity, solidifying their significance in the Spanish property market. While purchases of properties valued over half a million euros have dipped – a matter of concern for non-EU citizens seeking the the overall number of foreign purchases continues to climb, despite a nearly six percent increase in Spanish house prices compared to the previous year.

Source: Tinsa April 2024