It’s no secret that Spain has always been one of the world’s top locations to buy second homes. As a result, it’s unsurprising to discover that 2022 was one of the busiest years on record. In fact, it appears foreigners can’t buy enough property in Spain because 22.85% more of them bought in Q3 last year.
Almost 50% more purchases by foreigners
A perennial favourite among foreigners, Spain has upped its popularity for real estate since the pandemic. According to the latest official figures, 22.85% more non-Spaniards bought a property in Spain in Q3 last year than during the same period in 2021.
In total, 32,701 foreigners bought 32,701 between July and September, well ahead of the 26,617 in Q3 2021. When it comes to the first nine months of the year, the increase is even higher. From January to September, 101,460 purchases were made by foreigners in Spain, up 44.31% compared to 2021.
The highest increase came among non-resident foreigners, who bought 30.65% more properties in Q3. For their part, transactions among resident foreigners went up by 16.35%.
Most popular regions among foreign buyers
Two parts of Spain experienced a 50% increase in property transactions involving foreigners: Asturias in northern Spain and the Canary Islands. In Asturias, foreigners bought 51.1% more real estate in Q3, although the overall number remained small at 266.
The Canaries confirmed their popularity as one of the preferred destinations for foreigners to buy property in Spain. Non-Spaniards bought 2,808 properties on the islands, an increase of 48.72% compared to Q3 2021.
The Comunidad Valenciana stood in third place for foreigners. This region which includes the popular Costa Blanca, saw over 36% more transactions with foreign buyers. The Comunidad Valenciana was also the region where most foreigners bought a property in Spain, and 10,401 properties moved into the hands of non-Spanish buyers.
Not all regions popular
However, despite the surge in purchases by foreigners, four regions in Spain experienced a drop in non-Spanish buyers. Leading the table was Cantabria, where foreigner transactions fell by 20.8%.
Surprisingly, the Balearics, another hot spot for Spanish real estate, also saw a decrease. In Q3, transactions involving a foreign buyer fell by 13.9% in Mallorca, Menorca and Ibiza.
For their part, Navarra and Castilla-La Mancha both saw over 10% fewer purchases by foreigners. In Navarra, an off-the-radar region for non-Spanish buyers, just five properties moved into foreign ownership. In Castilla-La Mancha, they numbered just 16.
Costa del Sol busy too
Our corner of Spain also experienced a busy year in 2022, particularly for real estate sales in Marbella. The record figures for the resort reflect the massive interest from foreigners in the Costa del Sol.
If you’d like to join them, get in touch with our expert team. We’ve been helping foreigners find their ideal home on the western Costa del Sol since 1992, so we know more than a thing or two about the market.