During the first three quarters of 2022, foreign nationals purchased an incredible 100,000 properties in Spain. This is a rise of a whopping 44% when compared to the number of properties purchased during the same period in 2021. The Spanish Ministry of Transport, Mobility and Urban Agenda have released full details of the numbers of property sold in Spain during Q1 to Q3 of 2022. This information revealed that the number of Spanish properties purchased by both residents and non-residents (usually foreign nationals) grew by 22.85 percent in the third quarter of 2022 to 32,701 property purchases. During the same period in 2021, 26,617 property sales were registered. Here’s everything you need to know about these significant investments in Spanish property:
How Many Properties Were Purchased by Foreigners Compared to Residents?
Whilst there was a significant growth in property sales across the board, it is notable that there were considerably more property purchases made by foreigners in 2022 than there were by non-residents. Using the same Q1 to Q3 period, there were 101,460 home sales to foreigners. This is an increase of 44.31% when compared to the first nine months of 2021. By comparison, the number of properties sold to non-residents saw an increase of 30.65% year-on-year, jumping form 15,821 sales in the third quarter of 2022, compared to 12,109 in the third quarter of 2021.
Which Regions Were Most Popular with Spanish Buyers?
The region which saw the biggest jump in property sales by foreign buyers in 2022 was Asturias: In total, 266 transactions were registered, of which 214 were from resident foreigners and 52 were made by non-resident foreigners. This represented an increase of 51.1% in sales, when compared to the same period in 2021.
The two other regions which saw significant increases in the number of sales to foreign nationals were The Canary Islands and Valencia. The Canary Islands saw a 48.72% increase in sales of property to foreign nationals, with 2,808 properties sold to both resident and non-resident foreigners. Meanwhile Valencia experienced a 36.1 percent increase in property transactions. It was also the region that also registered the highest number of property sales overall, with 10,401 transactions by foreigners. The breakdown of these property sales is that residents purchased 4,264 properties, while non-residents were responsible for 6,137 property purchases.
Which Regions Were Least Popular with Spanish Buyers?
Not every region experienced the same rapid upturn in foreign property sales as Asturias, the Canary Islands and Valencia. Whilst the number of sales remained relatively stable in many regions, four regions experienced a significant decrease in the number of properties sold to foreign residents. These were Cantabria, the Balearic Islands, Navarra and Castilla-La Mancha, and the numbers of properties sold in each region was broken down as follows:
- Only 99 properties were sold to foreigners in Cantabria. This was a decline of 20.8% when compared to the same period last year. 83 of these properties were sold to resident foreigners and 16 to non-resident foreigners.
- In the Balearic Islands only 1,731 properties were sold to foreign nationals. This represented a 13.9% decrease in sales.
- In the third quarter of 2022, Navarra saw only 149 home sales to foreign residents, a decrease of 12.8%. Of these transactions, 144 were by foreign residents and just 5 were made by non-resident foreigners.
- Finally, in Castilla-La Mancha, sales decreased by 11.12 percent, with only 583 property sales. Of those sales, 567 were by foreign residents and 16 were by non-resident foreigners.
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