What Foreign Groups Are Buying Properties In Spain And Where?
Not long after tourism took off in Spain during the 1960s people who visited the country wanted to own a property here either as a holiday home or to live permanently. Foreigners buying property in Spain increased significantly during the late 1970s with new developments built specifically for them, and with the exception of the recession in 2008 and the lull after, it has increased steadily since then.
Who Buys The Most?
In terms of which foreign nationality buys the most properties in Spain, it is still the British, they buy more properties than any other foreign group . British buyers equate to 9.3% of all foreign buyers followed by Germans (8.04%), and then French (6.21%). However, the importance of British buyers in the Spanish property market is the lowest it has been for many years, in 2015 British buyers accounted for over 23% of foreign buyers.
Who Are The New Buyers?
In terms of the increase in sales to specific nationalities, French purchases have grown by 36% since the third quarter of 2018, German purchases have increased by 97.8% in the same period. Although it probably comes as no surprise, it is the Dutch who have increased their investment in housing in Spain by the most, a huge 159% in the same time.
Who Spends The Most Per Property
Although the British buy the most properties they do not even enter the top 10 with regards to how much they spend on their Spanish property, this accolade goes to the wealthy Danish. This is probably because since Brexit it is not as easy for the British to become residents in Spain but they are still buying cheaper holiday / second homes.
Where Do They Buy?
The regions where foreigners buy are still the main holiday hot spots, these being Valencian Community, Andalusia and the Island Communities. There are some significant areas within these regions where foreign buyers make a large proportion of the total sales – Alicante (42.80%), Santa Cruz de Tenerife (40.46%), Málaga (33.95%), the Balearic Islands (31.41%), Gerona (28.10%) and Las Palmas (21.29%). Considering that most foreign buyers in Spain are from Northern Europe the attraction for a large number of them is obviously the sun and beach lifestyle that these areas offer.
The Spanish property market is still very buoyant with foreign buyers and the mix of these buyers is getting broader each year.
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