Foreigners lead property market

According to the latest provisional data from the Ministry of Transport, Mobility and Urban Agenda, real estate transactions involving foreign buyers have increased at a greater rate than those carried out by Spaniards, reaching a total of 134,592 (a rise of 30.6 percent) at the end of 2022.
Property transactions by foreigners living in Spain increased by 20.85 percent in 2022, to 71,542 transactions, whilst year-on-year data showed that property transactions by non-resident foreigners – people buying second homes in Spain – increased by 43.9 percent, to 63,050 transactions.
Over the same period, real estate transactions carried out by Spanish nationals living in Spain rose by 1.76 percent, to 577,281 transactions, whilst sales and purchases by Spaniards not currently resident in the country grew by 2.21 percent, to 4,039 transactions.
Region by region the Valencian Community still dominates, in terms of both resident and non-resident foreigners undertaking real estate transactions. The Mediterranean region saw the highest number of real estate transactions carried out by foreign residents in 2022, with 17,030 transactions – 28.76 percent more than in the previous year – followed by Catalonia, with 13,825 – 22.17 percent more than in the previous year.
It also saw the highest number of real estate transactions by non-resident foreigners, with 23,574 transactions in total – 57.39 percent more than in 2021. In second place was Andalusia, with 16,063 transactions by non-resident foreigners, 33.5 percent more year-on-year. The Canary Islands led the growth in property sales and purchases by foreign residents in 2022, with a year-on-year increase of 44.4 percent, up to 4,498 transactions.