Top provinces in Spain with the highest percentages of foreign buyers
Nationally, foreign demand for Spanish properties continued to grow in the second quarter, proportionately when compared to the domestic market, with an increase of 0.42%, reaching 14.94% of total property purchases, the second-highest result in the historical series.
Eleven regions recorded quarterly increases in the share of housing purchases by foreigners. The highest shares were reached in the Canary Islands (30.6%), Balearic Islands (30.4%), Valencia Region (29.9%), Region of Murcia (23.6%), Catalonia (15.4%), and Andalusia (14.2%).
The top provinces with the highest percentages of foreign buyers in Q2 were:
- Alicante (44.7%)
- Santa Cruz de Tenerife (38.0%)
- Málaga (32.0%)
- The Balearics (30.4%)
- Girona (29.2%)
- Murcia (23.6%)
- Las Palmas (23.5%)
Top nationalities buying property in Spain
The British remained in first place by volume of Spanish property sales to overseas buyers during the quarter, followed by German and French buyers, respectively.
The top nationalities were:
- British (8.8%)
- Germans (7.3%)
- French (6.6%)
- Moroccans (5.4%)
- Italians (5.2%
- Romanians (5.2%)
- Belgians (5.1%)
- Dutch (4.6%)
All these leading nationalities have decreased their relative share compared to the previous quarter.
Meanwhile, in 9th place Polish buyers represented 3.9% of Spanish property sales to foreign buyers in the second quarter, followed by Russians in 10th place with 3.4%, rising 0.6% and 0.4% on the previous quarter respectively.
The Swedish market, in 12th place and 2.9%, showed slight signs of improvement with a small rise of 0.3%.
Buyers from 13th place Ukraine showed a very small increase of 0.1% representing 2.7% of foreign buyers of Spanish property during the period.
There was little change from buyers from the United States - in 15th place - that amounted to 1.35% of sales to foreign nationals, a very small (-0.3%) decrease on Q1.
Property transaction volume in Spain
Spain saw a total of 151,983 property sales during the second quarter of this year, marking a 5.6% decline compared to the previous quarter and a 7.3% drop compared to the same period last year.
Figures reveal that the highest number of property sales during the period were in the provinces of Madrid (18,895), Barcelona (15,628), Alicante (12,622), Valencia (9,829), Málaga (8,931), Seville (5,648) and Murcia (5,195).
Property prices in Spain are up
Despite the market cooling after two consecutive record years, average property prices in Spain held up. Average property prices recorded a quarterly increase of 3.1% during Q2 2023, with €1,979/m², after experiencing two consecutive quarters of declines.
In our core provinces, average property prices were:
- Alicante €1,633 +1.6% (vs Q1 2023)
- Málaga €2,429 +2.6 %
- Balearics €3,214 +6.2%
- Murcia €1,133 +3.0%
- Santa Cruz de Tenerife €2,321 +5.2%
- Las Palmas €2,366 +10.8%
