In a recent report from a leading property portal, and according to data from the General Council of Notaries, between January and June 2024, foreigners purchased 69,412 homes in Spain—1.8% more than the first half of 2023, representing 20.4% of total transactions. Resident foreigners accounted for 58.2%, while non-residents made up 41.8%.
This year's increase thus breaks with two consecutive semesters of declines and is driven by purchases by residents (40,389 transactions, with an increase of 4.2% compared to last year). On the other hand, non-residents have made 29,023 sales, 1.4% less than in the same period last year. This reflects the ongoing strong demand from foreign nationals for Spanish property, particularly in coastal and tourist regions.
In addition, the data from notaries place the average price paid by foreigners at an all-time high. Foreigners as a whole have paid an average of 2,249 euros/m2 for homes, a new record in the series, after experiencing an increase of 7.4% year-on-year, and as a result of the sharp increase in the average prices of homes that non-resident foreigners have acquired in Spain throughout the first six months of the year. which for the first time are close to 2,900 euros/m2.
Specifically, the average stood at 2,895 euros/m2, which becomes a new high in the historical series, after soaring by 11.4% year-on-year, thus signing the largest increase recorded since the second half of 2021.
On the other hand, resident foreigners have paid an average of 1,734 euros/m2, 3.4% above last year's amount, but below the more than 1,900 euros they paid in 2008, while national buyers have paid 1,659 euros/m2. The price paid by each nationality
In the first half of the year, the highest prices per m2 were paid by buyers from Sweden (€3,330/m2), the USA (€3,247/m2), Germany (€3,114/m2), followed by those from Norway (€2,969/m2) and Switzerland (€2,966/m2).
British buyers remain at the forefront
Buyers from Russia, Poland, Ireland, France, the Netherlands, Belgium, Italy, and the United Kingdom also exceeded the average price paid by foreigners as a whole (2,249 euros/m2). The prices that grew the most compared to last year were those of sales made by Norwegians (14.3%) followed by Germans (14%), Russians (12%), Americans (11.4%) and Irish (11.3%).
By nationality, the group of foreigners who acquired the most homes was British nationality, with 8.4% of total transactions (5,864), following the British are buyers from Morocco (7.9%) and Germany (6.8%). High interest is also seen from nationalities like Poles (28.5%), Ukrainians (20.8%), Americans (12.7%), Irish (12.4%) and Chinese (11.7%).
Adding to the positive outlook, home sales and mortgage signings have grown again in August, marking the first time in a year that both variables have seen year-on-year increases for two consecutive months. The Real Estate Registry Statistics published by the College of Registrars, also place the number of home sales in August at 47,521, a figure 0.6% higher than that of the same period in 2023. Meanwhile, mortgages on homes increased to a greater extent, by 7.7% year-on-year, to 29,421 operations. These data are in line with those handled by notaries, which already show that most homes are bought again with mortgages. In the case of the Registry Statistics, the proportion is already on the verge of 62%.. The Valencian Community stands out with a 21.7% increase in housing mortgages, indicating strong confidence in the region's real estate market.
The Spanish real estate market is booming, especially for foreign buyers. Increasing demand, rising prices, and renewed confidence in mortgages signal that Spain continues to be a prime destination for property investment, particularly among high-income foreign nationals. The UK's "love affair" with Spain remains strong in 2024, despite challenges like Brexit and economic shifts. This deep connection, which began in the mid-1960s, remains especially strong for affluent buyers, who continue to see Spain as the ideal destination for holiday homes and permanent relocation. Spain’s sunny climate, diverse regions, and relaxed Mediterranean lifestyle offer a perfect escape from the UK's weather, making it a highly desirable location for Britons seeking both investment opportunities and a better quality of life.
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For those considering a move to Spain, the Costa Blanca North provides a unique blend of lifestyle, investment potential, and luxury, all at more reasonable prices compared to more established markets like the Costa del Sol. The region is perfect for retirees and younger expatriates alike, offering everything from vibrant cultural scenes in Denia, Jávea and Calpe to the emerging scenes in Moraira and Altea.
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