Foreigners are still interested in buying property in Spain and are increasingly so in the north. An example is Guipuzcoa, which saw a record number of transactions by foreigners in 2022.
According to a study by the estate agency Areizaga, foreigners bought more than 400 homes in the province for the first time in one year in 2022, reaching 413 transactions, a 17.6% year-on-year increase. Since 2015, the number has more than doubled.
Home purchases by foreigners in Guipúzcoa
![[Number of annual operations]](https://st3.idealista.com/news/archivos/styles/fullwidth_xl/public/2023-10/media/image/guizp.png?VersionId=XrakkboX5Ny1Knny3x1k0vpNpWGwAzy.&itok=h7pYRFSZ)
The weight of foreigners making home purchases also broke records, accounting for almost 5% of the total market. However, although the figure is higher than that registered in Vizcaya and Alava, with 4.14% in both cases, it is still below the national average, Madrid, Barcelona and Alicante. Within Guipuzcoa, San Sebastian is the favourite destination.
Jaime Euba, head of residential property at Areizaga Inmobiliaria, explains, "We are seeing record numbers of property sales by foreigners thanks to San Sebastian's growing tourist attraction, the favourable exchange rate of the dollar against the euro and because the luxury housing segment is stable to economic cycles as it does not need bank financing. Despite this, we continue to be one of the provinces with the lowest percentage of homes purchased by foreigners. Despite this trend, most luxury home buyers in San Sebastian continue to be local".
The agency states that the typical foreigner buying a property in San Sebastian is a couple from the United States or the United Kingdom looking for a flat to renovate with a minimum of three bedrooms, 120 m2 in the streets of Hernani, Zubieta, Miramar, Andia or Miraconcha with views of La Concha, usually priced at over €1.5 million.
In addition to the English-speaking buyers, France, Germany, and Ireland are the most prominent nationalities of foreigners looking for a home in the capital. However, they are not the only ones: Areizaga states that 113 nationalities from five continents are interested in buying a flat in San Sebastian. Nearly 70% of the demand is for homes over €1 million, while 85% of the visits focus on properties with at least three bedrooms.