According to a study published by Aedas Homes, home sales to international clients grew by 13% in 2023, with more than 600 Aedas Homes properties being purchased by foreigners for over €340m.
As for the type of buyer, the report shows that the most prominent profiles were couples in their 50s from Central and Western Europe, buying a three-bedroom south-facing 96m2 home, mainly located on the Costa del Sol and Levante.
However, last year Tenerife South gained prominence, becoming a "new on-trend residential destination" for foreigners and one of the developer's most prominent locations by volume of transactions. The five leading provinces were Malaga with 29.3% of Aedas Homes sales to foreigners, Alicante (26.2%), Valencia (10%), Madrid (9.7%) and Santa Cruz de Tenerife (6.4%).
As for the economic and financial profile, this buyer's "resilience and solvency" is once again clear, as they buy properties with an average price of €500,000 and finance on average only 27.9% of the property price.
"International clients strengthen Spanish real estate as an asset that complements national demand and makes the real estate sector even more resilient," stressed Aedas Homes' commercial and marketing director, Pablo Rodríguez-Losada. He adds that these sales to international buyers create extra wealth because they "attract foreign capital", recalling that "Spain offers them an exceptional climate, security, good health services and a wide range of leisure activities."
Hybrid home purchases on the rise
Rodríguez-Losada highlights that more of these purchases correspond to hybrid homes, as more properties are lived in during long periods of remote working.
Thus, more than half of new international buyers (53.5%) purchase a property as a second home, 23.9% purchase as an investment and 22.9% buy to use as the property as their usual place of residence.
As for buyers' origin, 42% of international clients come from Central and Western Europe, 29% from Eastern Europe, 13% from America, 7% from Britain, 4% from Asia and 3% from Nordic Countries, while the remaining 2% come from other countries.
Over the past year, the promoter has received clients from over 65 countries including Taiwan, Mozambique, Kazakhstan, Bahrain and Mexico. But the most prominent were Poles, Dutch and Belgians, followed by the British and Germans.
Foreigners applying for mortgages in Spain earn €6,000 and search for houses that are 20% more expensive
Every year, tens of thousands of foreigners decide to buy a home in Spain, regardless of whether or not they need to take out a mortgage. According to idealista/hipotecas, the profile requesting financing to buy a property in 2023 is a foreigner with an average income of almost €6,000 per month looking to buy a house for around €213,000 – 20% higher than the national average.
Americans, Portuguese, Moroccans and Ukrainians buying more homes in Spain than ever
The latest data from Spanish notaries on property purchases by foreign buyers has revealed several records. Not only did foreigners pay the highest average price on record for properties during the first half of the year, but as many as seven nationalities also bought more homes than ever before on the Spanish market.
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Buying property in Spain is a dream for many, but the process can sometimes be lengthy and costly. With the year drawing to a close, there’s no better time to secure your ideal home and potentially benefit from great deals before 2025 ends. Urgent property sales offer a fast, cost-effective way to find exceptional opportunities within days or weeks.
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