Spanish property sales to foreigners fall

The number of foreigners buying a property in Spain has slowed to its lowest level in four years, new figures show.

According to Association of Spanish Land Registrar data, while the number of overseas buyers in Spain increased by 5 per cent in the third quarter of this year, year on year it was the lowest level of growth since 2014.

he biggest group of foreigners buying property in Spain hail from the UK. British people make up 16 per cent of all sales to foreign buyers, followed by French buyers at 8 per cent, German buyers at 7 per cent, Belgian buyers and 6 per cent, Swedish and Italian buyers both at 5 per cent, Chinese buyers at 4 per cent and Russian buyers at 3 per cent.

The biggest increase in overseas demand came from buyers from Morocco, up 34 per cent, while the number of British buyers also increased sizably.

Overall, though, the market share of foreign buyers fell to 12 per cent during the third quarter. This was mainly due to substantial decreases in demand from investors from China (down 15 per cent), Germany (down 8 per cent) and France (down 5 per cent).

The figures do suggest, however, that domestic demand is growing faster than it previously was. The overall number of sales in the Spanish property market increased by 11.9 per cent with 133,295 sales recorded in the period. This was driven by a 12.8 per cent increase in local demand.

Article published 28th November 2018