Record numbers of Spanish homes are being sold to overseas buyers in 2018, surpassing the figures recorded during the height of the real estate boom over a decade ago.
According to notary figures released last Tuesday a total of 53,359 homes were sold to non-Spanish purchasers from January to June this year, the highest figure since the 33,000 transactions recorded during the first six months of 2007.
During the economic crisis in the years that followed Spanish home sales plunged with no signs of any recovery in the property market until 2014. During the following four years however, the market has recorded double digit year-on-year growth in almost every bi-annual period.
Properties purchased by foreign buyers sold on average for 1,687€ per square metre during the first six months of 2018, marginally down on the previous six months at 1,716€, yet still representing 0.9% year-on-year growth.
The one constant is the nationalities buying homes in Spain with British buyers continuing to top the list as they recorded 7,613 purchases, growth of 8.8% compared to the same period in 2017. Second on the list are French buyers who purchased 4,211 properties (down by 4.6%) and third were Germans who registered 4,138 purchases (down 2.1%). They were followed by Romanians and Moroccans who purchased 3,872 and 3,662 homes respectively. In terms of annual growth, Moroccan buyers recorded the greatest increases with 28.8% followed by Ireland (24.7%) and Denmark (18.2%).
As to be expected the Mediterranean coastline featured heavily in terms of areas popular with foreign buyers. Andalucía, home of the Costa del Sol accounted for almost 20% of Spanish homes sold to overseas purchasers with a total of 9,737 sales transactions, representing 8.2% year-on-year growth.