The number of sales involving a foreign buyer recorded in the land registry in the first quarter was down by 7pc compared to last year, show the latest (backward looking) numbers published by the land registrars’ association.
21,525 sales inscribed in the land registry in Q1 involved a foreign buyer, down 7pc compared to the same time last year, reveal the latest figures. Despite the decline it was the third-best Q1 on record for foreign buyers, almost the same as Q1 2022 (just 0.5pc lower), so 2024 has started with some of the best foreign sales results ever.
As you can see from the chart above, the size of the foreign market changed significantly with the pandemic. The Q1 sales average in the last three years has been 39pc higher than the average in the three years before Covid, which translates into billions of Euros of extra investment in Spain. The Spanish property industry has benefited enormously from Covid-19.
By nationality
The British were the biggest group as always, with 1,965 sales recorded in the period, followed by the Germans with 1,457, and the French with 1,279.
In terms of growth, the French declined the most (-24pc), followed by the Germans (-17pc) and Americans (-16pc), with the British down a modest 11pc in comparison. At the other end of the scale the Dutch were up 4pc and the Irish 11pc.
Q1 2024 foreign demand by Spanish region
By region Alicante province (home to the Costa Blanca) was the most popular destination with 29pc of all foreign acquisitions (5,511), followed by Malaga province (Costa del Sol) with 13pc, Barcelona with 11pc, and Murcia with 7pc.
Barcelona and Murcia were the only regions where the foreign market increased year-on-year, by 3pc and 6pc respectively. At the other end of the scale sales declined by 43pc in the Canary region of Tenerife, and 27pc in Catalonia’s Girona province, home to the Costa Brava and the Empordà. This data is illustrated in the final two charts below.
The data from the registrars is backward looking because sales take a few months to inscribe in the Land Registry so most of the sales took place in Q4 2023. We will have to wait for Q2 figures from the registrars and H1 figures from the notaries to get a better picture of the strength of foreign demand this year.
Data Hub subscribers can dive into much more detail with the latest Spanish housing market numbers…
Subscribe for Insight
Buying and owning property in Spain is a big decision—don’t go in blind. SPI provides premium content you can trust: exclusive reports, expert guides, and our Data Hub. Subscribe now for access to exclusive content to help you make confident, well-informed choices in the Spanish property market.
